WorksheetsMath in Personal Finance - Financial Math Quiz
Total questions: 20
Worksheet time: 16mins
What is an annuity?
A series of equal deposits or payments
A type of loan
A financial liability
A method of budgeting
Which term refers to the interest generated on previously earned interest?
Budgeting
Compounding
Decimals
Percentages
What does a financial calculator do?
It calculates taxes
It is used for budgeting
It is programmed with various financial functions such as future and present value
It tracks expenses
What is the definition of financial net worth?
Total income minus expenses
Financial assets minus financial liabilities
Total savings in a bank account
Value of all owned properties
What does intraperiod compounding involve?
Compounding once a year
Compounding more than once within a calendar year
Compounding every month
Compounding every week
What is the process of managing personal assets to achieve economic satisfaction called?
Personal Financial Tools
Present Value
Personal Financial Planning
Simple Interest
Which of the following helps individuals effectively manage their personal finances?
Principal
Personal Financial Tools
Time Value of Money Tables
Spreadsheet Software
What is the term for the current value of a future amount based on a certain interest rate and time period?
Simple Interest
Present Value
Principal
Time Value of Money Websites
Which type of interest is computed on the principal, excluding previously earned interest?
Compound Interest
Simple Interest
Present Value
Time Value of Money Tables
What is an online version of financial calculators that perform calculations for the future value of savings and loan payments?
Spreadsheet Software
Time Value of Money Websites
Personal Financial Planning
Principal
Imagine Liam just got his first job! The term used to describe the money he earns before any deductions are taken out is called (a) . Can you help him figure it out?
Gross Pay
Net Pay
Deductions
Salary
The term used to describe the money you earn from a job before any deductions are taken out is called (a) .
You don't need a plan when it comes to your money. (a)
A plan for spending is called a (a)
Match the following Tax Forms
I am received in January
There is one of me for every job you work
You can tell how much you earned and how much you paid in taxes by reading me
W-2
I am completed every April
Form used to File your taxes
1040
I am received whenever you start a job
You list information about yourself and your family on me
I determine how much money gets taken out of each paycheck
W-4
I am received whenever you start a job
You use me to prove that you are eligible to work in the U.S.
You must provide forms of identification when submitting me
Used in Identify Verification
I-9
I am received in January
You get me if you are not an employee but were paid by a company
You can also get me for other types of income, such as gains and losses in brokerage accounts, dividend and interest payments, and more
You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up
1099
Which of the following expenses should be included in a typical budget?
taxes
charitable giving - charities
savings
All of the expenses should be included in a typical budget
Which of the following is NOT true of a budget? [note capitalization of “NOT”]
Budgets help you plan how to spend money you earn or receive
Once a budget is set, it should not be revisited
A budget can include charitable giving
Budgets include both income and expenses
What is a budget?
A type of savings account
A way to invest for retirement
A fund for emergencies
A financial plan that defines expenses for a period of time.
What is an expense?
Money you save
Money you earn
Money you spend
Money you find
What is a "want" in terms of budgeting?
Something you need to survive
Something you would like to have but don't need
Money
A type of expense
