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- 1. Multiple Choice
What is the knowledge and skill-set necessary to be an informed consumer and to manage your finances effectively? (Think about the name of this class)
Economics
The Five Foundations of Financial Success
Financial Literacy
Business Knowledge
- 2. Multiple Choice
What is a standard you set for yourself to achieve or reach?
marker
financial plan
investment
goal
- 3. Multiple Choice
What keeps most Americans from building wealth?
Unemployment
Problems at Home
Debt
Lack of Financial Knowledge
- 4. Multiple Choice
Which of the following do you use to determine spending, saving, investing, etc.?
Banks
Credit Card Companies
Mortgage Lenders
Budget
- 5. Multiple Choice
What is the purpose of a credit score?
To apply for a credit card
To help you save money
A reliable assessment of your credit-worthiness and risk
To determine how quickly you can get out of debt
- 6. Multiple Choice
What is money that you earned but keep and don't spend?
savings
Inflation
Taxes
Overdraft Fees
- 7. Multiple Choice
A person acquires a loan to buy a house this is called a
auto loan
big debt
mortgage
surplus
- 8. Multiple Choice
_________ is owing anything to anyone for any reason.
Credit
Loan
Debt
Mortgage
- 9. Multiple Choice
Which is a financial obstacle for typical American families?
Most American families are broke
Many American families have too much debt
Debt isn't a big deal
American families are all bankrupt
- 10. Multiple Choice
What is a written plan that manages all of your cash and spending each month?
Bank Statement
Tax Return
Credit Plan
Budget
- 11. Multiple Choice
You must be born into a wealthy family to become a millionaire.
True
False
- 12. Multiple Choice
Type of card issued by a bank that allows users to finance a purchase.
Pay Card
Business Card
Debit Card
Credit Card
- 13. Multiple Choice
Which of the following is NOT a good idea for getting out of debt?
Get a part-time job or work over-time
Quit borrowing money
Sell something
Borrow money from your parents to pay off a debt
- 14. Multiple Choice
Which of the following is NOT a need?
Housing
Utilities
Food
Eating Out
- 15. Multiple Choice
Using a credit card to purchase concert tickets that you can't afford is a smart decision.
True
False
- 16. Multiple Choice
What is a transactional bank account that allows easy access to your money?
Checking Account
Savings Account
Debit Card
Credit Card
- 17. Multiple Choice
What fee is used by banks in the US to punish account holders that irresponsibly spend when they don't have enough money in the account to cover the purchase?
ATM Fees
Monthly Account Fees
Foreign Transactions Fees
Overdraft Fees
- 18. Multiple Choice
The electronic transfer of your job earnings made by your employer directly into your bank account.
Mobile Banking
Account Transfer
Debit Card
Direct Deposit
- 19. Multiple Choice
Using a smartphone to perform banking tasks
Traditional Banking
Automated Teller Machine (ATM)
Mobile Banking
Bank Account Reconciliation
- 20. Multiple Choice
What is the number used by creditors to determine how much of a financial risk you are when giving you a loan?
FDIC
a high number
random number
Credit Score
- 21. Multiple Choice
The asset that will depreciate quicker than anything else you will ever own.
House
Cash
New Car
Used Car (this is a trick, don't pick this one)
- 22. Multiple Choice
Making the minimum monthly payment on your credit card is a good financial strategy.
True
False
- 23. Multiple Choice
The demographic group that is most targeted by credit card companies
Millionaires
Senior Citizens
Teens
Adults Age 30 - 50
- 24. Multiple Choice
Being consistently delinquent on your bills (not paying on time) will give you a higher credit score.
True
False
- 25. Multiple Choice
Credit card debt and stress about money is a leading cause of divorce and broken relationships in the US
True
False
- 26. Multiple Choice
Which of the following is an example of a predatory lender?
Cash Advance
Payday Loan
Rent-to-Own Furniture
All of the Above
- 27. Multiple Choice
What is the amount of money you earn before taxes are taken out?
Taxable Income
Actual Income
Gross Pay
Net Pay
- 28. Multiple Choice
What is your take-home pay, after taxes and deductions?
Taxable Income
Actual Income
Gross Pay
Net Pay
- 29. Multiple Choice
The form that your employer sends to both you and the IRS at the end of the year with the amount of your annual wages earned and the total taxes withheld.
Form 1040
Form W-4
Form W-2
Form I-9
- 30. Multiple Choice
Ways to build wealth include:
Begin to build wealth at an early age
Stay out of debt
Don't buy things that you don't really need
All of the Above
- 31. Multiple Choice
What is the simplest form used at the end of the year when filing your taxes?
123 easy peasy form
1040 A
1040 EZ
1040
- 32. Multiple Choice
What is AGI?
Adjusted Gigantic Interest
A Great Idea
Any General Income
Adjusted Gross Income
- 33. Multiple Choice
Do some people OWE taxes when filing at the end of the year?
no, everyone gets a refund
yes, a person might owe if they didn't withhold enough in taxes
- 34. Multiple Choice
What happens if a person doesn't pay any tax they owe at the end of the year?
nothing
the government will charge 5% per month on the balance
the gov will immediately confiscate everything you own
automatic jail
- 35. Multiple Choice
What is the best indication that you are winning with money?
You have a high FICO score
You actually have some money to manage
You're able to pay your monthly credit card payment on time
You've read Dave Ramsey's latest personal finance book
- 36. Multiple Choice
How do you calculate a person's net worth?
The total value of everything they own
The value of everything they owe less the amount of everything they own
The value of everything they own less the amount of everything they owe
The total amount of money they have in the bank
- 37. Multiple Choice
Purchasing a new car is a smart investment.
True
False
- 38. Multiple Choice
What is your biggest wealth building tool?
Your education
Your income
Your bank account
The lottery
- Answer choicesTagsAnswer choicesTags