WorksheetsFinal Assessment – Personal Finance & Banking Services
Total questions: 21
Worksheet time: 11mins
Which of the following is a financial institution?
Bank
401(k)
Individual retirement account
All of the above
Kari wants an account that earns interest like a savings account but allows unlimited withdrawals like a checking account. Which should she choose?
Money market account
Certificate of deposit
Foreign exchange account
401(k)
Certificates of deposit (CDs) are best for saving money that individuals do not want or need to touch.
True
False
Which of the following is a bank card linked directly to a checking or savings account?
Debit card
Credit card
Cashier’s card
Money market card
Which financial institution is best suited to help Tori secure a loan to purchase a home?
Commercial bank
Credit union
Insurance company
Mortgage lender
Any individual can open their own individual retirement account (IRA).
True
False
Which of the following is an ownership share in a company?
Bond
Stock
401(k)
IRA
Which of the following is a not-for-profit, member-owned financial institution?
Credit union
Retail bank
Mortgage lender
Insurance company
Which type of bank is responsible for setting interest rates?
Retail bank
Commercial bank
Central bank
Investment bank
Which of the following influences financial decisions?
Personal values
Advertising and peer pressure
Income and expenses
All of the above
Which of the following is considered a deposit account? (Select all that apply)
Certificate of deposit
Checking account
Money market account
Mortgage lender
Which of the following is a banking service used to establish a business loyalty program?
Investment products
Payment processing
Global trade services
Merchant services
Which of these is property consisting of land or buildings?
Real estate
401(k)
IRA
Porto facto
Which type of account pays interest but limits the number of withdrawals?
Savings account
Checking account
Debit card account
Credit card account
Select all that are functions of credit card companies:
Decide the benefits, fees, and rewards of the credit card
Manage and set the value of a credit limit for consumers
Manage investor accounts
Become responsible for the cost or risk of future injury and death
Skills needed for a finance career include:
Attention to detail
Effective communication
Mathematical proficiency
Social media skills
Skills needed for business administration include:
Marine biology expertise
Graphic design mastery
Strong leadership & organization
Landscape architecture skills
Talent examples include all except:
Problem-solving
Artistic ability
Fluency in languages
Inability to work in a team
Which is NOT a key benefit of goal setting?
Increased confusion
Enhanced motivation
Improved focus
Ability to measure progress
Explain the difference between revenue and profit. Provide an example of each.
Revenue is the total income from sales before expenses; profit is what remains after expenses. For example, selling $1000 worth of goods is revenue, and if expenses are $700, the profit is $300.
Revenue is the money left after paying taxes; profit is the total amount earned before any deductions. For example, earning $1000 and paying $200 in taxes leaves $800 as profit.
Revenue and profit both mean the same thing; for example, selling $1000 worth of goods means both revenue and profit are $1000.
Revenue is the amount earned after expenses; profit is the total sales before expenses. For example, selling $1000 worth of goods and having $700 in expenses means revenue is $300 and profit is $1000.
Fill in the blank: If a store makes 5,000insalesandpays 3,000 in costs, the profit is _______.
$2,000
$8,000
$1,000
$5,000
