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- 1. Multiple Choice
Interest can be:
a charge for lending money to the bank
the amount owed for borrowing from the bank
the amount added into your savings account when opening a bank account
a charge for the convenience of accessing money stored in your bank account
- 2. Multiple Choice
Which of the following is a type of savings vehicle?
Certificate of Deposit
Debit Card
Checking Account
Cash
- 3. Multiple Choice
Which type of account in typically the most liquid?
Checking Account
Savings Account
Certificate of Deposit
Brokerage Account
- 4. Multiple Choice
Which of the following statements comparing debit cards to credit cards is true?
Debit cards allow you to draw funds directly from your checking account
Debits cards typically offer greater fraud protections
Debit cards never require a signature to finalize a purchase
Debit cards charge a high rate of interest
- 5. Multiple Choice
If you are planning to carry a large balance on your credit card, which of the following features should you look for when selecting the card?
Low APR
low annual fees
High interest on balance transfers
Fun rewards program
- 6. Multiple Choice
Which of the following can increase your credit card's APR?
making minimum payments
missing payments
paying off the full balance
cashing in on reward items
- 7. Multiple Choice
Good credit is usually required for which of the following:(Check all that apply)
buying a new car
adopting a new pet
getting a credit card
buying a house
buying used furniture
- 8. Multiple Choice
The form filed by students to receive federal financial aid for school is known as:
FICO
FAFSA
FIFA
FALALA
- 9. Multiple Choice
Which of the following is an advantage of federal student loans?
Federal student loans have a fixed interest rate.
Federal student loans are only available to students who can demonstrate financial need.
Federal student loans must be paid back while you’re in school.
Federal student loans do not accumulate interest.
- 10. Multiple Choice
Which statement is most correct when choosing to rent or buy a home?
Buy a home because it is better than renting one.
Rent a home only until you can afford to buy one.
Rent a home because it is better than buying one.
Buy or rent a home based on your individual circumstance.
- 11. Multiple Choice
Which of the following should you take into consideration when deciding to buy or lease a car? (Check all that apply)
Cost of the car
Car interior and features
Monthly loan payment
Down payment
Your monthly budget
- 12. Multiple Choice
Which form is your employer required to send to you before you file your tax return?
Yearly paycheck stub
1040EZ
W-2
W-4
- 13. Multiple Choice
When referring to student loans, what is a grace period?
The time period between graduating college and starting your first job when you don't have to pay back the loans
The period after graduating or leaving school before you must begin paying back student loans
The amount of time you have to pay back the entire student loan amount
None of these
- 14. Multiple Choice
The Federal Application for Student Aid (FAFSA) form:
must be completed by your school's guidance counselor
can only be completed for U.S. citizens
can be used to apply for private loans
must be completed on time by the student each year aid is received
- 15. Multiple Choice
A ______ is generally considered an appreciating asset because it will _______ in value over time.
car; increase
car; decrease
house; increase
house; decrease
- 16. Multiple Choice
The regular payment for an insurance policy is called a:
co-payment
deductible
premium
claim
- 17. Multiple Choice
Which piece of information is most useful to an identity thief?
Your full name and address
Your full name and date of birth
Your full name and social security number
Your full name and student ID number
- 18. Multiple Choice
Which of the following provides the best protection against identity theft?
Never use a credit card
Open up a new bank account every year
Pay all bills with cash only
Shred documents that contain personal information
- 19. Multiple Choice
When buying a stock in a company, you are:
diversifying your portfolio
investing in an index fund
loaning money to a company
buying a portion of a company
- 20. Multiple Choice
The main trade-off that all investors must consider is:
income vs. cost
diversity vs. uniformity
stocks vs. bonds
risk vs. return
- 21. Multiple Choice
Which of the following is NOT a common feature of a financial institution?
Access to investment products
Paper checks
Access to ATMS
Direct deposit
- 22. Multiple Choice
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
- 23. Multiple Choice
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month.
Ask your financial institution to notify you when you are close to $0 in your account.
Keep your own records to compare with your financial institution's records.
None of the above
- 24. Multiple Choice
What should you do before you withdraw money from the ATM?
Ask someone nearby for help using the ATM.
Find a hidden ATM so no one will see you withdraw money.
Share your pin number with trusted friends so you don't forget it.
Inspect the ATM to make sure it wasn't tampered with.
- 25. Multiple Choice
Your financial institution can't help you if there is a mistake on your bank account statement.
True
False
- 26. Multiple Choice
Investing is best for ________.
long-term financial goals, like paying for retirement.
earning a little interest while keeping your money safe.
short-term financial goals, like building an emergency fund.
guaranteed fast growth on your money.
- 27. Multiple Choice
A stock is ________.
A type of debt investment that acts like a loan.
A share of ownership in a company.
A type of investment that invests in a mix of different types of investments.
A type of savings account that pays interest based on current interest rates in the money market.
- 28. Multiple Choice
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called
________.
Gross pay
Net pay
Total pay
Year-to-date pay
- 29. Multiple Choice
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
- 30. Multiple Choice
The W-4 tax form is used to ___________.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
- 31. Multiple Choice
Which of the following statements is true about taxes?
Taxes pay for schools and government departments.
Taxes pay for roads and emergency services.
Taxes are often used at the federal, state, and local levels.
All of the above
- 32. Multiple Choice
What do you NOT need in order to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
Your employer benefits documentation
- 33. Multiple Choice
When considering a job offer, you should only consider how much you're being paid before you accept the
offer.
True
False
- 34. Multiple Choice
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all
types of _________ available from your employer.
benefits
pensions
deductions
allowances
- 35. Multiple Choice
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive
Helps reach short- and long-term financial goals
Helps to prioritize your spending
All of the above
- 36. Multiple Choice
Which of the following is NOT a good way to track your spending?
In your head
Envelope method
Online software or app
Notebook and pencil
- 37. Multiple Choice
Which of the following is TRUE regarding unexpected expenses?
They usually don’t affect your budget.
They should not be included in your budget.
They should be planned for.
They usually don't affect your ability to pay bills.
- 38. Multiple Choice
How can you ensure you don't go over your budget?
Use most of your budget for entertainment expenses
Round up your expense estimates to add a buffer
Buy all of your wants at one time.
Find a friend that enjoys going shopping
- 39. Multiple Choice
Using a loan could help with the purchase of which of the following?
A new TV
A dream wedding
A house
Airline tickets to your dream vacation
- 40. Multiple Choice
Which item is important to consider when selecting a credit card?
Both APR and fees
The look of the credit card
Fees
Annual Percentage Rate (APR)
- 41. Multiple Choice
What is a benefit of having a good credit score?
You'll get accepted to better education institutions.
You'll get more job offers.
When you need a loan, you'll have more loan offers to pick from.
Loan sharks will be less likely to bother you.
- 42. Multiple Choice
What option will NOT be available if you are behind on loan payments?
A financial institution may offer for you to pay a little now and pay the rest after your next pay day.
You can ask to get out of your loan.
You can borrow money from friends and family.
Your financial institution might allow you to defer the loan but you'll have to pay the interest.
- 43. Multiple Choice
Credit cards can help _____________ when paid off on time regularly.
build credit history
act as a form of identification
lower your debt
balance your checking account
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