WorksheetsFinancial Literacy WebXam Study Guide
Total questions: 42
Worksheet time: 21mins
What is the difference between your GROSS pay and your NET pay?
Gross pay is after taxes and deductions
Net pay is after taxes and deductions
Gross and net pay are the same thing
If you wanted to save more money per month, which expense would be the easiest to change?
Utilities
Mortgage
Car Payment
Entertainment
What is the purpose of a labor union?
Collective bargaining
Avoiding taxes
scheduling
What agency should you contact to file a complaint about a company's failure to fulfill a warranty?
Police
Food and Drug Administration
Better Business Bureau
Which labor law protects individuals with physical and mental disabilities from discrimination?
Fair Credit Reporting Act
Americans with Disabilities Act
BBB
If your grades were publicly posted on a bulletin board around FHS, which consumer advocate agency will help you?
Family and Educational Rights & Privacy Act
Equal Employment Opportunity Act
Family and Medical Leave Act
If you had an error on your credit report, which consumer advocate agency will help you?
Equal Opportunity Act
Better Business Bureau
Fair Credit Reporting Act
If you just had a baby, which consumer advocate agency will help you?
Family and Medical Leave Act
Equal Employment Opportunity Act
Family Educational Rights and Privacy Act
What is a common employer-offered type of retirement plan?
529
501(k)
401(k)
IRA
Which form must you complete to have your employer withhold federal income taxes?
W-2
W-4
I-9
WD-40
Having good attendance at a job is an example of
empathy
Initiative
Work ethic
What is one way to meet financial goals?
Set up automatic deposits to savings accounts
Upgrade to a more expensive car
Purchase a more expensive cable package
Which of the following are all examples of income sources?
a. Rental income, local taxes, and association dues
b. Sales commissions, federal taxes, birthday money
c. Tips, wages, and salary
What factor has the most influence on your earning potential?
Retirement plan
Size of family
Education
Health
What is FICA tax?
Similar to sales tax
Used to file taxes
Social security and Medicare
What is the job of a certified financial planner when working for a customer as a fiduciary?
To make financial decisions in their best interest
To report all earnings and losses to the customer in a timely manner
To act in the best interest of the client
What happens to prices when the workers in an industry strike?
Prices decrease
Prices increase
Prices stay the same
Is gross pay calculated before deductions or after?
Before
After
An investor can reduce risk when investing by making sure they have this type of portfolio
High yield
Diverse
401k
A tenant is someone who....
Rents a house or apartment
Owns a house or apartment
Is selling a house or apartment
Using public WiFi puts you at risk for identity theft.
True
False
What is the term used to describe when someone is trying to scam people via email?
Embezzlement
Money laundering
Phishing
While you are on your weekly shopping trip, you realize the cost of toilet paper has decreased substantially over the last 6 months. Which basic economic principle is likely responsible for this price decrease?
Demand is outpacing supply
Supply is outpacing demand
Scarcity- resources are limited
From whom do you obtain your credit report?
Credit Reporting Agencies
Better Business Bureau
FDIC
What is a high-yield alternative retirement strategy you can choose besides the 401K?
Bonds
Mutual Funds
IRA
Saving account
Taking your personal finance course has increased your interest in accounting, which of the following is the best way to learn more about the requirements to become an accountant?
ChatGPT
Occupational Outlook Handbook
You have purchased a vehicle with a loan of $12,000. Researching four different fixed loan options, which loan option will afford you the lowest total cost of the vehicle?
7.2% for 72 months
7.2% for 36 months
7.2% for 48 months
Which of the following is a conflict of interest in the workplace?
Answering emails for your side business during work hours
Placing a phone call during your lunch break
Addressing a problem with a coworker with human resources
The relationship between risk and return is:
Higher risk is associated with higher potential return.
Lower risk always leads to higher return.
Risk and return are unrelated.
Return is guaranteed regardless of risk.
A new release of a cell phone is planned for September. The manufacturer cannot promise delivery until mid-October. This demonstrates which economic principle?
Supply and demand
Opportunity cost
Product availability
A computer you have chosen to finance costs $1,500. Which APR at 24 months yields the lowest monthly payment?
12%
8%
7%
Which characteristic best indicates a reputable depository institution?
FDIC membership
A fancy building
What is an easy, inexpensive tool that can help you track spending?
An accountant
Bookkeeping software
A spreadsheet
If you stay with the same company but move to a new city with increased taxes what should you do?
Buy a new car
Find a new job
Have payroll set aside more money for city taxes
What is APR on a credit card?
Average Price Records
Annual Percentage Rate
Accidental Purchase Relief
What is the first step in establishing a credit score?
Ask your parents for permission
Open a bank account
Obtain a secure credit card
A hairdresser works five days a week and earns roughly 8,000 per month. At the end of the year she made 95,678. What form will she use to file her taxes?
1099
W-2
1040
What is the best way to increase your credit score?
Open a new credit card account
Close all of your credit card accounts
Getting a job and paying off the full balance of all your credit cards
What is the most economical choice at the grocery store?
Buying name brand items
Purchasing in bulk
Buying generic/store brands
What is a way to stand out amongst applicants for a job in a specific field?
Dress in bright colors
Make lots of noise
Job shadow in that field
Lie on your resume
When comparing credit cards what information will you find in a Schumer box?
Your name, address, phone number and email address
Your credit score and report
APR, fees, and other expenses
Which of the following can you use to help develop your personal career inventory?
Talk to your friends and family about their careers
See what jobs are trending and available in your area
Review top paying careers, take a career aptitude test, ask a teacher for advice, know your likes and dislikes
