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Worksheets

Semester Exam Review

Total questions: 167

Worksheet time: 1hrs 24mins

Name
Class
Date
1.

Net Income is when taxes are taken out of your paycheck

a)

True

b)

False

2.

Banks got into the credit business before 1920 because charging exceptionally high-interest rates was legal.

a)

True

b)

False

3.

You should always make sure you have a _______.

a)

Emergency fund

b)

Shopping list

c)

Vacation plan

d)

Favorite movie

4.

A money principle to keep in mind is to live on _______ you make.

a)

Less than (live on less than you make)

b)

More than (live on more than you make)

c)

Exactly (live on exactly what you make)

d)

Twice (live on twice what you make)

5.

To know your net worth, subtract your liabilities from your _____

a)

Assets

b)

Income

c)

Expenses

d)

Revenue

6.

FDR passed the New Deal because of the Great Depression. The purpose of this program was to:

a)

provide relief, recovery, and reform to address the economic crisis

b)

expand U.S. territory through military action

c)

establish a monarchy in the United States

d)

end Prohibition and legalize alcohol

7.

Living paycheck to paycheck means:

a)

Having just enough money to cover expenses until the next payday.

b)

Saving a large portion of your income every month.

c)

Earning more money than you spend each month.

d)

Receiving paychecks irregularly.

8.

In 1972, what association made borrowing money to attend college much easier?

a)

Federal Student Loan Association

b)

National Education Association

c)

American College Fund

d)

Student Financial Aid Bureau

9.

Using credit has become ________.

a)

More common / socially accepted

b)

Less common / frowned upon

c)

Illegal / prohibited

d)

Unnecessary / outdated

10.

List the Five Foundations.

a)

The Five Foundations are: 1. Save a $500 emergency fund, 2. Get out of debt, 3. Pay cash for your car, 4. Pay cash for college, 5. Build wealth and give.

b)

The Five Foundations are: 1. Invest in stocks, 2. Buy a house, 3. Start a business, 4. Travel the world, 5. Retire early.

c)

The Five Foundations are: 1. Save for retirement, 2. Buy insurance, 3. Get a credit card, 4. Take out student loans, 5. Lease a car.

d)

The Five Foundations are: 1. Open a savings account, 2. Get a mortgage, 3. Use credit cards, 4. Take out personal loans, 5. Invest in cryptocurrency.

11.

About ______ of Americans actually use a budget.

a)

About 35%

b)

About 60%

c)

About 80%

d)

About 50%

12.

You should only have an app for your budget

a)

True

b)

False

13.

How many categories should you have in your budget?

a)

As many as you need

b)

Exactly 5

c)

Only 3

d)

No more than 10

e)

Just 1

14.

How often should you create a budget?

a)

Monthly

b)

Yearly

c)

Weekly

d)

Daily

15.

What does a budget show you?

a)

A plan for where your money will go (income vs. spending/saving)

b)

The amount of money you have in your bank account

c)

The list of items you want to buy

d)

The total value of your assets

16.

Nearly half of Americans feel stress and anxiety about the amount of ______ they have.

a)

Debt

b)

Vacation time

c)

Friends

d)

Pets

17.

Going to the movies is an example of what type of expense?

a)

Discretionary/'wants' expense

b)

Fixed expense

c)

Variable/'needs' expense

d)

Mandatory expense

18.

What kind of money counts as income?

a)

Any money coming in (wages, salary, tips, side income, etc.)

b)

Only money received as gifts

c)

Only money from investments

d)

Only money earned from selling property

19.

What should you do if you overspend in one category?

a)

Adjust the budget: move money from another category, then keep going

b)

Ignore it and continue spending as usual

c)

Stop budgeting altogether

d)

Borrow money to cover the overspending

20.

Your monthly rent payment is a variable expense.

a)

True

b)

False

21.

What are the four walls of a budget?

a)

Food, utilities, shelter, transportation

b)

Entertainment, travel, shopping, dining

c)

Savings, investments, insurance, taxes

d)

Clothing, electronics, vacations, hobbies

22.

What are the four components of a budget?

a)

Income, giving, saving, spending

b)

Income, investing, borrowing, spending

c)

Income, saving, borrowing, spending

d)

Income, giving, investing, spending

23.

Banks and lenders use credit scores to determine ________.

a)

Your likelihood to repay (risk/creditworthiness)

b)

Your annual income

c)

Your employment history

d)

Your age

24.

When you finance a new car, you will end up paying more than the sticker price.

a)

True

b)

False

25.

Leasing a car is a method of financing where someone ________.

a)

Pays to use a car for a set time/miles, then returns it

b)

Buys the car and owns it outright

c)

Makes monthly payments until the car is paid off and keeps it

d)

Rents the car for a single day and returns it

26.

List the order of Debt Snowball.

a)

List debts smallest→largest; minimums on all; attack smallest with extra; roll

b)

List debts largest→smallest; pay off largest first; ignore minimums; roll

c)

List debts by interest rate; pay off highest rate first; ignore minimums; roll

d)

List debts randomly; pay off any; ignore minimums; roll

27.

A car is a depreciating asset

a)

True

b)

False

28.

Credit card companies charge stores a 2–3% fee per purchase. This is called a(n) _______?

a)

Merchant Fee

b)

Interest Rate

c)

Annual Fee

d)

Late Payment Fee

29.

Credit card companies make the most profit from _______.

a)

Interest (from people who carry balances)

b)

Annual fees

c)

Cashback rewards

d)

Late payment reminders

30.

Asset: _______ you own with value.

a)

Something

b)

Nothing

c)

Someone

d)

Anywhere

31.

Consumer: Someone who buys/uses _______/services.

a)

goods

b)

books

c)

vehicles

d)

clothes

32.

Credit: Borrowing now, paying _______.

a)

later

b)

now

c)

daily

d)

monthly

33.

Debt: Money you _______.

a)

owe

b)

earn

c)

spend

d)

find

34.

Expense: Money you _______.

a)

spend

b)

save

c)

find

d)

earn

35.

Financial Literacy: Knowing how money works and how to _______ it.

a)

manage

b)

ignore

c)

waste

d)

lose

e)

hide

36.

Financial Plan: A roadmap for spending/saving/investing _______.

a)

goals

b)

habits

c)

income

d)

debts

37.

Interest Rate: Cost of _______ (percent).

a)

borrowing

b)

saving

c)

investing

d)

spending

38.

Liability: Money you owe/________.

a)

obligation

b)

asset

c)

income

d)

profit

39.

Loan Shark: Illegal lender with extremely high _______.

a)

rates

b)

fees

c)

interest

d)

charges

40.

Negative Net Worth: ________ > assets

a)

Liabilities

b)

Income

c)

Expenses

d)

Revenue

41.

Net Income: ________ after deductions

a)

Take-home pay

b)

Gross pay

c)

Bonus

d)

Allowance

42.

Net Worth: Assets – ________

a)

liabilities

b)

income

c)

expenses

d)

revenue

43.

Paycheck to Paycheck: No margin; relying on next ________

a)

paycheck

b)

bonus

c)

loan

d)

investment

44.

Personal Finance: Managing money (spend/save/invest/________)

a)

protect

b)

borrow

c)

waste

d)

ignore

45.

Positive Net Worth: ________ > liabilities

a)

Assets

b)

Income

c)

Expenses

d)

Revenue

46.

Budget: A monthly plan for your ________

a)

money

b)

clothes

c)

books

d)

food

47.

Cash-Flow Statement: Record/plan of income vs. ________

a)

expenses

b)

assets

c)

revenue

d)

profits

48.

Commission: Pay based on ________/performance

a)

sales

b)

attendance

c)

seniority

d)

location

49.

Gross Income: Pay before ________

a)

deductions

b)

taxes

c)

bonuses

d)

allowances

50.

Income: Money ________ in

a)

coming

b)

going

c)

staying

d)

leaving

51.

Irregular Income: Income that varies ________ to month

a)

month

b)

year

c)

week

d)

day

52.

Net Income: ________-home pay

a)

Take

b)

Give

c)

Send

d)

Earn

53.

Accrued Interest: Interest that has built up but isn’t ________ yet

a)

paid

b)

calculated

c)

earned

d)

reported

54.

Fill in the blank: Compound Growth is _________

a)

Growth on the original + previous growth

b)

Growth only on the original amount

c)

Growth only on previous growth

d)

Growth that does not accumulate over time

55.

Fill in the blank: Compound Interest is _________

a)

Interest on principal + prior interest

b)

Interest only on principal

c)

Interest only on prior interest

d)

Interest on total amount including taxes

56.

Fill in the blank: Emergency Fund is _________?

a)

Savings for unexpected expenses

b)

Money for daily shopping

c)

Funds for entertainment

d)

Investment in stocks

57.

Fill in the blank: Inflation means _________

a)

Prices rise; money buys less

b)

Prices fall; money buys more

c)

Prices stay the same; money buys more

d)

Prices rise; money buys more

58.

Fill in the blank: Collateral is _________.

a)

Asset pledged to secure a loan

b)

A type of insurance policy

c)

A government bond

d)

A form of currency

59.

Fill in the blank: Credit Bureau is _________.

a)

Company that collects credit info

b)

Government agency that issues currency

c)

Bank that provides loans

d)

Organization that manages insurance policies

60.

Fill in the blank: Credit Score is _________?

a)

Number estimating credit risk

b)

A type of bank account

c)

A government-issued ID

d)

A form of currency

61.

Fill in the blank: Default means _________?

a)

Failing to repay as agreed

b)

Paying more than required

c)

Receiving a bonus

d)

Completing a task early

62.

Fill in the blank: Depreciation is _________.

a)

Losing value over time

b)

Gaining value over time

c)

Maintaining the same value

d)

Increasing in popularity

63.

Fill in the blank: Equity is _________.

a)

Value you own in an asset (value – debt)

b)

The total amount of cash in a business

c)

The interest paid on a loan

d)

A type of insurance policy

64.

Fill in the blank: Installment Credit is _________?

a)

Fixed payments over time (auto/loan)

b)

A type of revolving credit

c)

A one-time cash advance

d)

A form of credit with no repayment schedule

65.

Fill in the blank: Lien is _________.

a)

Legal claim on property for a debt

b)

A type of insurance policy

c)

A government tax

d)

A form of currency

66.

Fill in the blank: Predatory Lender is _________?

a)

Unfair/deceptive lender charging excessive costs

b)

A government-regulated financial institution

c)

A lender offering the lowest interest rates

d)

A lender providing free financial advice

67.

Fill in the blank: Principal is _________

a)

Original amount borrowed/invested

b)

Total interest earned

c)

Final amount after maturity

d)

Monthly payment amount

68.

Revolving Credit: ________

a)

Reusable credit line (credit card)

b)

Fixed-term loan (mortgage)

c)

One-time payment (installment)

d)

Secured loan (car loan)

69.

Term: ________

a)

Length of loan agreement

b)

Interest rate of loan

c)

Monthly payment amount

d)

Collateral required

70.

Amygdala: ________

a)

Emotion/fear center of brain (impulse driver)

b)

Memory storage area of brain

c)

Visual processing center of brain

d)

Balance and coordination center

71.

Brand Recognition: ________

a)

Familiarity with a brand

b)

A type of logo

c)

A marketing strategy

d)

A product feature

72.

Buyer’s Remorse: ________

a)

Regret after buying

b)

Excitement after buying

c)

Satisfaction after buying

d)

Indifference after buying

73.

Card Fraud: ________

a)

Unauthorized card use

b)

Lost card replacement

c)

Card activation process

d)

Cardholder agreement

74.

Contentment: ________

a)

Satisfied; not chasing more stuff

b)

Always wanting more

c)

Feeling angry

d)

Being jealous

75.

Extended Warranty: ________

a)

Paid protection beyond standard warranty

b)

Free repair for lifetime

c)

Immediate replacement for any damage

d)

Coverage for accidental loss only

e)

No protection after standard warranty ends

76.

Identity Theft: ________

a)

Stealing personal info to commit fraud

b)

Borrowing books without returning them

c)

Losing your wallet at a store

d)

Forgetting your email password

77.

Impulse Buying: ________

a)

Unplanned emotional purchase

b)

Planned investment

c)

Long-term saving

d)

Careful budgeting

78.

Marketing: ________

a)

Promoting/selling products

b)

Manufacturing goods

c)

Accounting services

d)

Legal consulting

79.

Opportunity Cost: ________

a)

What you give up to choose something else

b)

The money you earn from a job

c)

The time spent on an activity

d)

The resources used in production

80.

Prefrontal Cortex: ________

a)

Planning/self-control part of brain

b)

Vision processing center

c)

Balance and coordination center

d)

Memory storage area

e)

Language comprehension region

81.

Retail Therapy: ________

a)

Shopping to feel better

b)

Exercising to relieve stress

c)

Cooking to pass time

d)

Reading to escape reality

82.

Federal Pell Grant: ________

a)

Need-based federal grant (no repayment)

b)

Merit-based scholarship (repayment required)

c)

Federal loan program (repayment required)

d)

Work-study program (employment required)

83.

Federal Perkins Loan: ________

a)

Older federal loan program (ended; legacy loans exist)

b)

Current federal loan program for all students

c)

Private loan offered by banks

d)

Federal grant for undergraduate students

84.

Associate Degree: ________

a)

2-year degree

b)

4-year degree

c)

Doctorate

d)

High school diploma

85.

Bachelor’s Degree: ________

a)

4-year degree

b)

2-year degree

c)

6-year degree

d)

Diploma

86.

CLEP: ________

a)

Earn college credit by exam

b)

Apply for student loans

c)

Join a sports team

d)

Attend graduation ceremony

87.

Deferred: ________

a)

Payments postponed

b)

Immediate payment

c)

Extra charges

d)

Advance received

88.

FAFSA: ________

a)

Free Application for Federal Student Aid

b)

Federal Application for Financial Student Assistance

c)

Financial Aid for Federal Student Applicants

d)

Federal Aid Form for Student Assistance

89.

Federal Student Loans: ________

a)

Loans from the federal government

b)

Loans from private banks

c)

Grants from the state government

d)

Scholarships from universities

90.

Financial Aid Award Letter: ________

a)

School’s aid offer and costs

b)

Student’s GPA and test scores

c)

List of extracurricular activities

d)

Parent’s employment history

91.

Forbearance: ________

a)

Temporary payment pause/reduction (interest often accrues)

b)

Permanent loan forgiveness

c)

Immediate full repayment required

d)

No change to payment schedule

92.

Grant: ________

a)

Aid you usually don’t repay

b)

Loan you must repay with interest

c)

Scholarship based on sports only

d)

Payment for part-time work

93.

Net Price: ________

a)

Cost after grants/scholarships

b)

Total tuition before aid

c)

Full sticker price

d)

Loan amount

94.

Postsecondary Education: ________

a)

Education after high school

b)

Education before high school

c)

Primary education

d)

Preschool education

95.

Prerequisite: ________

a)

Required course/condition beforehand

b)

Optional course/condition afterwards

c)

Unrelated topic

d)

Extra credit assignment

96.

Private Student Loans: ________

a)

Loans from private lenders

b)

Loans from the government

c)

Grants from private organizations

d)

Scholarships from colleges

97.

Scholarship: ________

a)

Aid based on merit/need/etc. (no repayment)

b)

Loan that must be repaid

c)

Payment for work performed

d)

Fee charged by the institution

98.

Student Aid Report: ________

a)

FAFSA results summary

b)

Financial aid application form

c)

College acceptance letter

d)

Scholarship award notice

99.

Subsidized Loans: ________

a)

Gov pays interest while in school/qualifying times

b)

Interest accrues immediately after loan is disbursed

c)

Students must pay interest while in school

d)

Interest is paid by private lenders

100.

Unsubsidized Loans: ________

a)

Interest accrues immediately

b)

No interest accrues until graduation

c)

Interest is paid by the government

d)

No repayment required

101.

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

a)

7-12%

b)

10-15%

c)

15-20%

d)

25-30%

102.

Sophia is looking for ways to earn money while attending college. She learns about Work-Study. Fill in the blank: Work-Study is a _________?

a)

Part-time job program for students

b)

Type of scholarship

c)

Full-time employment program

d)

Student loan

103.

David wants to keep track of all the money going in and out of his checking account. He uses a Checking Account Register for this purpose. The Checking Account Register is a _________.

a)

Log of transactions/balance

b)

Type of bank

c)

Form of currency

d)

Loan agreement

104.

Nora is looking for a place to save her money and get a loan. She wants to join an organization where the members own and operate the financial institution together. Credit Unions are _________?

a)

Member-owned financial co-ops

b)

Government-owned banks

c)

Private investment firms

d)

Non-profit charities

105.

Sophia receives her paycheck directly into her bank account every month without needing to visit the bank. This method is called Direct Deposit, which is _________?

a)

Electronic pay deposit

b)

A type of paper check

c)

A manual cash payment

d)

A physical money order

106.

Emma is considering opening a savings account at her local bank. She wants to make sure her money will be safe even if the bank faces financial trouble. Fill in the blank: FDIC _________.

a)

Insures bank deposits (up to legal limits)

b)

Prints currency for the U.S. government

c)

Sets interest rates for credit cards

d)

Provides loans to small businesses

107.

Aiden has a collection of rare coins. He wants to know how quickly he can sell them and get cash. Liquidity is _________

a)

How fast you can turn it into cash

b)

The amount of profit a company makes

c)

The total value of a company's assets

d)

How much debt a company has

108.

Daniel is considering opening a savings account at a credit union. He wants to make sure his deposits are protected. Fill in the blank: NCUA _________.

a)

Insures credit union deposits (up to legal limits)

b)

Regulates stock market investments

c)

Provides insurance for commercial banks

d)

Issues government bonds

109.

Nora is considering opening a new bank account and is researching different types of banks. She comes across online banks. Fill in the blank: Online Banks are _________?

a)

Mostly digital banking

b)

Physical cash vaults

c)

Traditional brick-and-mortar only

d)

Only for international transfers

110.

James writes a check for more money than he has in his bank account. The bank charges him an Overdraft Fee. Overdraft Fee is _________?

a)

Fee for spending beyond your balance

b)

Fee for depositing money

c)

Fee for maintaining minimum balance

d)

Fee for closing an account

111.

Rohan writes a check for more money than he has in his bank account. The bank covers the extra amount using Overdraft Protection, which is _________?

a)

Linked backup to cover overdrafts

b)

A type of insurance for car accidents

c)

A fee charged for every transaction

d)

A reward program for saving accounts

112.

Grace is reviewing her monthly bank statement and compares it to her own financial records. Fill in the blank: Reconciling is _________?

a)

Matching your records to bank statement

b)

Ignoring discrepancies in your records

c)

Writing checks without recording them

d)

Depositing cash without receipts

e)

Spending without tracking expenses

113.

Arjun is looking for a place to open a savings account and get a personal loan. He visits a few institutions and learns that Retail Banks are _________?

a)

Traditional consumer banks

b)

Investment firms

c)

Insurance companies

d)

Credit rating agencies

114.

Aria has never opened a bank account. Fill in the blank: Aria is considered unbanked because she has _________?

a)

No bank account

b)

Having multiple bank accounts

c)

Owning a credit card

d)

Working at a bank

115.

Emma has a bank account, but she often uses check-cashing services and payday loans instead of relying solely on her bank. Emma is considered _________?

a)

Has an account but uses alternative services often

b)

Does not have any bank account

c)

Only uses online banking services

d)

Is banned from using banking services

116.

Jackson is a college student who often signs up for new apps and shares his information online. Why might young people like Jackson be particularly vulnerable to identity theft?

a)

Less likely to monitor credit; “clean” identity is valuable; info gets shared/stored a lot

b)

They have more financial assets than older adults

c)

They use only secure websites for transactions

d)

They never share personal information online

117.

Kai has a stack of old bank statements and personal letters at home. What is the recommended method for disposing of these personal documents?

a)

Shred personal documents

b)

Throw documents in regular trash

c)

Burn documents in open area

d)

Recycle documents without shredding

118.

Nora is about to enter her credit card details while shopping online. What security indicator should she look for before proceeding?

a)

Padlock icon

b)

Red cross mark

c)

Open envelope

d)

Warning triangle

119.

Nora notices an unauthorized charge on her credit card statement. What does the Fair Credit Billing Act allow her to do?

a)

Dispute billing errors/unauthorized charges on credit accounts

b)

Increase their credit limit automatically

c)

Lower their interest rates without approval

d)

Transfer balances between accounts without fees

120.

Lily is planning to pay for her college education. What are the 3 ways she can consider to cover her college costs?

a)

Scholarships/grants; cash (savings/earnings); loans (if needed)

b)

Credit cards; crowdfunding; bartering

c)

Inheritance; winning a lottery; selling assets

d)

Only through government aid; only through employer sponsorship; only through work-study

121.

Charlotte is starting college and wants to find ways to save money during her studies. Which of the following are two ways she can save money in college?

a)

Roommates; live off-campus; reduce meal plan/eat at home; used books; work part-time (any 2)

b)

Buy expensive gadgets; eat out every day

c)

Take more student loans; shop for new clothes weekly

d)

Travel abroad every semester; upgrade to a single room

122.

At a university, the administration found that % of students who enroll in a 4-year degree program end up taking more than 6 years to graduate. What is this percentage?

a)

40%

b)

10%

c)

25%

d)

55%

123.

Kai took out student loans for college. On average, how many years will it take Kai to pay off these student loans?

a)

20 years

b)

5 years

c)

10 years

d)

30 years

124.

David is considering enrolling in a program that takes two years to complete at a local college. The degree he would earn is called a(n) ______

a)

Associate degree

b)

Bachelor's degree

c)

Doctorate degree

d)

Certificate

125.

Liam is researching the total amount of college debt in America for his economics project. What is the current total?

a)

About $1.65 trillion (student loan balances, Q3 2025)

b)

About $500 billion

c)

About $2.5 trillion

d)

About $900 billion

126.

Liam is researching the total amount of college debt in America for his economics project. What is the current total?

a)

About $1.65 trillion (student loan balances, Q3 2025)

b)

About $500 billion

c)

About $2.5 trillion

d)

About $900 billion

127.

Aria checks her bank statement and notices a charge marked as “pending.” What does this mean?

a)

Authorized but not posted/settled yet

b)

The charge has been declined

c)

The account is closed

d)

The charge is refunded

128.

Nora is planning to open a new bank account. It’s her responsibility to know all about the ______ before she chooses a bank.

a)

Fees/terms (account policies)

b)

Bank location

c)

ATM color

d)

Interest calculation method for other banks

129.

Samuel is considering different bank services. Which type of service should he avoid to prevent financial trouble?

a)

Debt (ex: overdrafts/fees cycle)

b)

Increased savings

c)

Higher interest earnings

d)

Better credit score

130.

Noah is considering different financial services to help him manage his money. He comes across several options, but some of them are known to be predatory. Which of the following are examples of predatory financial services?

a)

Payday loans, check cashing, Pawn Shops, Tax Refund lenders, & car title lenders

b)

Credit unions, savings accounts, certificates of deposit, money market accounts, and mutual funds

c)

Student loans, home equity loans, personal loans, and credit cards

d)

401(k) plans, IRAs, health savings accounts, and treasury bonds

131.

Abigail is deciding where to open a new account. She is considering a traditional bank, an online bank, and a credit union. What is a key difference between these options?

a)

Banks are for-profit, online banks operate digitally, and credit unions are member-owned.

b)

Banks and credit unions are both online only.

c)

Credit unions are for-profit, banks are member-owned, and online banks are government-run.

d)

Online banks have physical branches, banks do not, and credit unions are only for businesses.

132.

Abigail is deciding where to open a new account. She is considering a traditional bank, an online bank, and a credit union. What is a key difference between these options?

a)

Banks are for-profit, online banks operate digitally, and credit unions are member-owned.

b)

Banks and credit unions are both online only.

c)

Credit unions are for-profit, banks are member-owned, and online banks are government-run.

d)

Online banks have physical branches, banks do not, and credit unions are only for businesses.

133.

Oliver wants to set up direct deposit for his paycheck. What should he write on a check to provide to his employer?

a)

VOID

b)

PAID

c)

CASH

d)

SIGNED

134.

Mason is about to write a check to pay for groceries. Should Mason use a pen to write the check?

a)

True

b)

False

135.

Aria is about to sign a leasing contract for her new apartment. It's important for her to read the contract because once she signs it, it's enforceable by law.

a)

True

b)

False

136.

Scarlett is planning to move to a new city and wants to know how much money she will need to cover basic expenses such as housing, food, taxes, and healthcare. What is Scarlett trying to find out?

a)

the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time.

b)

the total income earned by a person in a year.

c)

the price of luxury goods in a city.

d)

the amount of money saved after all expenses.

137.

Nora is looking for an apartment to rent. To manage her finances wisely, her rent payment should total no more than _____% of her gross income.

a)

25%

b)

40%

c)

35%

d)

50%

138.

Abigail is reading about recent changes in U.S. laws. She comes across the Affordable Care Act (ACA). What is the ACA?

a)

a federal law aimed at increasing health insurance quality and affordability.

b)

a program for free college education.

c)

a tax reform act for small businesses.

d)

an environmental protection regulation.

139.

At a local community center, a new scholarship program is introduced. Who are considered the beneficiaries of this program?

a)

Individuals or groups who receive benefits from a particular action or policy.

b)

People who manage the funds of an organization.

c)

Authorities who enforce rules and regulations.

d)

Organizations that provide services to the public.

140.

Mason is in a debate club. During a meeting, he says, "School uniforms improve student focus." This is an example of:

a)

A statement that asserts something to be true.

b)

A question that seeks information.

c)

A story with a moral lesson.

d)

A summary of an article.

141.

Emma was driving her car when she accidentally collided with another vehicle. She wants to make sure the damage to her car is covered, no matter who was at fault. What type of insurance does Emma need?

a)

Insurance that covers damage to your car from a collision, regardless of who is at fault.

b)

Insurance that covers medical expenses after an accident.

c)

Insurance that pays for theft of your vehicle.

d)

Insurance that covers routine maintenance costs.

142.

Sophia parks her car outside her house, and one night, her vehicle is damaged due to vandalism. Which type of insurance would protect her from this kind of loss?

a)

Protection for loss/damage to your vehicle caused by something other than collision (ex: vandalism)

b)

Insurance that only covers injuries to other people in an accident

c)

Coverage for routine vehicle maintenance and repairs

d)

Insurance that pays only for theft of the vehicle

143.

Ava visits her doctor for a regular check-up. She is required to make a payment each time she receives medical service. What is this payment called?

a)

Payments made each time you get medical service (also copayments/coinsurance)

b)

A type of insurance plan for dental care only

c)

A document listing all your medical expenses

d)

A government program for retired individuals

144.

Arjun is reviewing his new car insurance policy. He wants to understand what 'Coverage' means in the context of his policy. What does 'Coverage' refer to?

a)

Amount of liability protection offered through an insurance policy

b)

The total premium paid for an insurance policy

c)

The duration of an insurance policy

d)

The process of filing an insurance claim

145.

Emma has a life insurance policy. What is the Death Benefit in her policy?

a)

Benefit paid to beneficiaries after the policyholder dies

b)

Premium paid by the policyholder annually

c)

Bonus received for early policy maturity

d)

Penalty charged for late premium payment

146.

Jackson has an auto insurance policy. One day, he gets into a minor accident and needs to repair his car. Before his insurance company pays for the repairs, Jackson must pay a certain amount out of his own pocket. What is this amount called?

a)

Amount you pay out of pocket before insurance pays

b)

The total amount your insurance will pay

c)

A type of insurance policy

d)

The monthly payment for insurance

147.

Isla is a college student who relies on her parents for financial support. What term best describes Isla's situation?

a)

A person who relies on someone for financial support

b)

A person who provides financial support to others

c)

A person who manages a business independently

d)

A person who pays taxes for others

148.

Emma works as a graphic designer. One day, she suffers an injury that prevents her from working for several months. Which type of insurance would help replace a portion of Emma's income while she is unable to work?

a)

Replaces a portion of income if the policyholder becomes disabled and can’t work

b)

Provides coverage for medical expenses due to illness or injury

c)

Pays a lump sum on the policyholder’s death

d)

Covers damages to the policyholder’s vehicle in an accident

149.

Jackson forgot to pay his insurance premium on the due date. However, his coverage did not lapse immediately, and he was still able to make the payment within a certain period after the due date without losing his insurance protection. What is this period called?

a)

Time after premium due when payment can be made without a lapse in coverage

b)

Period when insurance is not valid

c)

Time before policy starts

d)

Duration of claim processing

150.

Lily was hospitalized after a sudden illness. She was relieved to know that her health insurance would help cover the medical expenses. What is health insurance?

a)

Coverage for medical expenses from illness or injury

b)

A type of car insurance for vehicle damage

c)

Insurance for lost luggage during travel

d)

Coverage for home repairs after natural disasters

151.

Charlotte is considering ways to save money for her medical expenses. She learns about an account that is tax-exempt and specifically designed for people who have a High Deductible Health Plan (HDHP). What type of account is Charlotte learning about?

a)

Tax-exempt savings account for health costs; only for people on an HDHP

b)

A government-funded retirement account for all citizens

c)

A checking account with no minimum balance requirement

d)

A type of loan for purchasing health insurance

152.

Ava is choosing a health insurance plan for the year. She notices one option is described as a High-Deductible Health Plan (HDHP). What does this mean?

a)

Health plan with a high minimum deductible for medical expenses

b)

Health plan with no deductible for medical expenses

c)

Health plan with only prescription drug coverage

d)

Health plan with unlimited coverage and no out-of-pocket costs

153.

Define Homeowners Insurance.

a)

Protects residence/possessions and provides liability coverage for accidents on the property

b)

Covers only automobile damages and theft

c)

Provides health coverage for family members

d)

Insures only valuable jewelry against loss

154.

Define Insurance.

a)

Arrangement for financial protection/reimbursement of losses from an insurer

b)

A method to increase profits in business

c)

A way to avoid paying taxes

d)

A government scheme for free healthcare

155.

Define Liability Insurance.

a)

Protection against claims from personal injury/property damage due to an auto accident

b)

Coverage for theft of personal belongings from your car

c)

Insurance that pays for routine car maintenance

d)

Protection against engine failure due to wear and tear

156.

Define Long-Term Care Insurance.

a)

Covers some/all costs of nursing home care, assisted living, in-home care, end-of-life care

b)

Provides coverage for routine doctor visits and prescription drugs only

c)

Pays for damages to your car in an accident

d)

Covers travel-related emergencies and lost luggage

157.

Define Out-of-Pocket Maximum.

a)

Most a policyholder has to spend for covered services in a year

b)

The minimum premium required to activate a policy

c)

The total amount an insurer pays for all claims in a year

d)

The amount paid for non-covered services

158.

Define Personal Injury Protection (PIP).

a)

Auto insurance component covering medical expenses, lost wages, etc. for driver/passengers

b)

Life insurance policy for beneficiaries after the policyholder's death

c)

Coverage for vehicle damage due to natural disasters

d)

Insurance for theft of personal belongings from the car

159.

Define Policy.

a)

Contract between insurance company and insured individual

b)

A legal document for property ownership

c)

A type of investment plan

d)

A government-issued identification card

160.

Define Premium.

a)

Amount of money paid for an insurance policy

b)

The total value of assets owned

c)

The interest earned on savings

d)

The cost of goods sold

161.

Define Renters Insurance.

a)

Protection for destroyed/stolen personal property for a renter

b)

Insurance that covers damages to a landlord's building

c)

A policy that provides health coverage for tenants

d)

Insurance for vehicles parked at a rental property

162.

Define Self-Insured.

a)

Having enough saved/invested that loved ones can live off it if you die (no life insurance needed)

b)

Having a policy that pays out upon death

c)

Paying premiums to an insurance company for coverage

d)

Relying on government benefits for financial protection

163.

Define Supplemental Insurance.

a)

Plans that cover expenses/services not in typical policies

b)

Insurance that only covers dental procedures

c)

A type of insurance for pets only

d)

Coverage that replaces your primary health insurance

164.

Define Term Life Insurance.

a)

Life insurance for a set time; if policyholder dies during term, beneficiaries get death benefit

b)

Life insurance that builds cash value over time and lasts for the policyholder's entire life

c)

Insurance that only covers accidental death, not natural causes

d)

A savings account provided by an insurance company

165.

Define Umbrella Insurance.

a)

Optional extended liability coverage added to auto/homeowner policies

b)

A type of insurance that covers only health-related expenses

c)

Insurance that only covers damages to your vehicle

d)

A mandatory insurance for all business owners

166.

Define Uninsured/Underinsured Motorist Protection.

a)

Protects you/passengers if hit by uninsured/underinsured driver or in a hit-and-run

b)

Covers damage to your car from natural disasters

c)

Pays for routine maintenance of your vehicle

d)

Provides legal assistance for traffic violations

167.

Define Whole Life Insurance (Cash Value).

a)

Life insurance that lasts for life and uses part of the premium as an investment

b)

Insurance that only covers accidental death and no investment component

c)

A short-term insurance policy with no cash value

d)

Insurance that only pays out if the policyholder survives a certain period

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