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How To Adult (Chapters 6-10)

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

What could cause your credit card’s interest rate to increase? (Chapter 6)

a)
Increased spending on non-essential items.
b)

Missed payments or changes in credit score. Variable Interest rates

c)
Lowering your credit limit unexpectedly.
d)
Switching to a different credit card provider.
2.

As of June 2020, what was the average interest rate for a credit card? (Chapter 6)

a)

19.24%

b)
15.90%
c)
18.50%
d)
14.75%
3.

How long is the average billing cycle? (Chapter 6)

a)
30 days
b)
60 days
c)
45 days
d)
15 days
4.

How can you avoid paying interest on a credit card? (Chapter 6)

a)
Make only the minimum payment each month.
b)
Pay your balance in full by the due date each month.
c)
Transfer your balance to another card.
d)
Use your card for cash advances regularly.
5.

When you apply for a credit card, what two things will a bank decide? (Chapter 6)

a)
Interest rate and annual fee.
b)
Payment due date and transaction limit.
c)
Rewards program and application fee.
d)
Creditworthiness and credit limit.
6.

What is a W-4? When should you fill one out? (Chapter 7)

a)
A W-4 is a tax form for withholding allowances; fill it out when starting a new job or changing your financial situation.
b)
A W-4 is a document for loan applications; fill it out when applying for a mortgage.
c)
A W-4 is a registration for health insurance; fill it out during open enrollment.
d)
A W-4 is a form for tax refunds; fill it out at the end of the year.
7.

What is a W-2? When should your employer give it to you? (Chapter 7)

a)
A W-2 is a form for reporting business expenses, due by April 15th.
b)
A W-2 is a document for tracking employee benefits, provided by December 31st.
c)
A W-2 is a summary of company profits, issued by February 15th.
d)
A W-2 is a tax form provided by employers to report wages and taxes withheld, and it should be given by January 31st.
8.

What is a 1040? (Chapter 7)

a)
A 1040 is a form for applying for a loan.
b)
A 1040 is an IRS form for filing individual income tax returns.
c)
A 1040 is a state tax form for businesses.
d)
A 1040 is a document for registering a vehicle.
9.

What is the standard deduction for the year you are reading this? You can Google it. (Chapter 7)

a)
$12,400 for single filers and $24,800 for married couples filing jointly.
b)
$15,000 for single filers and $30,000 for married couples filing jointly.
c)
$10,000 for single filers and $20,000 for married couples filing jointly.
d)
$13,850 for single filers and $27,700 for married couples filing jointly.
10.

Explain the progressive tax system. (Chapter 7)

a)
The progressive tax system reduces taxes for high-income earners to encourage investment.
b)
The progressive tax system taxes individuals at higher rates as their income increases, promoting equity in taxation.
c)
The progressive tax system charges a flat rate regardless of income levels.
d)
The progressive tax system imposes lower rates on wealthier individuals to stimulate growth.
11.

What is the average return on the S&P 500 since 1957? (Chapter 8)

a)
5%
b)
10%
c)
15%
d)
8%
12.

What is a mutual fund? (Chapter 8)

a)
A mutual fund is a type of savings account with fixed interest rates.
b)
A mutual fund is a loan provided to businesses for expansion.
c)
A mutual fund is an investment vehicle that pools money from multiple investors to invest in a diversified portfolio of assets.
d)
A mutual fund is a government bond that guarantees returns.
13.

What percent of professional investors “beat the market”? (Chapter 8)

a)
20%
b)
50%
c)
30%
d)

15%

14.

What is an index fund? (Chapter 8)

a)
An index fund is a type of hedge fund that invests in high-risk assets.
b)
An index fund is a private investment vehicle for wealthy individuals.
c)
An index fund is a stock that guarantees high returns regardless of market performance.
d)
An index fund is a mutual fund or ETF that tracks a specific market index.
15.

What is diversification in investing? (Chapter 8)

a)
Diversification is a strategy to reduce risk by allocating investments across different assets.
b)
Diversification is a technique to eliminate all investment risks completely.
c)
Diversification involves investing only in stocks to maximize returns.
d)
Diversification is a method to increase risk by concentrating investments in one asset.
16.

What is the average age of retirement in America? (Chapter 9)

a)
65 years old
b)
62 years old
c)
70 years old
d)
60 years old
17.

What is a 401(k)? (Chapter 9)

a)
A 401(k) is a type of health insurance plan.
b)
A 401(k) is a government-funded pension scheme.
c)
A 401(k) is a tax-advantaged retirement savings plan.
d)
A 401(k) is a short-term investment account.
18.

What percentage of Americans have no money saved for retirement? (Chapter 9)

a)
40%
b)
35%
c)
15%
d)
25%
19.

What is the difference between a traditional and Roth 401(k)? (Chapter 9)

a)
Both types allow tax-free withdrawals in retirement.
b)
Traditional 401(k) contributions are taxed annually, while Roth is not.
c)
Roth 401(k) has higher contribution limits than traditional 401(k).
d)
The main difference is when you pay taxes: traditional 401(k) taxes are deferred until withdrawal, while Roth 401(k) taxes are paid upfront.
20.

What is social security? As of 2020, what was the average monthly amount for social security?

a)
$1,800
b)

$1,503

c)
$1,350
d)
$1,200
21.

How long can some people stay on their parents’ health insurance? (Chapter 10)

a)
Until age 30.
b)
Until age 21.
c)
Until age 18.
d)
Until age 26.
22.

What is an insurance premium? (Chapter 10)

a)
An insurance premium is a type of investment.
b)
An insurance premium is a tax on property.
c)
An insurance premium is the payment made for an insurance policy.
d)
An insurance premium is a fee for financial advice.
23.

What is the typical relationship between the price of your premium and the price of your deductible? (Chapter 10)

a)
Higher premium, higher deductible.
b)
Higher premium, lower deductible.
c)

Lower premium, no deductible.

d)
Equal premium and deductible.
24.

In 2020, what was the average annual premium for individual health insurance coverage? What was the average annual premium for family coverage? (Chapter 10)

a)
Individual: $7,000; Family: $20,000
b)
Individual: $7,470; Family: $21,342
c)
Individual: $6,500; Family: $18,000
d)
Individual: $8,200; Family: $22,500
25.

What is an insurance copay? (Chapter 10)

a)
An insurance copay is a fixed fee paid by the insured for medical services at the time of service.
b)
An insurance copay is a monthly premium paid for health coverage.
c)
An insurance copay is a reimbursement amount received after medical treatment.
d)
An insurance copay is a percentage of the total medical bill paid by the insured.

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