WorksheetsFinancial Management Midterm Review
Total questions: 49
Worksheet time: 26mins
An example of a short-term goal is:
Saving for 2 months for an $80 outfit
Saving for 5 years for a $3000 dream vacation to Italy
Saving for 3 years for a $1500 car down payment
Sandy wants to save $200 over the next 4 months for a lift ticket to go skiing. How much should she save each month in order to meet her goal?
$800 a month
$100 a month
$50 a month
The amount Travis spends on gas every month changes based on gas prices and how much he drives. This would make gas an example of a:
Fixed expense
Variable expense
Periodic expense
Which of the following is one of the steps in creating a budget?
Use percentages to see how much of the total income should be set aside for each expense.
Create a spending chart for special events like birthdays and holidays.
Create a table for cash gifts and gift cards you receive.
Isabella earns $2,400 a month. Her rent should be 35% of her paycheck. How much should she be paying in rent?
$840.00
$84.00
$8.40
A financial institution that requires you to belong to a certain group (e.g. state or federal employees) in order to join their cooperative and use their services as a member is called a:
Commercial bank
Credit Union
Pay Day Loan
Dean has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of $500. What type of account is this?
Retirement Plan Account
Savings Account
Checking Account
Based on the check register, Sara’s current balance after getting lunch at Sam’s Cafe is:
402.90
379.34
391.12
A fixed amount of money paid to a worker for each item produced or action completed is a/an _______________.
piece rate pay
hourly wage
production rate
Nellie earns $12.00 per hour. During this pay period, she worked 37 hours. How much was her gross pay?
$44.40
$444.00
$4,440.00
Pay for work beyond 40 hours in a work week is called ______ _____.
Net Pay
Gross Pay
Overtime Pay
Christina is paid weekly. During the last pay period, a co-worker was sick and she had to work 48 hours. Notice she worked overtime because she worked more than 40 hours. Her hourly rate is $8.50. What is Christina’s gross pay for this pay period?
$442.00
$340.00
$102.00
John assembles widgets at a factory. He makes $.10 for each widget that he correctly assembles. The production rate is 75 widgets an hour. What is John’s gross pay for an 8-hour shift if he meets this production rate?
$600.00
$7.50
$60.00
Using the paycheck stub below, how much did Grady pay in State Income Taxes during this pay period?
$31.15
$66.75
$34.43
Todd earns 10.00anhour.Heworked40hoursduringthispayperiod.Hisgrosspaywas 400.00. He had the following deductions taken from his pay stub $60.00 in Federal Income Tax $28.00 in State Income Tax $30.60 in FICA $10.00 Food Expense $5.00 Uniform Expense What is Todd’s net pay?
$163.60
$563.60
$266.40
The federal program that assists older Americans with insurance and income is called _______.
FICA (Federal Insurance Contribution Act)
Federal Income Tax
State Income Tax
Taxes are fees that the government __________ people to pay in order to live and work in their state and the USA.
requires
does not require
A _______________ is a person who relies on another person, usually a family member, for financial support.
taxpayer
dependent
community
Which answer below is an example of earned income?
Interest earned on a savings account.
Money earned from working at the mall.
Money received from Social Security.
Which item listed below is not funded by taxes in your community?
Public library
Community center
Fast food restaurant
When you get a job, you will be required to complete a ________ form. This form is usually completed on your first day of work or at an employee training before starting work.
W-4
W-2
1040
One way to prepare and file your federal income tax return is online. Filing your taxes online is called ___________.
E-File
Manual file
Government file
One benefit of using E-file to prepare and file federal and state income taxes is __________.
it takes longer to complete
increased math errors
increased accuracy in calculations
John lives in North Carolina, is single, and earns more than $5,500 per year. He should use the ______ form to file his state income taxes.
D-400
1040
W-4
What is the amount of the coin and bill combination below?
$32.50
$33.30
$32.30
Eric buys a copy of his favorite video game for 25.70.Yougivetheclerk 30. How much change will you receive?
$4.20
$4.30
$4.40
Alexis bought a new skirt and blouse with a purchase price of $100.00. Calculate 6.75% sales tax for her purchase.
$6.75
$10
$13
Alondra really likes the manicure she got at Aaliyah’s Nail Salon. It cost $35. She wants to give her nail tech a 20% gratuity. How much is the gratuity?
$3.50
$7.00
$10.50
Which one of the following would not be a wise online shopping practice?
Make purchases using public WiFi
Create strong passwords
Use an encrypted payment service
Books are on sale for $30 for 3 books. Calculate the unit price.
$10
$30
$90
Angelina has a 20% off coupon to use on a shirt that cost $10.00. Calculate the sale price.
$12.00
$2.00
$8.00
Lewis has a 25% off coupon for a tuxedo rental that costs $75. Calculate the sale price.
$18.75
$50.00
$56.25
What is the only payment method that does not charge interest or fees?
Currency (Cash)
Credit Card
Debit Card
What is the payment method that lets you buy now and make payments later?
Currency
Credit card
Debit card
Use the following electric bill to answer the next two questions.
When is the electrical bill payment due?
11/15/2024
12/14/2024
1/03/2025
What is the total amount due for this electrical bill?
$89.54
$97.20
$6.06
Your paycheck will be smaller this month due to an accident that kept you out of work for a week. As soon as you realize your bill payment will be late, you should contact your lender by ______ immediately.
phone
letter
fax
Which method of bill payment is programmed to pay the same amount to your lender each month on the same date?
Cash (in person)
Automatic Draft
Debit Card
If a customer pays all of her bills on time, then she will have ____________.
a higher credit score
a lower credit score
the same credit score
Which factor would make your credit score go up?
Long credit history
Using most or all of your available credit
Excessive number of credit inquiries
Which of the following is not one of the five major types of insurance?
Health
Earthquake
Auto
True or False: Auto insurance is required by law if you drive.
True
False
Insurance is a financial agreement between a person and an insurance company to financially protect the person from (a) events.
Which of the following is not an example of an unexpected event?
Car Accident
Fire
Trip to Florida
True or False: A deductible is the amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
True
False
Medicaid is a _______ health insurance program to help people who cannot afford health care costs.
Private
Government
Military
True or False: Life insurance will help cover funeral costs when a person dies.
True
False
Bob was in a car accident. The damages to his car totaled 6,000,butheonlyhadtopay 1,500 because his insurance company covered the rest. How much money did Bob not have to pay because he had auto insurance?
$7,500
$2,000
$4,500
Karen has determined that her apartment’s property is worth $28,500. Which insurance option below should she choose?
$30,000 personal property
$20,000 personal property
$10,000 personal property
Bill is a construction worker who has to have back surgery. He will be out of work for 3 months. His disability insurance policy will pay him 60% of his salary for the entire time he is out of work. If his salary is $3000 per month how much money will he receive from his insurance company for the three months he will be out of work?
$1,800
$5,400
$9,000
