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Financial Fit: Advance Personal Finance Review

Total questions: 47

Worksheet time: 24mins

Name
Class
Date
1.

The largest source of government revenue in the United States is...

a)

excise taxes

b)

license fees

c)

import duties

d)

income taxes

2.

The Income tax is an example of a ______ tax?

a)

progressive

b)

proportional

c)

regressive

d)

excise

3.

A sales tax is an example of which type of tax?

a)

progressive

b)

proportional

c)

regressive

d)

excise

4.

A property tax is an example of which type of tax?

a)

progressive

b)

proportional

c)

regressive

d)

excise

5.

As taxable income increases, income tax rates _______.

a)

increase

b)

decrease

c)

stay the same

d)

fluctuate according to market

6.

A person who lives with you and receives support from your income is referred to as a...

a)

taxpayer

b)

liability

c)

dependent

d)

exemption

7.

Taxpayers must file their federal tax returns no later than...

a)

December 31

b)

January 1

c)

January 31

d)

April 15

8.

The person who borrows money or uses credit is known as the ______ on a credit contract.

a)

creditor

b)

lender

c)

debtor

d)

sales agent

9.

The interest, or money that is charged for use of credit, is known as the...

a)

finance charge

b)

collateral

c)

rate of exchange

d)

none of the above

10.

The amount borrowed by a customer is referred to as the...

a)

credit limit

b)

interest charge

c)

capital expense

d)

principal

11.

A common source of cash loans requiring property be pledged beforehand is known as a _______.

a)

private lender

b)

pawn broker

c)

mortgage lender

d)

loan shark

12.

A loan for which the borrower pledges property to ensure repayment is a ________.

a)

secured loan

b)

unsecured loan

c)

personal loan

d)

payday loan

13.

Credit that can be used again and again as long as the balance owed does not exceed the agreed limit is known as ________.

a)

an installment loan

b)

a mortgage agreement

c)

a rental or lease

d)

an open ended contract

14.

In general, a ______ will offer the lowest rates for a consumer loan.

a)

full-service bank

b)

consumer finance company

c)

credit union

d)

pawn broker

15.

FICO scores are based on all the following factors except one.

a)

payment history

b)

gender and marital status

c)

amount owed

d)

number of outstanding loans

16.

Under the Consumer Protection Act, if your credit card is lost or stolen your liability is limited to...

a)

$25

b)

$50

c)

$100

d)

$500

17.

Information concerning ______ can not be readily obtained from an individual's credit report.

a)

marriage license applications

b)

bankruptcies

c)

lawsuits

d)

medical records

18.

Paying your bills on the day they are due or a few days late will earn you this type of credit rating?

a)

excellent

b)

good or fair

c)

poor

d)

poor

19.

When discussing the 5 C's of credit, ______ refers to the financial ability to repay a loan with your present income.

a)

capital

b)

character

c)

capacity

d)

collateral

20.

Landlords are required to provide ______ for their tenants.

a)

weatherproof walls

b)

plumbing facilities

c)

adequate water

d)

both a and b

e)

all the above

21.

Which of the following is not an advantage of renting a residence?

a)

mobility

b)

privacy

c)

social life

d)

convenience

22.

Which of the following typically offers the most living area in a rental property?

a)

a duplex apartment

b)

a house

c)

an apartment

d)

a condominium

23.

A rental inventory should be completed...

a)

as you are moving into a rental

b)

less than, or up to a year, after moving in your rental

c)

after your first year living in your rental

d)

in the first month of renting the space

24.

Students who want to feel a part of campus should choose a ______ for their college residence.

a)

condo

b)

dormitory

c)

duplex apartment

d)

rental house

25.

______ is usually not supplied when you rent a furnished residence.

a)

bed

b)

sofa

c)

set of sheets and linens

d)

refrigerator

26.

Home ownership offers the occupants...

a)

privacy

b)

freedom of choice

c)

independence

d)

all of the above

e)

none of the above

27.

A major source of funding for local governments is ...

a)

utilities

b)

property taxes

c)

mortgage fees

d)

closing costs and amortization fees

28.

A collection of investments is referred to as a [blank]. Choose one option for each blank section:

a)

diversification

b)

portfolio

c)

stock

d)

both a and c

29.

The term [blank] refers to the overall rise in the general level of prices.

a)

recession

b)

deflation

c)

poverty

d)

inflation

e)

none of the above

30.

When you retire you will be eligible for [blank] if you worked and paid taxes during your lifetime.

a)

an IRA

b)

Social Security

c)

discounted mortgage rates

d)

a 401K

31.

A ______ is a unit of ownership in a corporation.

a)

proxy

b)

dividend

c)

bond

d)

stock

32.

A ______ is the pooling of money from many investors to buy a large selection of securities.

a)

mutual fund

b)

penny stock

c)

annuity

d)

portfolio

33.

A measure of how quickly you can get your cash without loss of value is called...

a)

safety of principal

b)

liquidity

c)

rate of return

d)

maturity

34.

A [ ] means that all student loans are combined into one large loan.

a)

grant

b)

scholarship

c)

work study program

d)

consolidation

35.

Students may be able to access federal and state funding in the form of [ ] programs.

a)

work-study

b)

scholarship

c)

Pell grant

d)

Social Security

36.

A checking account is also referred to as a ...

a)

overdraft

b)

demand deposit

c)

mutual fund

d)

bank draft

37.

A personal check that the bank guarantees to be good.

a)

cashiers check

b)

certified check

c)

money order

d)

travelers check

38.

Which of the following are fees charged by banks to their customers to help cover operating costs.

a)

all of the above

b)

service fees

c)

overdraft fees

d)

NSF fees

e)

ATM fees

39.

A homeowner's policy is insurance that protects property owners from property and liability risks such as _________.

a)

hazards

b)

crimes

c)

liability

d)

none of the above

e)

all of the above

40.

The purpose of _________ coverage is to protect the insured against claims for bodily injury to another person or damage to another's property.

a)

liability

b)

collision

c)

comprehensive

d)

home owners

41.

If your car is scratched while parked in a parking lot, your insurance pays for the damage. Choose one option for each blank section:

a)

collision

b)

liability

c)

personal

d)

comprehensive

42.

An examination of your tax returns by the IRS is called...

a)

a reconciliation

b)

a W2

c)

an audit

d)

an internal exemption

43.

A personal data sheet is also known as a ...

a)

checkbook register

b)

resume

c)

salutation

d)

objective

44.

A type of bankruptcy that is commonly called straight bankruptcy?

a)

Chapter 7

b)

Chapter 13

c)

Chapter 11

d)

voluntary

45.

Your ________ is the money you have left to spend or save after taxes and other deductions are taken.

a)

budget

b)

financial plan

c)

disposable income

d)

profit

46.

Debt obligations of corporations or state or local governments are known as...

a)

Bonds

b)

Stocks

c)

Options

d)

Futures

47.

This is a form of educational funding that does not have to be repaid and usually do not require students to maintain certain standards.

a)

Scholarship

b)

LIFE

c)

Grants

d)

all the above