WorksheetsDay Seven: Finance and Employment Quiz
Total questions: 20
Worksheet time: 10mins
What is an example of a mandatory federal payroll deduction?
Health insurance
Medicare
401(k) contribution
Vacation time
What is the term for the amount of money an employee receives after taxes and deductions?
Gross pay
Net pay
Take-home pay
Fringe benefit
Which of the following is considered an asset?
A home mortgage
Shares of corporate stock
Credit card debt
Student loans
What is the formula for calculating net worth?
Net worth = Liabilities - Assets
Net worth = Assets - Liabilities
Net worth = Income - Expenses
Net worth = Assets + Liabilities
Which of the following is the most liquid asset?
Savings account
Real estate
Stock mutual funds
Certificate of deposit (CD)
What is the unit cost of 3 pounds of coffee priced at $9.00?
$5/lb
$4/lb
$3/lb
$2/lb
What is the term for the price of using someone else's money for a period of time?
Principal
Net income
Gross pay
Interest rate
Which type of interest is calculated on the principal and accumulated interest of previous periods?
Simple interest
Compound interest
Fixed interest
Variable interest
What is the advantage of making a high down payment when buying a home?
Longer loan term
Higher interest rates
Lower property taxes
Lower monthly payments
What is one factor that could influence the salary given for jobs in a specific profession?
The number of job opportunities
The need for new employees
The benefits offered
The location of the job
Which of the following is an example of a career based on commission?
Software engineer
Nurse
Real estate agent
Teacher
What should a person consider when deciding between two job offers with similar salaries?
Company location
Company benefits and retirement plan
Job title
Work hours
What is the best way for high school students to gather information about careers in finance?
Taking a finance course
Interviewing professionals in the field
Reading books about finance
Watching financial news
What is the term for the annual percentage rate charged on a credit card?
Net interest rate
APR
Compound interest rate
Simple interest rate
What is one major advantage of taking a 15-year mortgage instead of a 30-year mortgage?
Higher property taxes
Longer loan term
Paying less interest
Lower monthly payments
What should a person consider when applying for a variable interest rate mortgage?
The possibility of interest rates decreasing
The possibility of interest rates increasing
The length of the loan term
The type of property being purchased
What is the best strategy to use when buying a new car?
Negotiate the price
Pay the sticker price
Buy the first car you see
Avoid comparison shopping
Why is renting furniture generally not a smart financial decision?
It is difficult to find furniture to rent
Rental furniture is often of poor quality
Interest rates and fees are extremely high
It is illegal in most states
What is the advantage of renting a home when moving to a new state for a job?
Allows learning about the area before buying
Lower property taxes
No need for a down payment
Higher monthly payments
What is the best time to buy a home to save money on a mortgage loan?
When property taxes are low
When the housing market is competitive
When interest rates are low
When interest rates are high
