WorksheetsFinancial Fit: Advance Personal Finance Review
Total questions: 47
Worksheet time: 24mins
The largest source of government revenue in the United States is...
excise taxes
license fees
import duties
income taxes
The Income tax is an example of a ______ tax?
progressive
proportional
regressive
excise
A sales tax is an example of which type of tax?
progressive
proportional
regressive
excise
A property tax is an example of which type of tax?
progressive
proportional
regressive
excise
As taxable income increases, income tax rates _______.
increase
decrease
stay the same
fluctuate according to market
A person who lives with you and receives support from your income is referred to as a...
taxpayer
liability
dependent
exemption
Taxpayers must file their federal tax returns no later than...
December 31
January 1
January 31
April 15
The person who borrows money or uses credit is known as the ______ on a credit contract.
creditor
lender
debtor
sales agent
The interest, or money that is charged for use of credit, is known as the...
finance charge
collateral
rate of exchange
none of the above
The amount borrowed by a customer is referred to as the...
credit limit
interest charge
capital expense
principal
A common source of cash loans requiring property be pledged beforehand is known as a _______.
private lender
pawn broker
mortgage lender
loan shark
A loan for which the borrower pledges property to ensure repayment is a ________.
secured loan
unsecured loan
personal loan
payday loan
Credit that can be used again and again as long as the balance owed does not exceed the agreed limit is known as ________.
an installment loan
a mortgage agreement
a rental or lease
an open ended contract
In general, a ______ will offer the lowest rates for a consumer loan.
full-service bank
consumer finance company
credit union
pawn broker
FICO scores are based on all the following factors except one.
payment history
gender and marital status
amount owed
number of outstanding loans
Under the Consumer Protection Act, if your credit card is lost or stolen your liability is limited to...
$25
$50
$100
$500
Information concerning ______ can not be readily obtained from an individual's credit report.
marriage license applications
bankruptcies
lawsuits
medical records
Paying your bills on the day they are due or a few days late will earn you this type of credit rating?
excellent
good or fair
poor
poor
When discussing the 5 C's of credit, ______ refers to the financial ability to repay a loan with your present income.
capital
character
capacity
collateral
Landlords are required to provide ______ for their tenants.
weatherproof walls
plumbing facilities
adequate water
both a and b
all the above
Which of the following is not an advantage of renting a residence?
mobility
privacy
social life
convenience
Which of the following typically offers the most living area in a rental property?
a duplex apartment
a house
an apartment
a condominium
A rental inventory should be completed...
as you are moving into a rental
less than, or up to a year, after moving in your rental
after your first year living in your rental
in the first month of renting the space
Students who want to feel a part of campus should choose a ______ for their college residence.
condo
dormitory
duplex apartment
rental house
______ is usually not supplied when you rent a furnished residence.
bed
sofa
set of sheets and linens
refrigerator
Home ownership offers the occupants...
privacy
freedom of choice
independence
all of the above
none of the above
A major source of funding for local governments is ...
utilities
property taxes
mortgage fees
closing costs and amortization fees
A collection of investments is referred to as a [blank]. Choose one option for each blank section:
diversification
portfolio
stock
both a and c
The term [blank] refers to the overall rise in the general level of prices.
recession
deflation
poverty
inflation
none of the above
When you retire you will be eligible for [blank] if you worked and paid taxes during your lifetime.
an IRA
Social Security
discounted mortgage rates
a 401K
A ______ is a unit of ownership in a corporation.
proxy
dividend
bond
stock
A ______ is the pooling of money from many investors to buy a large selection of securities.
mutual fund
penny stock
annuity
portfolio
A measure of how quickly you can get your cash without loss of value is called...
safety of principal
liquidity
rate of return
maturity
A [ ] means that all student loans are combined into one large loan.
grant
scholarship
work study program
consolidation
Students may be able to access federal and state funding in the form of [ ] programs.
work-study
scholarship
Pell grant
Social Security
A checking account is also referred to as a ...
overdraft
demand deposit
mutual fund
bank draft
A personal check that the bank guarantees to be good.
cashiers check
certified check
money order
travelers check
Which of the following are fees charged by banks to their customers to help cover operating costs.
all of the above
service fees
overdraft fees
NSF fees
ATM fees
A homeowner's policy is insurance that protects property owners from property and liability risks such as _________.
hazards
crimes
liability
none of the above
all of the above
The purpose of _________ coverage is to protect the insured against claims for bodily injury to another person or damage to another's property.
liability
collision
comprehensive
home owners
If your car is scratched while parked in a parking lot, your insurance pays for the damage. Choose one option for each blank section:
collision
liability
personal
comprehensive
An examination of your tax returns by the IRS is called...
a reconciliation
a W2
an audit
an internal exemption
A personal data sheet is also known as a ...
checkbook register
resume
salutation
objective
A type of bankruptcy that is commonly called straight bankruptcy?
Chapter 7
Chapter 13
Chapter 11
voluntary
Your ________ is the money you have left to spend or save after taxes and other deductions are taken.
budget
financial plan
disposable income
profit
Debt obligations of corporations or state or local governments are known as...
Bonds
Stocks
Options
Futures
This is a form of educational funding that does not have to be repaid and usually do not require students to maintain certain standards.
Scholarship
LIFE
Grants
all the above
