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Personal Finance Final Exam Review

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.

When is the best time to start saving for long-term financial goals?

a)

When you are young and have fewer financial obligations

b)

After you have finished college

c)

When you have a family of your own

d)

When you are in your forties and earning more money

2.

The highest median weekly income is earned by people who have completed which of the following levels of education?

a)

Associate's Degree

b)

High School Diploma

c)

Professional Degree

d)

Bachelor's Degree

3.

Individuals with which of the following education levels are the most likely to be unemployed?

a)

Associate's Degree

b)

Less than a high school diploma

c)

Doctoral Degree

d)

Bachelor's Degree

4.

The amount of money a job pays is referred to as

a)

Compensation

b)

Opportunity Cost

c)

Cash Inflow

d)

Net Pay

5.

A _________ is an official document or record stating that you have met some standard for training or knowledge.

a)

Certification

b)

Internship

c)

Apprenticeship

d)

Accreditation

6.

Master's Degrees, Law Degrees, and Doctoral Degrees are all examples of:

a)

Undergraduate Degrees

b)

Graduate/Professional Degree

c)

Certifications

d)

Accreditations

7.

Associate's and Bachelor's Degrees are both considered:

a)

Graduate Degrees

b)

Undergraduate Degrees

c)

Professional Degrees

d)

Accreditations

8.

When low skill based work is traded for hourly wages it is most commonly referred to as:

a)

A career

b)

A job

c)

Volunteer work

d)

An Internship

9.

When someone is compensated monthly based on a year long total this is called:

a)

Wages

b)

Salary

c)

Bank Statements

d)

Pension Plans

10.

When you receive money and immediately put a portion of it into your savings and investments you are following which investment principle?

a)

Dollar cost average

b)

Time value of money

c)

Pay yourself first

d)

Diversification of assets

11.

The money in savings accounts is insured up to what amount by the FDIC?

a)

$100,000

b)

$250,000

c)

$500,000

d)

$1,000,000

12.

Fees that support government programs and are required by law to be applied to income, property, and good are known as:

a)

Assessments

b)

Taxes

c)

Earnings

d)

Interest

13.

Which of the following is considered cash outflow?

a)

Rent or mortgage

b)

Inheritance

c)

Money made off investments

d)

A paycheck

14.

Which of the following is considered cash outflow?

a)

Rent or mortgage

b)

Inheritance

c)

Money made off investments

d)

A paycheck

15.

Which of the following is NOT an example of cash outflow?

a)

A paycheck

b)

Buying groceries

c)

Car insurance

d)

Rent or mortgage

16.

Which of the following is NOT considered cash inflow?

a)

A paycheck

b)

Earning money from babysitting

c)

Buying movie tickets

d)

Investment earnings

17.

Which of the following would be considered cash inflow?

a)

Purchasing a new car

b)

Paying car insurance

c)

Buying groceries

d)

Earning money for mowing laws

18.

Fixed expenses do not include:

a)

Insurance Premiums

b)

Rent and Mortgages

c)

Car Payments

d)

Groceries

19.

A fixed expense:

a)

Changes depending on the amount of use

b)

Varies each month

c)

Does not change from month to month

d)

Can vary depending on the time of the year

20.

Variable expenses could include

a)

Clothing and food

b)

Rent or mortgage

c)

Car or house payments

d)

Loan repayment

21.

Variable expenses:

a)

Are always the same

b)

Change month to month depending on use

c)

Never change

d)

Stay the same in each pay period

22.

Risk is

a)

The likelihood of incurring a loss

b)

The careful planning of a budget

c)

The creation of stocks

d)

Constant from month to month

23.

A good budget includes

a)

All cash inflow and cash outflow

b)

No variable expenses

c)

No fixed expenses

d)

Unrealistic goals for spending

24.

When creating a budget, which of the following is true

a)

All variable expenses should not be included

b)

Only half of the income is necessary

c)

All income, variable expenses, and fixed expenses should be included

d)

Budgets should be rigid and allow for no freedom

25.

Pay yourself first means:

a)

Savings for each month should be done at the end of the month

b)

There is no need to set aside money for things

c)

Money should be put into savings as soon as it is received

d)

100% of all income needs to go into savings

26.

A reasonable amount of savings or Paying Yourself First should be:

a)

At least 10%

b)

At least 50%

c)

100% of all income

d)

0% of your income

27.

What percentage of income is typically spent on housing?

a)

50%

b)

75%

c)

10%

d)

25%

28.

Which of the following factors does NOT affect the cost of housing?

a)

Proximity to a city center

b)

Amount of groceries purchased in a month

c)

Number of roommates

d)

Size of the house or apartment

29.

Transportation costs can include all of the following except:

a)

Car insurance

b)

Rent or mortgage

c)

Cost of gas

d)

Car payments

30.

Transportation costs can be lowered by:

a)

Purchasing a used car

b)

Having a long commute to work

c)

Having a very large vehicle that requires a lot of gas

d)

Purchasing multiple cars for one person

31.

Which of the following variable expenses is most likely to make a person fail on their budget?

a)

Mortgages or house payments

b)

Car insurance

c)

Utilities

d)

Dining out impulsively

32.

In order to keep down costs of food and dining out which of the following should you do?

a)

Dine out whenever you feel like it

b)

Buy only a few groceries

c)

Set a limit for how often you dine out a week

d)

Plan to dine out for lunch every day

33.

Which of the following is included in utilities?

a)

Rent

b)

Water

c)

Car insurance

d)

Mortgage

34.

All of the following would be considered utilities except:

a)

Water

b)

Air Conditioning

c)

Rent

d)

Heating

35.

Recreational and "fun" spending should be done

a)

After all fixed and variable expenses are considered

b)

Immediately upon being paid

c)

Never

d)

Before your rent or mortgage

36.

If Stacey sets a goal of saving $20 per week for the next two months, this would be considered:

a)

A long term goal

b)

An intermediate goal

c)

A short term goal

d)

A terrible goal

37.

If Jeremy sets a goal of saving 10% of his income towards retirement for the next 10 years, what type of goal is this?

a)

A long term goal

b)

An intermediate goal

c)

A short term goal

d)

A daily goal

38.

FDIC stands for

a)

Fun dependency initial creation

b)

Federal deposit inability concentration

c)

Federal deposit insurance corporation

d)

Financial dependency institution company

39.

How much does the FDIC insure your deposits up to?

a)

$250,000

b)

$250

c)

$1 million

d)

$2000

40.

A privately owned institution in which one can open accounts and conduct financial transactions is called

a)

A credit union

b)

Payday loan business

c)

Pawn shop

d)

Commercial bank

41.

These financial institutions are typically larger, have more branch locations, and charge higher interest rates

a)

Credit Unions

b)

Commercial Banks

c)

Pawn Shops

d)

Payday Loan Businesses

42.

A non-profit financial institution that serves individuals and businesses in a given community is called:

a)

A commercial bank

b)

A pawn shop

c)

A credit union

d)

A museum

43.

Which of the following ONLY allows someone to use an ATM to withdraw money from their account?

a)

Debit Card

b)

Credit Card

c)

Gift Card

d)

ATM Card

44.

Which of the following methods of payment takes money directly from your checking account?

a)

Credit card

b)

Gift card

c)

Debit card

d)

ATM card

45.

Which form of payment represents a small loan that is to be paid at a later date?

a)

Debit Card

b)

Credit Card

c)

Cash

d)

ATM Card

46.

Which form of payment is typically directly linked to a checking account?

a)

Credit card

b)

Cash

c)

Debit Card

d)

Gift Card

47.

Which form of payment is the most likely to increase debt?

a)

Cash

b)

Credit Card

c)

Debit Card

d)

ATM Card

48.

What does APR stand for?

a)

Annual Percentage Rate

b)

Actual Part of Rehearsal

c)

Annual Percentage Readiness

d)

Accrued Personal Rate

49.

What is a credit limit?

a)

The minimum one can place on a credit card

b)

The annual percentage rate

c)

A person's credit score

d)

The maximum one can charge on a credit card

50.

Which would be BEST for your credit score?

a)

Never paying bills

b)

Opening new accounts

c)

Paying back loans in installment payments

d)

Having very high credit limit

51.

Which term describes someone who rarely pays interest?

a)

Sub Prime Users

b)

Credit Rehab Subscribers

c)

Revolving Credit Makers

d)

Convenience Users

52.

Convenience users....

a)

Never pay their bill on time

b)

Only have sub prime rates

c)

Typically pay the full amount on time or before their bill is due

d)

Use credit card for every purchase

53.

Which is NOT one of the 5 C's of credit?

a)

Character

b)

Competency

c)

Collateral

d)

Capacity

54.

Which of the 5 C's includes items that can be repossessed should one fail to make repayments?

a)

Character

b)

Collateral

c)

Capacity

d)

Credentials

55.

Which of the following choices shows the range of credit scores one can obtain?

a)

0-100

b)

500-1000

c)

300-700

d)

300-850

56.

What is the highest credit score one can obtain?

a)

800

b)

500

c)

850

d)

650

57.

Which of the following is NOT a credit reporting agency?

a)

Equifax

b)

Equicredit

c)

Transunion

d)

Experian

58.

How many free credit reports are you entitled to every year?

a)

Three

b)

One

c)

Five

d)

Zero

59.

What category of credit scores includes the time that you have successfully had accounts open?

a)

Payment History

b)

New Credit

c)

Amount Owed

d)

Length of Credit History

60.

What is the most important category included in your credit score accounting for 35% of the score?

a)

Payment History

b)

New Credit

c)

Amount Owed

d)

Length of Credit History

61.

What is the simple interest formula?

a)

I=PAR

b)

I=PYD

c)

I=PRT

d)

I=PAD

62.

If a loan has a $10,000 principal amount, a 3% interest rate, and a 36 month payback period, how would you represent T in the simple interest formula?

a)

T=10,000

b)

T=.03

c)

T=36

d)

T=3

63.

If a loan has $5,000 principal, a 10% interest rate, and a 1 year payback period how much interest would be paid back?

a)

100

b)

5500

c)

500

d)

1200

64.

Which of the following credit scores would be considered "bad credit"?

a)

850

b)

750

c)

650

d)

550

65.

Which of the following represents the national average credit score?

a)

687

b)

800

c)

987

d)

546

66.

If a loan has a $6,000 principal, a 15% interest rate, and a 4 year payback period, what number would be used for P in the simple interest formula?

a)

P=6,000

b)

P=15

c)

P=4.15

d)

P=.15

67.

When someone cannot pay back their debts, what option can combine all of their debts into one?

a)

Open new accounts

b)

Debt consolidation

c)

Debt aversion

d)

Bankruptcy

68.

Which of the following would lower your credit score?

a)

Paying bills on time

b)

Being responsible with credit

c)

Debt consolidation

d)

Paying back installment credit

69.

Which of the following institutions is likely to have interest rates over 100%?

a)

Credit Unions

b)

Commercial Banks

c)

Bankruptcy Lawyers

d)

Payday Loans

70.

What is the legal status declaring that a person or entity cannot pay their debts?

a)

Debt consolidation

b)

Sub-prime users

c)

Bankruptcy

d)

Equifax

71.

Which of the following is NOT a common reason for bankruptcy?

a)

Medical expenses

b)

Credit card debt

c)

Business failures

d)

Paying bills on time

72.

What type of credit card is the most commonly used?

a)

Secure Credit Card

b)

Revolving Credit Card

c)

Sub Prime Credit Card

d)

Bankruptcy

73.

What type of credit card has a limit that matches only the money deposited in a separate account?

a)

Charge Card

b)

Gift Card

c)

Secure Credit Card

d)

Revolver Credit

74.

Which type of retirement account is primarily used for private sector workers?

a)

403(b)

b)

401(k)

c)

Roth IRA

d)

SEP IRA

75.

If someone works for Waffle House Corporate Headquarters, what type of retirement account are they most likely to have?

a)

401(k)

b)

403(b)

c)

CD

d)

Money Market Account

76.

What type of retirement account is normally reserved for tax-exempt organizations and public sector employees?

a)

401(k)

b)

403(b)

c)

CD

d)

Money Market Account

77.

What type of retirement account would a police officer most likely have?

a)

401(k)

b)

Annuity

c)

Certificate of Deposit

d)

403(b)

78.

Which two terms would represent payments that are made (typically on a monthly basis) after retirement for the rest of someone's life?

a)

CD and Insurance

b)

Money Market and 403(b)

c)

Annuity and Pension

d)

Investment and Interest

79.

When purchasing stocks or bonds, what type of business does a person have to use?

a)

Their own bank

b)

A brokerage

c)

The NYSE

d)

High interest accounts

80.

What two institutions' daily statistics would reflect the general health of the stock market?

a)

The Dow Jones and The NBA

b)

NASDAQ and ORHS

c)

The Dow Jones and NASDAQ

d)

SEC and IRS

81.

How many corporations are represented on The Dow Jones?

a)

15

b)

3000

c)

1500

d)

30

82.

What system pools money from many motor vehicle owners in order to transfer risk in case one of those car owners get into an accident?

a)

Skydiving

b)

Car Insurance

c)

Life Insurance

d)

DMV Certification

83.

Which type of account is meant as a high interest savings account that cannot be accessed before the maturity date without incurring heavy early withdraw penalties?

a)

Certificate of Deposit

b)

Money Market Account

c)

Mutual Funds

d)

IRA

84.

What type of high interest saving account typically stays untouched for 1, 3, or 5 years?

a)

IRA

b)

Certificate of Deposit

c)

Money Market Account

d)

Mutual Funds

85.

What type of car insurance covers damages to both vehicles involved in a car accident?

a)

Liability Insurance

b)

No Insurance

c)

Collision Insurance

d)

Motorcycle

86.

What type of interest is often called "interest on interest"?

a)

Simple Interest

b)

Complex Interest

c)

Constant Interest

d)

Compound Interest

87.

"n" in the compound interest formula?

a)

1000

b)

10

c)

12

d)

1

88.

If someone makes $50,000 investment for 15 years and it is meant to compound quarterly at 3%, what number would be represented by "r" in the compound interest formula?

a)

.05

b)

50000

c)

.03

d)

3

89.

When an investment is compounded monthly, how is "n" represented in the compound interest formula?

a)

15

b)

12

c)

10

d)

1

90.

When an investment with compound interest compounds quarterly, what number represents "n" in the compound interest formula?

a)

15

b)

12

c)

10

d)

4

91.

Which type of interest would make someone the most money off their investment?

a)

Simple interest over 5 years

b)

Compound interest over 5 years

c)

No interest over five years

d)

All of the above

92.

Comprehensive Auto Insurance would cover which of the following?

a)

Hitting a deer

b)

Tree falling on your car

c)

Hail storm damage

d)

All of the above

93.

Which of the following would be considered a diversified portfolio?

a)

10,000 in a CD

b)

$5,000 in stocks, $5,000 in bonds

c)

$10,000 in one stock

d)

$10,000 in cash

94.

Which of the following is a benefit of a diversified portfolio?

a)

The risk of loss is increased

b)

There are no benefits

c)

Risk of losing money is spread out and lessened

d)

The frequency of compounding becomes quarterly

95.

When someone owns stocks that perform well, what do they receive as their share of the profits?

a)

Car Insurance

b)

Dividends

c)

New Shares

d)

Gift Cards

96.

When someone attempts to acquire identifying information from another person in pursuit of financial gain, what is this called?

a)

Protection

b)

Capital

c)

Identity Theft

d)

Grand Theft Auto

97.

When a fraudulent website attempts to steal your personal information for financial gain, what is it called?

a)

Protection

b)

Car Theft

c)

Insurance Fraud

d)

Phishing

98.

What government run website can be used to help those who have had their identity stolen?

a)

IRS.org

b)

annualcreditreport.com

c)

Identitytheft.gov

d)

ORTN.edu

99.

What is the main purpose of insurance?

a)

Reduce car accidents

b)

Transfer risk to a pool of people

c)

Make cars more expensive

d)

Improve accuracy at stoplights

100.

What type of investment account allows an individual to direct pretax income towards investments that can grow tax deferred?

a)

Certificate of Deposit

b)

Money Market Account

c)

Individual Retirement Account

d)

Life Insurance

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