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Personal Finance Semester Exam Review

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.

What is the primary purpose of creating a budget?

a)

A. To spend more money

b)

B. To plan how to save and spend money

c)

C. To calculate your net worth

d)

D. To increase credit card debt

2.

Which of the following is considered income?

a)

A. Money spent on groceries

b)

B. A paycheck from a job

c)

C. Monthly rent

d)

D. Credit card interest

3.

Why is it important to track expenses?

a)

A. To avoid paying bills

b)

B. To stay within a budget

c)

C. To increase spending

d)

D. To eliminate taxes

4.

What is a benefit of using a savings account?

a)

A. It allows unlimited withdrawals.

b)

B. It helps build interest on deposited money.

c)

C. It has no withdrawal limits.

d)

D. It earns higher interest than investments.

5.

What does the stock market allow people to do?

a)

A. Store money safely

b)

B. Borrow money for a home

c)

C. Buy and sell shares of companies

d)

D. Deposit checks

6.

What is a key benefit of investing in stocks?

a)

A. Guaranteed returns

b)

B. Potential for long-term growth

c)

C. Protection against losses

d)

D. Immediate access to funds

7.

Which of the following is a characteristic of a credit card?

a)

A. It automatically deducts money from your bank account.

b)

B. It allows you to borrow money up to a limit.

c)

C. It always has a fixed interest rate.

d)

D. It is only used for online purchases.

8.

What is compound interest?

a)

A. Interest paid only on the initial deposit

b)

B. Interest earned on both the principal and previous interest

c)

C. A penalty for early withdrawal

d)

D. A type of loan repayment

9.

What is the main advantage of a Certificate of Deposit (CD)?

a)

A. High liquidity

b)

B. Higher interest rates than savings accounts

c)

C. No penalty for early withdrawal

d)

D. Unlimited transactions

10.

Which is an example of a fixed expense?

a)

A. Groceries

b)

B. Monthly rent

c)

C. Entertainment costs

d)

D. Clothing purchases

11.

Which type of account is designed to grow your money over time with interest?

a)

A. Checking account

b)

B. Savings account

c)

C. Credit card account

d)

D. Debit card account

12.

What does a debit card do?

a)

A. Provides a loan from the bank

b)

B. Withdraws money directly from your checking account

c)

C. Increases your credit score

d)

D. Helps you invest in stocks

13.

What does a good credit score indicate?

a)

A. Low financial responsibility

b)

B. High risk of defaulting on loans

c)

C. Trustworthiness in repaying borrowed money

d)

D. Inability to qualify for loans

14.

What is the minimum age to open a savings account at most banks without a co-signer?

a)

A. 10 years old

b)

B. 16 years old

c)

C. 18 years old

d)

D. 21 years old

15.

What is the stock market index?

a)

A. A place to buy goods

b)

B. A measure of stock market performance

c)

C. The amount of interest on a loan

d)

D. The number of investors in the market

16.

What does diversification in investing mean?

a)

A. Selling all your investments

b)

B. Investing in only one type of asset

c)

C. Spreading your investments across different assets

d)

D. Avoiding high-risk investments

17.

What is the main benefit of having an emergency fund?

a)

A. It earns high returns quickly.

b)

B. It reduces the need for loans during unexpected events.

c)

C. It increases your credit score.

d)

D. It guarantees financial independence.

18.

All the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time

a)

Personal Finance

b)

Bond

c)

Debt

d)

Consumer

19.

Money owed to another person or company

a)

Loan

b)

Credit

c)

Debt

d)

Asset

20.

An expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

a)

Paycheck to Paycheck

b)

Bank

c)

Loan Shark

d)

Debt

21.

Person or entity that charges borrowers interest rates above an established legal rate

a)

Bank

b)

Loan Shark

c)

Asset

d)

Net worth

22.

The additional cost a lender charges for borrowing their money

a)

Interest

b)

Interest Rate

c)

Financial Plan

d)

Positive Net Worth

23.

A plan of action that allows a person to meet not only their immediate needs but also their long-term goals

a)

Loan Shark

b)

Net Worth

c)

Loan

d)

Financial Plan

24.

Anything that is owned by an individual, including money in the bank or investments

a)

Budget

b)

Income

c)

Assets

d)

Loan

25.

Financial debts or obligations

a)

Zero-based budget

b)

Liabilities

c)

budget

d)

assets

26.

The cost of goods or services; money paid out

a)

Expense

b)

Financial literacy

c)

Net income

d)

Budget

27.

The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively

a)

Expense

b)

Financial Literacy

c)

Gross-Income

d)

Zero Based Budget

28.

A cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero

a)

Zero Based Budget

b)

Net Income

c)

Gross Income

d)

Personal Finance

29.

The amount you earn before taxes and other payroll deductions

a)

Expenses

b)

Fixed Income

c)

Gross Income

d)

Net Income

30.

A savings account set up specifically to be used to cover financial emergencies

a)

Emergency Funds

b)

Gross Income

c)

Zero-based budget

d)

expenses

31.

The persistent rise in the cost of goods and services over time

a)

Goods & Services

b)

Inflation

c)

Copays

d)

Coverage

32.

An arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer

a)

Deductible

b)

Premium

c)

Claim

d)

Insurance

33.

The amount of liability protection offered to an individual through an insurance policy

a)

Insurance

b)

Coverage

c)

Co-pay

d)

Homeowners Insurance

34.

The amount of money paid for an insurance policy

a)

Premium

b)

Deductible

c)

Claim

d)

Insurance

35.

The amount of money you will pay out of pocket before the insurance company will make a payment

a)

Policy

b)

Premium

c)

Deductible

d)

Co-pay

36.

A formal request by a policyholder to their insurance company for compensation for a covered loss

a)

Claim

b)

Renters Insurance

c)

Homeowners Insurance

d)

Policy

37.

(also copayments or coinsurance) the payments an individual makes each time they get medical service

a)

Insurance

b)

Copays

c)

Policy

d)

Loan

38.

Protection for losses to a private residence and the possessions within it, as well as liability

a)

Homeowner's Insurance

b)

Renter's Insurnce

c)

Policy

d)

Loan

39.

Protection for destroyed or stolen personal property for a renter

a)

Renter's Insurance

b)

Homeowner's Insuranace

c)

Policy

d)

Claim

40.

Coverage for an individual’s (or family‘s) medical expenses from illness or injury

a)

Health Insurance

b)

Renter's Insurance

c)

Homeowner's Insurance

d)

Claim

41.

People who are designated by the policyholder to receive the death benefit of a life insurance policy

a)

Insurance Claim

b)

Beneficiaries

c)

Policy Holders

d)

Claim

42.

A type of insurance that will replace a portion of the policyholder’s income in the event that the policyholder becomes disabled and is unable to work

a)

Disability Insurance

b)

National Debt

c)

Financial Literacy

d)

Personal Finance

43.

Tax paid out by anyone who earns an income

a)

Income Tax

b)

Tax Return

c)

Sales Tax

d)

Excise Tax

44.

A report that a taxpayer has to submit annually to the government and is used to determine a person‘s tax liability

a)

Audit

b)

Insurance

c)

Tax Bracket

d)

Tax Return

45.

The average cost of the basic goods and services needed to sustain a certain standard of living

a)

Cost of Living

b)

Standard of Living

c)

Audit

d)

Tax Bracket

46.

The level of wealth, comfort, material goods, and necessities available to a group of people

a)

Standard of Living

b)

Cost of Living

c)

Zero-Based Budget

d)

Audit

47.

Banks and lenders use credit scores to determine…

a)

your eligibility for loans and interest rates

b)

your employment status

c)

your educational background

d)

your age

48.

The debt snowball method involves….

a)

Waiting until the winter months to begin paying off debt.

b)

Paying off debts from largest to smallest.

c)

Pooling together money from other people to pay off your debt.

d)

Paying off debts from smallest to largest.

49.

While it may not always appear so, the majority of Americans live paycheck to paycheck.

a)

True

b)

False

50.

If you see a charge you don’t recognize, you should report it to your bank immediately.

a)

True

b)

False

51.

Renters insurance will cover your belongings if there is ever a fire, theft, or vandalism.

a)

True

b)

False

52.

Withholdings and deductions are….

a)

Examples of deficit spending

b)

Expenses that are taken out of your paycheck

53.

Planning and saving for your future helps you build wealth by:

a)

Allowing you to spend more on wants

b)

Ensuring you have money for emergencies and investments

c)

Encouraging you to avoid all expenses

d)

Making you rely on luck

54.

One way to save money on rent is to:

a)

Rent a larger apartment

b)

Live alone

c)

Find a roommate

d)

Move to a more expensive area

55.

An employee is...

a)

Someone that works in exchange for money.

b)

Someone that works in exchange for items.

c)

Someone who is doing community service.

56.

The payment that is made to a university in order to be an enrolled student and attend class.

a)

loan

b)

tuition

c)

financial aide

d)

scholarship

57.

A student loan is...

a)

Educational loan at a lower interest rate generally with no payments until after you are out of school

b)

A loan a high school or college students takes to buy a car.

c)

A loan that only pays for a meal plan in college.

58.

Spenders naturally spend money, but savers tend to ______ money.

a)

Save

b)

Gobble

c)

Burn

59.

Personal Finance can be defined as knowing how to manage your money.

a)

True

b)

False

60.

A mortgage is a loan that is used to secure financing for the purchase of a house. 

a)

True

b)

False

61.

What is one advantage of using credit?

a)

Can build good credit history, if used properly.

b)

Carrying a balance and paying interest.

c)

Increases consumers debt.

d)

Way too tempting; impulse buying.

62.

What are the two biggest influences on your credit score?

a)

Frequency of new credit and types of credit.

b)

Payment history and amount of debt

c)

Frequency of new credit and length of credit history.

d)

Amount of debt and types of debt.

63.

789 credit score is ______?

a)

Very poor

b)

Good

c)

Exceptional

d)

Very Good

64.

What is a grace period?

a)

The period of time it takes for a check to clear your bank.

b)

The APR on your loan.

c)

The amount of time between high school and higher education.

d)

Amount of time you have to pay before interest is charged.

65.

The FICO score is the most commonly used credit score in the United States?

a)

Yes

b)

No

66.

A cosigner on a loan has no legal obligation to pay the loan back.

a)

True

b)

False

67.

Having bad credit can cause

a)

Higher auto insurance premiums

b)

Lower auto insurance premiums

c)

Lower credit card APR

d)

Lower auto loan APR

68.

Student loans are usually NOT forgiven if a person declares bankruptcy?

a)

True

b)

False

69.

If you pay off your credit card bill before the due date, what impact does that have on your credit score?

a)

Positive

b)

Negative

c)

Unchanged

70.

Can a credit company charge you interest if you fully pay your credit card statement?

a)

Yes

b)

No

c)

Some

d)

Unchanged

71.

What is not a good example to promote a positive credit score?

a)

On time payments

b)

Paying more than the minimum

c)

Keeping your oldest credit card

d)

Late payments

72.

A fully funded emergency fund is _______ months

a)

simple interest

b)

compound interest

c)

principle

d)

3-6 months

73.

How many hours must you work in a week to earn overtime pay?

a)

20

b)

more than 20

c)

40

d)

more than 40

74.

Property often consisting of land and or buildings

a)

Stocks

b)

Bonds

c)

Mutual Funds

d)

Real Estate

75.

A collection of assets such as stocks, bonds and real estate

a)

Stocks

b)

Bonds

c)

Investment Portfolio

76.

How much do you get paid for working overtime hours?

a)

The regular pay rate

b)

1.5 times the regular pay rate

c)

2 times the regular pay rate

d)

depends on how much your boss likes you.

77.

Which of the following is NOT normally a benefit offered by employers?

a)

Free Child care

b)

Retirement Plan

c)

Health Insurance

d)

Vacation time

78.

If you get hurt while working on the job, what will you be eligible for to cover any costs related to that injury?

a)

Worker's Compensation

b)

Short Term Disibility

c)

Long Term Disibility

79.

When is the best time to get credit preapproval?

a)

before visiting car dealers.

b)

after the purchase

c)

during price negotiations.

80.

Home ownership offers

a)

financial advantages.

b)

quality of life advantages.

c)

all of these

81.

 Furnished rentals are usually cheaper than unfurnished rentals.

a)

True

b)

False

82.

In order to prevent forfeiture of your security deposit, a renter should give a minimum of _____ days prior notice to vacate a rented space

a)

10

b)

30

c)

45

83.

The monthly charge you pay to live in an apartment is called

a)

mortgage

b)

Rent

c)

lease

84.

When you compare the prices of different vehicles, be sure to compare models that have the same options

a)

True

b)

False

85.

Which of the following would generally be considered an advantage of renting?

a)

lack of storage space

b)

minimum responsibilities

c)

lack of privacy

86.

The decline in the value of property due to normal wear and tear

a)

preapproval

b)

creditworthy

c)

depreciation

87.

A reason that people need to save and invest is to:

a)

Enable their money to make money

b)

Increase the money supply

c)

Be able to get anything they want

d)

Have an opportunity to talk with financial service providers

88.

Which of the following is not a need?

a)

Housing

b)

Eating out

c)

Utilities

d)

Food

89.

Which of the following should you consider when making a significant purchase?

a)

Your buying motives

b)

If you cant pay with cash, don't buy it

c)

The opportunity cost

d)

All answers are correct

90.

Which of the following are ways that you can invest in yourself?

a)

Find a mentor

b)

Surround yourself with people of have similar goals as you

c)

Read books

d)

All answers are correct

91.

The average repayment period for a student loan is:

a)

15 years

b)

5 years

c)

20 years

d)

10 years

92.

What factors affect a credit score?

a)

Type of debt

b)

New Debt

c)

Duration of debt

d)

All answers are correct

93.

A credit score is intended to measure:

a)

Your financial success

b)

The risk of you not repaying debt

c)

Your income level

d)

The amount of money you have in the bank

94.
12. These high school seniors each bought $1500 of stuff to bring to college with them in the fall. Each one used a credit card with similar terms to make their purchases. Who will pay the LEAST interest for their purchases?
a)
Stephan, who pays the first $1000 using graduation money and then pays $250 per month until the debt is $0
b)
Jasmine, who had saved the $1500 previously and pays off the whole balance once her bill comes
c)
Nelson, who makes the minimum monthly payment each month until the debt is $0
d)
Robert, who makes $300 payments per month until the debt is $0
95.

Which of the following savings/investment option has the highest risk?

a)

Stocks

b)

Savings Account

c)

Bonds

d)

Money Market Account

96.

A period of time when stock prices are steadily increasing is considered a ______ market?

a)

Bull

b)

Bear

97.

A period of time when stock prices are steadily decreasing is considered a ______ market?

a)

Bull

b)

Bear

98.

When creating a budget you must ensure

a)

all answers are correct

b)

to use a spreadsheet for keeping track of everything

c)

your rent/mortgage does not exceed 20% of the total budget

d)

you're spending less than you're making

99.
2. Jaime is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell him?
a)
“Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.”
b)
“Use gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month.”
c)
“Use net pay, because it’s the total amount you’ve earned for the month.”
d)
“Use gross pay, because that is the amount that is reported to the government for taxes.”
100.
7. The monthly premium for Kevin’s renters insurance is $15, and his deductible is $500. During the month of April, someone breaks into his apartment and steals or destroys $2200 worth of his possessions. How much will Kevin pay and how much will the insurance pay to replace his items?
a)
Kevin pays $0 // insurance company pays $2200
b)
Kevin pays $15 // insurance company pays $2200
c)
Kevin pays $500 // insurance company pays $2200
d)
Kevin pays $500 // insurance company pays $1700

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