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Personal Finance Final Review

Total questions: 74

Worksheet time: 37mins

Name
Class
Date
1.

Select the best definition of a good digital citizen.

a)
A good digital citizen is one who has a high level of computer science knowledge.
b)
A good digital citizen is one who posts to multiple social media accounts.
c)
A good digital citizen is one who prevents cyber bullying, promotes online safety, and encourages digital health and wellness.
d)
A good digital citizen is one who spends long hours online to spread positive information.
2.

Select the best definition of identity theft.

a)
When someone uses information about you without your permission to steal money or resources.
b)
Removing electronic merchandise from a store without paying for it.
c)
Disrespectful communication with another person on a social media platform.
d)
Making approved purchases on a credit card that is in another person's name.
3.

Which is a strategy that will help protect yourself from identity theft?

a)
Never use a public wifi network for any reason.
b)
Always use the same password for your accounts.
c)
Open every email you receive and click on every link in each email to make sure it is safe.
d)
Always shred any documents that contain personal or financial information before throwing them away.
4.

Damaris is shopping online for a new laptop for school. He finds one he likes and wants to purchase it. How does he know if the website he is shopping on is secure?

a)
A secure website will always require a username and a password.
b)
The word SECURE will appear in the upper righthand corner.
c)
The URL will change to https://
d)
Secure websites always have a large lock at the bottom of the webpage.
5.

Nita received an email from her local bank. Which of the following is a clue that this email is a phishing scam?

a)
The email includes both Nita's first and last name.
b)
The email claims there is a problem with her account but there are two words spelled incorrectly.
c)
The email included both the address and phone number of the bank.
d)
There was a request not to reply to the original email, but instead directly contact the bank.
6.

What is the purpose of insurance?

a)
To manage risk
b)
To build wealth
c)
To build relationships
d)
To manage liabilities
7.

Reed pays $112 per month for his auto insurance. This amount is called his...

a)
deductible
b)
risk
c)
premium
d)
contribution
8.

Which type of auto insurance coverage is used when another person is injured during an accident?

a)
Collision
b)
Liability
c)
Comprehensive
d)
Underinsured Motorist
9.

Select the best definition of an insurance premium.

a)
Your insurance premium is the amount you pay out-of-pocket if a loss occurs.
b)
Your insurance premium is the amount you pay only when you need to use your insurance.
c)
Your insurance premium is the amount of money you pay for the insurance policy.
d)
Your insurance premium is the level of insurance coverage you have.
10.

Which type of insurance covers your necessary medical costs, from doctor’s appointments to surgeries?

a)
Auto Insurance
b)
Disability Insurance
c)
Health Insurance
d)
Liability Insurance
11.

Choose the correct words to finish this sentence: When choosing your insurance plan, you typically have the option of paying a ________ premium in exchange for ________ coverage or a ________ premium with less coverage.

a)
lower; more; higher
b)
higher; less; lower
c)
higher; more; lower
d)
lower; less; higher
12.

What is a key difference between saving and investing?

a)
Saving is for long-term goals; investing is for short-term goals
b)
Saving earns a much higher rate of return than investing your money
c)
Saving guarantees you the money you put away while investing has no guarantees.
d)
Saving earns compound interest while investing earns simple interest
13.

Select the best definition of compound interest.

a)
Compound interest is earning interest on the original amount you deposited.
b)
Compound interest is earning interest on the original amount you deposited plus any interest earned.
c)
Compound interest is the amount of interest you are charged on your bank account each month.
d)
Compound interest is earning a fixed dollar amount on your bank account each month.
14.

What is a stock?

a)
A stock is a share of ownership in a company.
b)
A stock is a lending investment to the government or a company.
c)
A stock is an insured bank account with high risk.
d)
A stock is a type of investment that uses money from investors to purchase many different investment types.
15.

What type of market is described by a receding economy and a decline in the stock market?

a)
Bear Market
b)
Bull Market
c)
Pig Market
d)
Sheep Market
16.

Duncan plans to invest all of his money in individual stocks. Why is this likely a bad investment strategy?

a)
He will need a large amount of money to invest in individual stocks.
b)
Purchasing individual stocks has a very low amount of risk and a low return.
c)
He will need to open multiple brokerage accounts for each stock he purchases.
d)
Purchasing individual stocks has a high amount of risk and little diversification.
17.

Which statement best describes the risk level of bonds?

a)
Bonds are one of the riskiest investment types, but have the potential for a high return.
b)
Bonds have a moderate amount of risk, but are a riskier investment when compared to stocks.
c)
Bonds have a low to moderate amount of risk and are less risky than stocks.
d)
Bonds have no risk.
18.

What is one way you can earn money by investing in bonds?

a)
Through interest collected on your original investment.
b)
Through dividends.
c)
By selling your shares in the bond.
d)
By purchasing a diversified bond type.
19.

Mariam is young, willing to take a moderate amount of risk, but most importantly, wants an investment that is low-cost and diversified. Which is the best investment type for Mariam?

a)
An individual stock
b)
A savings account
c)
An index fund
20.

Which statement best describes how diversification impacts risk when you are investing?

a)
Diversification means spreading your money across multiple investments, which decreases risk.
b)
Diversification means spreading your money across multiple investments, which increases risk.
c)
Diversification means putting all of your money into one investment, which decreases risk.
d)
Diversification means putting all of your money into one investment, which increases risk.
21.

What does it mean to "pay yourself first"?

a)
On payday, take some money out to reward yourself with some fun spending
b)
Save money when you are young so you can spend more money when you are older
c)
Any time you get paid, set aside some portion to save before you do any spending
d)
Spend money on yourself first, then your immediate family, then friends or other relatives
22.

TJ is in 7th grade right now and cuts grass for neighbors to earn money. He wants to set one short-term savings goal and one long-term savings goal. Which answer best matches those goals?

a)
Short-term = a pack of gum // long-term = 3 packs of gum
b)
Short-term = a car // long-term = a nicer car
c)
Short-term = expensive new sneakers // long-term = a car
d)
Short-term = birthday present for his mom // long-term = a trip to the movies
23.

Which statement best describes what it means if your bank is "FDIC insured?"

a)
Bank customers can buy car or health insurance at their bank
b)
If you lose your wallet and the cash inside is missing, your bank will pay to replace it up to a certain amount
c)
If you have money in your checking or savings account and the bank goes out of business, you are guaranteed to get your money back up to a certain limit
d)
If a bank customer gets hurt while inside the bank, the customer can sue the bank and their FDIC insurance will cover the costs
24.

What is one BENEFIT of using a savings account instead of a checking account?

a)
Your savings account will charge lower ATM fees than your checking account
b)
Your savings account will earn interest, so the money in your account will grow without you doing anything
c)
Your savings account lets you write checks or pay bills easily, while it's more difficult to use your checking account
d)
Your savings account allows you to use online banking, while checking accounts require you to visit the bank branch
25.

What is one DOWNSIDE of using a savings account instead of a checking account?

a)
Your savings account has high fees attached to it, while your checking account does not
b)
Your savings account has a limit of 6 withdrawals per month, while your checking account does not
c)
Your parents need to help you open a savings account, but you can open a checking account without them
d)
Far fewer banks offer savings accounts, while far more banks offer checking accounts
26.

As a teenager opening a savings account, which two features are MOST important for you to have in your account?

a)
No interest rate and no monthly fees
b)
No interest rate and no minimum balance requirement
c)
No monthly fees and no minimum balance requirement
d)
No monthly fee and no FDIC insurance
27.

When you open your first savings account, you will need to bring each of these things EXCEPT...

a)
An adult if you're under 18
b)
Proof of your mailing address
c)
A letter from your employer
d)
Some form of identification (ID)
28.

How many times during this statement period was money withdrawn from this account?

a)
0
b)
1
c)
2
d)
3
29.

How much was Roger charged in fees during this statement period?

a)
$0
b)
$0.51
c)
$100.00
d)
1.25%
30.

Cylina's savings account is earning 2% per year. She has a balance of $1000 in the account, and she is planning to leave the money there for 4 years, until she's ready to start college. What equation could she use to determine how much simple interest her account will earn over that time?

a)
Interest = $1000 + 8%
b)
Interest = $1000 x 2%
c)
Interest = $1000 + 2% + 4
d)
Interest = $1000 x 2% x 4
31.

What is the financial benefit of compound interest?

a)
The interest rates banks offer for compound accounts are always higher than for simple accounts
b)
When you earn compound interest, you earn interest on both the principal and any interest you've already earned
c)
When earning compound interest, you don't accumulate as many bank fees
d)
When you earn compound interest, you earn interest ONLY on the principal
32.

What is one benefit of borrowing money from a friend or family member instead of from the bank?

a)
You don't have to repay your friends or family if you don't want to
b)
You can borrow more money from a friend or family member because they have more cash than banks
c)
Friends and family cannot legally charge you interest on the loan, but banks can
d)
Friends and family will typically work with you to set up a repayment plan you can afford
33.

What is the key difference between a credit card and a debit card?

a)
Credit cards allow you to borrow money to pay for things, while debit cards take money straight from your own checking account
b)
Wealthy people use credit cards, while people with lower incomes use debit cards
c)
Credit cards come from credit unions, while debit cards come from banks
d)
You can only use credit cards if you are over 25, but you can use debit cards as long as you are over 18
34.

Kevin really wants to buy a new bike because his old one is too small now. He's trying to decide if he should use his debit card or credit card. What's one reason he should be careful about using credit?

a)
Credit will take the money straight from his checking account, lowering his bank balance
b)
Credit will force him to pay taxes on his bike purchase
c)
Credit will charge him interest every month until he repays his full balance
d)
Credit will force him to buy a cheaper bike than he could with debit
35.

Anita is under 18 and wants to get a credit card. What should she do?

a)
Wait until she turns 18 years old
b)
Be added as an authorized user on her mom’s credit card
c)
Apply for a loan from the bank instead
d)
Open a debit card, which will help her build credit
36.

The longer your loan term, the __________ you pay in total. The higher your interest rate, the __________ you pay in total.

a)
Less; less
b)
Less; more
c)
More; more
d)
More; less
37.

What is the best way to avoid going into large debt on your credit card?

a)
Avoid paying the bill every month so your bank account stays high
b)
Pay the minimum monthly payment on time every month
c)
Pay half your balance every month
d)
Pay your full balance every month
38.

Using this portion of a credit card statement, how much did the credit card owner pay toward their bill last month?

a)
$167.49
b)
$267.49
c)
$400
d)
$2,425
39.

According to this portion of a credit card statement, how much did the cardholder pay in total interest this billing cycle?

a)
$1.60
b)
$31.50
c)
$33.10
d)
$2,458.10
40.

What is the minimum amount this cardholder must pay on this month's statement?

a)
$167.49
b)
$400
c)
$2,590.61
d)
You can't tell from this portion of the statement
41.

Each of the following factors impacts your credit score EXCEPT...

a)
Payment history
b)
Bank account balance
c)
Mix of credit types
d)
Length of credit history
42.

Julie is applying for an auto loan. Why is her credit score important?

a)
Her credit score decides what color car she is allowed to buy
b)
Her credit score affects the interest rate she will pay on the loan
c)
Her credit score shows how much money she has in her bank account
d)
Her credit score determines whether she will need car insurance
43.

Miguel's parents keep telling him he should worry about his credit score. He says, "Why bother?" Why should Miguel care?

a)
A high credit score will make it easier for him to get loans or credit cards with better interest rates
b)
A low credit score will make it easier for him to get loans or credit cards with better interest rates
c)
If his credit score is positive, lenders will allow him to pay back only a portion of his loan instead of the whole balance
d)
Miguel will not be able to apply for colleges if he doesn't have a strong credit score
44.

When discussing a loan, such as a college loan or auto loan, what does the word "principal" mean?

a)
The total amount you borrowed
b)
The amount of interest you pay over the whole length of the loan
c)
The total amount of money you owe
d)
The total number of months you will have to repay the loan
45.

Creating a budget can make you feel powerful! Why?

a)
People who budget earn more money, so they can live a better life
b)
A budget puts you in control of your spending and saving, so you make good decisions and feel more confident
c)
You can't really budget unless you have an important job, which means that other people look up to you
d)
Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things
46.

Ada has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...

a)
Cell phone plan
b)
Rent
c)
Clothing
d)
Renters insurance
47.

The two main portions of a budget are...

a)
the money coming in (income) and the money you're spending (expenses)
b)
the money coming in (expenses) and the money you're spending (income)
c)
the cash you are spending in stores and the bills you are paying online
d)
the items you want to buy and the money you need to save for retirement
48.

Why is it important to be able to decide if an item is a NEED or a WANT?

a)
Needs are worth spending money on, but you should never spend on a want
b)
Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them
c)
You cannot create a budget that has both needs and wants included -- you need them each in a separate budget
d)
When you budget, you should make sure all your needs are met first, then you can decide to spend on wants
49.

Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan?

a)
He loves watching movies, and he's already paid for all the streaming services, so now he needs the data
b)
Unlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video games
c)
He has so many social media accounts, and he needs to be able to check them throughout the day, even while in school
d)
He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online
50.

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

a)
Will something bad happen if I don't have this item?
b)
Do any of my friends have this item?
c)
How happy will this item make me?
d)
Will my teachers be excited if I buy this item, or will they be disappointed?
51.

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

a)
$8
b)
$80
c)
$80, minus any taxes she has to pay
d)
$80, plus any taxes she has to pay
52.

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

a)
$50
b)
$200
c)
$250
d)
$450
53.

Why should you use your NET pay when creating a budget?

a)
Your net pay will always be higher, so you'll have more money to spend
b)
Your net pay is a more accurate picture of how much money you have available to spend or save
c)
Your employer knows what your gross pay is, but you only know what your net pay is
d)
Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budget
54.

Complete this sentence: The federal government budgets its tax money on three large buckets of expenses -- mandatory spending, discretionary spending, and .....

a)
interest on debt
b)
the Constitution
c)
budget funds
d)
free programming
55.

Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead?

a)
Military protection
b)
Medicare and Medicaid
c)
Auto insurance
d)
NASA space program
56.

Who has to pay taxes to the US government?

a)
Every citizen, regardless of their age or working status
b)
Every person or company that earns income in the US
c)
Anyone who owns a home or attends a public school
d)
No one has to - taxes are a voluntary program
57.

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

a)
50% needs, 30% wants, 20% savings
b)
50% budget, 30% needs, 20% wants
c)
50% saving, 30% needs, 20% wants
d)
$50 needs, $30 wants, $20 savings
58.

How much money has this employee paid in deductions during this pay period?

a)
$0
b)
$50.00
c)
$692.24
d)
$15,921.52
59.

How much money has this employee earned in gross pay this pay period?

a)
$1,307.76
b)
$2,000.00
c)
$30,078.48
d)
$46,000.00
60.

Which statement best describes how to comparison shop?

a)
Buy many brands of the same item, see which you like best, and return all the rest
b)
Set a budget, decide what features you want, and see which stores/brands best fit your needs
c)
Visit many stores and ask the salespeople to lower the price until one offers something you can afford
d)
Start your own website that compares the current store prices of items you shop for regularly
61.

You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?

a)
Decide what bicycle features you care most about
b)
Visit the store that sells the least expensive bicycles
c)
Locate a coupon for bicycles
d)
Sell your old bicycle
62.

Randall needs to make two purchases today -- a box of donuts to share with his homeroom and a pair of running shoes for the upcoming track season. For which item should he do MORE comparison shopping?

a)
Neither -- both of these purchases are very easy
b)
The donuts -- because he wants to get a lot of flavors
c)
The shoes -- because they need to fit well and last for the whole season
d)
Both -- you should comparison shop for every item you buy
63.

Sofia wants to buy a new pair of jeans. At Pants World, the jeans she wants cost $40 and they're having a 25% off sale. At All Clothes, the same jeans cost $38 and she has a $6 off coupon. What is the best deal?

a)
Purchase at Pants World, because the cost after discount will be $15
b)
Purchase at Pants World, because the cost after discount will be $30
c)
Purchase at All Clothes, because the cost after coupon will be $32
d)
Purchase at All Clothes, because the cost after coupon will be $34
64.

A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers?

a)
Stores promote the deal but make you pay for the second item anyway once you're at the cash register
b)
Stores make money because you still have to pay taxes on the second item
c)
Most stores are not trying to make a profit, so it doesn't matter if they give away free items
d)
Great deals convince customers to buy things they don't need and stay loyal to the store or brand
65.

On a restaurant receipt, you will commonly find each of these items EXCEPT...

a)
The date and time of your dining
b)
The total cost of your food and drinks
c)
The tax and tip that were added to your bill
d)
The total money in the bank account you used to pay
66.

Naya has done a lot of shopping recently. Which receipt should she probably keep the longest?

a)
CVS receipt for a juice and a pack of ponytail holders
b)
Mall store for 5 shirts and 2 pants, all of which she's tried on and fit
c)
Restaurant receipt for sandwich, salad, and lemonade
d)
Target receipt for bluetooth headphones for her and a popular toy for her niece's birthday
67.

Here's Ruth's receipt from the onsite cafe at her job. How many items did Ruth buy?

a)
1
b)
2
c)
3
d)
4
68.

Here's Ruth's receipt from the onsite cafe at her job. How much did she pay for this meal at the cafe?

a)
$1.17
b)
$11.70
c)
$12.87
d)
$14.50
69.

Complete this sentence: A checking account statement...

a)
is the receipt you get from a store when you purchase something using a check
b)
tells you the bank's policies on fees
c)
lists all the purchases and deposits you've made in the previous month
d)
allows you to take out a student loan for college
70.

Which of the following transactions will REDUCE the amount of money in your checking account?

a)
Deposit a check your uncle gives you for your birthday
b)
Use your debit card to get money from an ATM
c)
Buy an expensive new bike using cash
d)
Transfer funds from your saving account to your checking account
71.

What do you need in order to open a checking account?

a)
A form of ID and proof of address
b)
At least $50 saved up
c)
A report card showing you've passed all your classes
d)
Two letters of recommendation
72.

Chang wants to use his mobile wallet at a t-shirt shop on vacation. What does he need to do to pay for the item?

a)
He holds his smart phone next to the store's checkout terminal
b)
He uses his laptop to buy the item on the store's website
c)
He scans the store receipt using his cell phone within the next 24 hours
d)
He uses his phone to buy a gift card from the store and then buys the t-shirt with the gift card
73.

What is the primary difference between a prepaid card and a gift card?

a)
Prepaid cards can be used to shop online, but gift cards cannot
b)
Prepaid cards are made of plastic, but gift cards are usually cardboard
c)
Prepaid cards can be used at many different stores, but gift cards are usually for a specific store
d)
Prepaid cards are only for people without checking accounts, but gift cards are for everyone
74.

Which of these is a common reason someone would use a peer-to-peer payment app?

a)
To deposit a work paycheck into their checking account
b)
To buy groceries at the supermarket
c)
To repay a friend who covered their costs at a restaurant
d)
To keep track of their spending and saving

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