Personal Finance

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PERSONAL FINANCE
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NARAYAN CHANGDER
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Contents
1 PERSONAL FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.1 PERSONAL FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1. PERSONAL FINANCE
NARAYAN CHANGDER
1.1 PERSONAL FINANCE
1. Anything that increases the potential of C. Investing
loss through peril is called a
D. Credit
A. risk
B. hazard 5. The cost of something; The money spent
on something.
2. Which retirement account do you pay
A. expenses
taxes on the money when it comes OUT
of the account. B. income
A. Traditional IRA C. credit
B. Roth IRA D. overdraft
C. 401k
D. 403b 6. Desmond and Tasha went to Pete’s Ice
Cream Parlor and walked up to the counter.
3. What does it mean to “barter” with a Desmond ordered a banana split and Tasha
friend? ordered a sundae. They paid Pete for
the ice cream. One of Pete’s employ-
A. ) To trade with your friend.
ees, Sarah, made the banana split while
B. ) To sell something to your friend. Pete made the sundae. Sarah then car-
C. ) To buy something from your friend. ried the banana split and the sundae out
to Desmond and Tasha.Who was a con-
D. none of above
sumer?
4. When you buy something using this A. only Sarah
method you have to pay it back. Some-
times it requires interest. What is this? B. only Tasha
A. Borrowing C. Pete and Sarah

B. Income D. Desmond and Tasha
1. B 2. A 3. A 4. D 5. A 6. D 7. A
1.1 PERSONAL FINANCE 3
7. What does it mean to PYF? 12. What is something of value a borrower can
A. Immediately put 20% of your paycheck use to back the loan if the borrower can no
longer pay the scheduled payments?

in your savings when you get paid
B. Immediately pay off your credit card A. Character
debt when you get paid B. Capacity
C. Invest in the stock market before you C. Collateral
save for retirement D. Communion
D. Buy your wants before buying your
needs 13. Which of the following is a true statement
about budgets
8. Why is competition good for consumers?
A. Competition allows customers to buy
goods and services on credit.
B. Competition encourages customers to
save their money instead of spending it.
C. Competition guarantees that con-
sumers can purchase anything they want
at any time. A. They encourage people to spend as
D. Competition encourages businesses to much money as possible
offer consumers low prices and quality B. Setting up a budget will allow you to
products. earn more money
9. Which type of tax is the best example of C. The idea behind keeping a budget is to
a regressive tax? spend exactly as much as you earn
A. Sales Tax D. They allow people to track how and
where their money is spent
B. Income Tax
C. Property tax 14. Which of the following is NOT a need?
D. Corporate tax A. Food
B. Clothes
10. The federal government program that
helps individuals who are disabled or re- C. Netflix
tired people and their families is called D. Shelther
A. Social Security
15. Households sell their labor to businesses
B. Central Security because
C. Central Intelligence A. They receive income in exchange for la-
D. Social Democracy bor.
B. They receive tax money in exchange
11. Deductions help reduce your
for labor.
A. itemized expenses.
C. They receive small business loans in
B. adjusted gross income exchange for labor
C. credit D. They receive government services in
D. none of above exchange for labor.
8. D 9. A 10. A 11. B 12. C 13. D 14. C 15. A 16. A

16. A Demand Deposit Account

A. Allows for funds to be removed with a
check and does not require approval
B. Does not allow for funds to be re-
moved with a check
C. Allows for funds to be removed with a
check and does require approval
NARAYAN CHANGDER
D. none of above
A. 4
17. A set amount of income paid each month B. 5
A. Income C. 6
B. Salary D. 7
C. Hourly Pay
22. What is the primary source of government
D. Deposit revenues?
18. The total amount owed at a given point in A. Taxes
time B. Fines
A. loan C. Fees
B. credit D. Speeding tickets
C. debt
23. Which part of the SMART goal is missing?
D. income
“I plan to save $1500 to buy a used car.
19. Money taken out of an account. I will do this by canceling my home cable
service and saving that $75 each month
A. Depository Institution instead.”
B. Commercial Bank A. Attainable
C. Withdraw B. Realistic
D. Deposit C. Measurable
20. What are the three basic reasons to save D. Time-Bound
money?
24. Movie Tickets
A. so you can profit, get rich, and spend.
B. build an emergency fund, pay cash for
purchases, and build wealth.
C. purchase large items, spend money on
the things wanted, and to have freedom.
D. to not be poor, have extra cash, and to
spend money on yourself.
21. SSEF2b Use the table to answer the ques-

tion. A rational decision would mean hiring A. Fixed Expense
how many police officers? B. Variable Expense
17. B 18. C 19. C 20. B 21. B 22. A 23. D 24. B 25. A

25. The type of insurance that provides pro- 30. The purpose of saving money in personal
tection against financial loss from medical finance?
bills is called

A. spending on luxury items and vaca-
A. health insurance tions
B. coinsurance B. Building an emergency fund and
achieve financial goals
C. life insurance
C. Investing in high-risk assets
D. premium
D. Donation to charity
26. A cost that varies with the level of output.
SSEPF4c 31. Annual Percentage Rate (APR) is the
yearly percentage rate of the finance
A. fixed costs
charge.
B. profit
A. True
C. variable costs
B. False
D. savings
32. What is a proportional tax?
27. The listed price of the car without options
A. a tax levied on manufactured goods
is
and services
A. MSRP
B. type of tax in which the tax rate in-
B. Dealer Invoice Price creases as income decreases
C. Base Price C. type of tax in which the tax rate in-
D. none of above creases as income increases
D. type of tax in which the tax rate stays
28. What is another benefit to saving money? the same over all incomes
A. ) You can buy something less expen-
sive in the future. 33. A card used to make purchase on credit.
“Buy now, pay later.”
B. ) You can buy something now instead
of in the future. A. Checking Account
C. ) You can buy something more expen- B. Savings Account

sive in the future. C. Credit Card
D. none of above D. LR Account
29. The out-of-pocket money paid by the poli- 34. Most banks offer an app so you can log
cyholder before an insurance company will in to check how much money has been de-
cover the remaining costs attributed to the posited, spent, and so you know your ac-
loss is called: count
A. deductible A. Withdraw
B. premium B. Inflation
C. policy C. Budget
D. none of above D. Balance
26. C 27. C 28. C 29. A 30. B 31. A 32. D 33. C 34. D 35. D
35. All of the following are tips for creating a

resume except for
A. Keep the design simple
B. Use keywords
C. Use power words
D. keep resume to two pages
A. From their clients’ credit card ac-
NARAYAN CHANGDER
36. CARD THAT SENDS A STATEMENT AFTER
EACH BILLING CYCLE counts
A. CREDIT CARD B. From their clients’ savings accounts

B. DEBIT CARD C. From the Federal government
C. EBT CARD
D. From their own money vaults
D. GIFT CARD
37. Co-signer 41. One reason the decision in Dred Scott v.

A. amount that insured must pay before Sanford (1857) was so controversial is
insurance that it
B. a person who agrees to share respon- A. strengthened the idea of popular

sibility for the account with the primary soverignty
cardholder
B. gave enslaved persons full citizenship
C. used for depositing money at a bank
or other financial institution, with low in- C. ruled that congress has no power to
terest rates limit slavery in the territories
D. government pays the interest on the
D. Supported Harriet Beecher Stowe’s
loan while you’re in college
point of view in Uncle Tom’s Cabin
38. Tuition and fees, housing, and dining are
all considered direct costs of attending col- 42. A budget is used to
lege
A. True A. To help people improve their education
and skills
B. False
B. To help people determine how to train
39. What type of bank account is most linked for their jobs
to spending?
A. Savings Account C. To help people live healthier lives and
exercise more
B. Fixed Deposit Account
C. Checking Account D. To help people plan their spending and
saving decisions
D. Recurring Deposit Account
40. Where do banks get the money to lend out 43. money people pay to support the govern-
to consumers? ment
36. A 37. B 38. A 39. C 40. B 41. C 42. D 43. A

C. Assess crefitworthiness
D. Determine investment potential

48. What does the word spend mean?
A. save
B. keep
C. pay
D. none of above
A. taxes
49. Where do financial institutions obtain
B. paychecks funding from loans?
C. savings
A. Deposits from customers
D. none of above
B. The Government
44. When you pay your local taxes, you pay C. FDIC
for
D. The Federal Reserve
A. Parks
B. Education 50. This term refers to the original amount of
C. Fire Departments a loan OR the original amount of money
invested.
D. All the above
A. Principal
45. Wilmer just received a small inheritance of
B. Interest
$3500 and would like to put the money
in a savings account that will pay 2.75% C. Rebate
interest compounded monthly. How much
D. Fixed Rate
will Wilmer’s account be worth at the end
of 8 years? 51. What is NOT a reason that people usually
A. $4360.17 save money?
B. $4865.63 A. to buy basic necessities
C. $30812.90 B. to buy special items in the future
D. $4270.00 C. to make a down payment on an expen-
46. A person who buys things is a sive payment like a house
A. Consumer D. to have an emergency fund

B. producer 52. Itemized deductions are recorded on the?
C. need document
D. none of above A. Schedule A
47. What is the purpose of a credit score? B. Schedule B
A. Measure of income C. Form 1040AB
B. Indicator of spending habits D. Form 1040EZ
44. D 45. A 46. A 47. C 48. C 49. A 50. A 51. A 52. A

53. occurs when the total amount of money A. index

spent, saved, and shared equals total in- B. portfolio
come
C. stock market
D. industry
57. If the demand of a product drops, you

would expect the price of the product to
NARAYAN CHANGDER
A. balanced budget
B. low budget
54. What is the money you earn or money you
receive?
A. Expenses
B. Income
C. Balance
D. Deficit
A. rise
55. What is setting aside of income for future
use? B. stay the same
C. go up
D. decrease
58. an individual, business or government that

has received and used something belong-
ing to somebody else, with the intention
of returning or repaying it
A. expenditure
A. borrower
B. income
B. employer
C. saving
C. lender
D. investing
D. investing
56. The total holdings of stock by a financial
institution or a private investor. 59. installment credit would result in pay-
ments that
A. are monthly and have an end date
B. require you to put up collateral
C. require a down-payment
D. are monthly and have no end date
53. A 54. B 55. C 56. B 57. D 58. A 59. A 60. A

60. Xbox 64. A plan for how to use your income is called
A. a “want” a

A. income
B. a “need”
B. expenditure
61. Which of the following actions will not
C. budget
make an individual vulnerable to identity
theft? D. debt
A. Using a computer without updated spy- 65. To have a at the end of the month, I
ware have to make sure I don’t spend more than
B. Responding to an email from your de- I earn and have some money to save at the
pository institution end of the month.
C. Paying cash for a movie ticket A. Income
D. Throwing mail in the garbage B. Expense
C. Balanced Budget
62. A card that uses money directly from your
bank account is a D. Savings
66. Your capacity to borrow, or the maximum

amount of money you can borrow.
A. Credit Card
B. Credit
C. Line of Credit
D. Revolving Credit
A. Debit Card 67. Occurs when money is withdrawn from
B. Credit Card a bank account and the available balance
goes below zero.
C. Prepaid Card
A. overpayment
D. Pokemon Card
B. overdraft
63. Credit Card C. underpayment
A. a small plastic card issued by a bank, D. underdraft
business, etc., allowing the holder to pur-
chase goods or services on credit: 68. A spending or savings plan.
B. the maximum amount of credit offered A. budget
to a customer B. payroll taxes
C. a score or grade that a company or C. balanced budget
organization gives to a possible borrower
and that indicates how likely the borrower D. expense
is to repay a loan 69. A small plastic card issued by a bank.
D. the amount of money present in a fi- Money for the purchase is immediately
nancial repository, such as a savings or transferred from your account to the
checking account, at any given moment. seller.
61. C 62. A 63. A 64. C 65. C 66. B 67. B 68. A 69. B

A. Credit Card D. Discounts on purchases made with a

B. Debit Card credit card
C. Gift Card 75. The process of putting money into an ac-
D. Investing count
A. ATM
70. An investment program funded by share-
holders that trades in diversified. B. deposit
A. Mutual Funds C. withdrawal
NARAYAN CHANGDER
B. Share program D. overdraft
C. Dividends 76. Barbara bought 100 shares of Target
D. None of the answers when the price was $55 per share. How
would she figure up how much this will
71. Credit is a means of buying something now cost her?
and paying for it later (usually with inter-
A. 100 x 55
est).
B. 100/55
A. True
B. False C. 100 + 55
D. 100-55
72. A range of income amounts that are taxed
at a particular rate 77. Tax Holiday
A. Tax Bracket A. Individual tax return reporting form
B. conditions filed by April 15th for previous calendar
year
C. You
B. Temporary reduction or elimination of
D. Me it acts as an incentive for customers to
73. Your housing expenses should roughly spend
equate to 30% of your income. If Zyana C. Movement of money by government
makes $10, 000 per month, she should
D. Tax on earned income that supports
spend no more than what amount on hous-
the Social Security and Medicare pro-
ing?
grams
A. $5, 000
78. What is the difference between needs and
B. $13, 000
wants?
C. $3, 000
A. needs=other things wants=survival
D. $1, 000
B. needs=survival wants=other things
74. Which accurately defines “interest rate”?
79. When the stock market is doing well, the
A. Level of attention that economists pay jargon term is
to economic activity at any one time
A. Bear Market
B. Money paid by banks and financial in-
stitutions to the US government B. Duck Market
C. Money paid by a borrower to a lender C. Buffalo Market

in exchange for the use of money D. Bull Market
70. A 71. A 72. A 73. C 74. C 75. B 76. A 77. B 78. B 79. D
80. This is the difference between your assets C. Become an authorized user on an
and your liabilities. adult’s card

A. Liabilities D. Make only the minimum payment each
month
B. Personal Goals
C. Variances 85. Net loss
D. Net Worth A. An individual’s income earned as
salary or wages before taxes and other
81. Something a person intends to acquire, deductions
achieve, or accomplish that will take B. When income is greater than expenses
longer than one year to attain
C. When expenses are greater than in-
A. Short-Term goal come
B. Financial Planning D. The portion of current income not
C. Long-Term Goal spent on consumption
D. Trade-Off 86. extra money that can be spend or saved
A. trends
82. money that is set aside for later use
B. surplus
A. savings
C. collateral
B. budget
D. none of above
C. personal money management
87. What is it called when businesses pay for
D. income
labor or other resources?
83. What is saving? A. Credit
A. Amont of money used for purchasing B. Benefits
items C. Wages
B. Setting aside money for future use D. Pension
C. Amount of money a worker earns
88. protection against financial loss
D. Amount of money spent in a day
A. mortgage
84. How can you build a positive credit history B. gross pay
as a college student? C. deduction
D. insurance
89. When you are deciding what to buy, you
should not
A. assume that buying the cheapest item
is the smartest choice.
A. Get a credit card but don’t use it to B. compare the unit price of similar
avoid more debt items.
B. Spend up to your credit limit each C. read reviews from unbiased sources.
month D. wait for sales to get the best price.
80. D 81. C 82. A 83. B 84. C 85. C 86. B 87. C 88. D 89. A 90. B
90. profit earned by an investor is called 95. Which of the following are examples of
A. dividend types of savings vehicles?
B. return A. Certificate of Deposit (CD)

C. collateral B. Money Market Account
D. warranty C. Savings Account
91. Which of these are possible ‘deductions’ D. All of the above
NARAYAN CHANGDER
from your gross salary?
96. The Form W-4 is used to withhold what
A. Student loans type of tax?
B. Income Tax A. Federal
C. Bank loan repayments
B. State
D. National Insurance
C. Personal
92. is what you owe D. None of the above
A. Liability
B. Asset 97. an amount of money that is loaned to
someone and that can earn interest
C. Net Worth
A. principle
D. Bond
B. loan
93. Lora is a high school computer and tech-
C. gross pay
nology teacher. She enrolls in a computer
class at least twice per year to stay cur- D. premium
rent on recent technology changes and up-
dates. By continuing her education, Lora is 98. Investing in a wide variety of stocks and
investing in her: bonds is part of
A. capital goods A. Diversification
B. human capital B. ROI
C. family C. Short Selling
D. interest inventory D. Amortization
94. Which shows the correct order of invest-
99. What is personal finance?
ments going from MOST risky to LEAST
risky? A. The price paid to borrow money at a
A. savings accounts, bonds, mutual specified rate
funds, stocks B. Managing money through budgeting,
B. stocks, savings accounts, mutual spending, and savings
funds, bonds C. Mandatory payment or charge col-
C. savings accounts, mutual funds, lected by local, state, or federal govern-
stocks, bonds ment
D. stocks, mutual funds, bonds, savings D. A prediction of credit behavior based
accounts on likelihood to pay loans
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100. PEOPLE WHO ARE PAID BY THE HOUR D. none of above

EARN
105. FV = PV (1 + i)n

A. Salaries
A. 5
B. Credit
B. 10
C. Wages
C. 20
D. none of above D. 1.25
101. A comprehensive financial services pack- 106. What is a Budget?
age offered by a brokerage firm and, re-
cently some investment banking institu- A. Money you earn
tions include services such as checking ac- B. Money you spend on everything
count, credit card, debit card.etc C. A record of all the money you earn and
A. Money market Mutual Funds (MMMFs) spend; where your money goes
B. Asset Management Account D. Borrowing money to pay for something
now while promising to repay it later
102. When you barter you are exchanging
money for goods. 107. What is a credit score?
A. True A. a three-digit score that tells lenders
how much money you make each year.
B. False
B. A five-digit numerical rating that re-
103. List four risks of investing in the stock flects how likely you are to repay your
market debt.
A. risk of decline in value of investment, C. A three-digit numerical rating that re-
risk of lost of purchasing power, risk of flects how likely you are to repay your
failure or default, risk of illiquidity debt.
B. it’s a legal requirement, coverage of D. A credit score is a five-digit numerical
unexpected expenses, some life insur- rating that reflects how likely you are to
ance plans build equity to borrow against, fail at paying your debts
possible tax credit to cover insurance pre-
108. If you have assets of $305, 000 and li-
mium
abilities of $245, 000, what is your net
C. set goals, study income and expendi- worth?
tures compared to goals, investigate in- A. $305, 000
vestment opportunities, create a plan to
achieve those goals B. $60, 000
D. huge drop in credit score, lack of fu- C. $55, 000
ture credit options, could loan personal D. $550, 000
property
109. A trapezoid
104. Money must remain in this tool for a spe- A. a quadrilateral with 3 sides
cific period of time or pay a penalty fee.
B. a polygon with 4 sides and 4 angles
A. Certificate Of Deposit C. figure with 3 vertices
B. Money Market Account D. A quadrilateral with one pair of paral-
C. Savings Account lel sides

110. Which of the following is an advantage B. expenses

of a debit card? C. budget
A. You can accidentally wash it in the D. interest
washing machine.
B. You can buy expensive items. 115. Which of the following is the most re-
sponsible thing for you to do?
C. You can purchase items online.
A. spend money on going out
D. You can use it at restaurants.
NARAYAN CHANGDER
B. purchase the most expensive car you
111. What is a budget? can
A. a group that helps the community C. put money in savings every month
B. a safe place where people keep money D. always purchase the average priced
C. a center where you can donate things item
D. a plan for spending and saving money 116. Commodity
112. What is the main benefit of debit card ac- A. the benefit you get from receiving an
cess the money in your checking account? amount of money now versus an identical
amount of money at a future date.
A. Financial assistance to help pay for col-
lege expenses B. investment where you purchase some-
thing you believe people will want to buy
B. Scholarships are merit based grants from you later
are need based
C. the interest rate is paid only on the
C. Federal government loans principal amount
D. you don’t have to carry around cash D. a risk management plan of protection
113. A company that sells stock on the stock against financial loss
market. 117. What is the difference between investing
and trading?
A. Investing is about long-term, trading is
about short-term
B. investing is about short-term, trading
is about long-term
C. Investing deals with stocks, trading
A. private company deals with commodities
B. market capitalization D. Investing deals with companies, trad-

ing deals with buying/selling
C. public company
D. stock market 118. What is a savings?
A. Money set aside for later use
114. What do you call a plan to manage your
money by monitoring your income and B. Money you use to buy gas
tracking your expenses. C. Money used to purchase a bike
A. savings D. Money in your pocket

119. What is a mortgage? 125. Who can use credit? (Click all that apply)
A. A credit card loan. A. Individual adults

B. A home loan B. Businesses
C. when the owner of an item takes the C. Governments
item back because of the lack of repay- D. Pets
ment E. Children
D. none of above
126. What role does insurance play in financial
120. DIRT BIKE planning?
A. asset
B. liability
121. Using a debit card is like borrowing

money. True or False
A. True
B. False A. It guarantees that income and assets
are protected
122. Why would someone wait for a sale
when purchasing something? B. It helps build and maintain one’s credit
score
A. to earn more interest in the bank
C. It helps cover day-to-day expenses
B. to get the item for a cheaper price
D. It grows in value and appreciates over
C. to wait for the supply to increase time
D. to invest the money in somethng else 127. A balanced budget is when expenses are
greater than income.
123. What is Vietnam’s average income per
capita at purchasing power parity in A. True
2021? B. False
A. 3.700 USD
128. Mike is building a deck for a friend. He
B. 5.000-7.000USD purchases $600 of materials and charges
C. 8.000-10.000 USD his friend $1500 for the deck. Mike’s
profit is
D. 11.000-12.000 USD
A. $600
124. If you have $3, 000 of expenses each B. $1500
month, you should have at least $ in C. $900
emergency savings
D. $2100
A. 9000
129. FICA, the tax taken from our paychecks
B. 15000
for Social Security and Medicare in the US
C. 12000 is categorized as a
D. 18000 A. progressive tax

B. regressive tax
C. proportional tax
D. none of the above
130. Money paid regularly for working (every

month, or week)
A. Salary
NARAYAN CHANGDER
B. Bonus
A. income tax
C. Dividend
B. sales tax
D. Interest C. property tax
131. Because mutual funds spread your invest- D. payroll tax

ment around in multiple stocks, bonds, and
all assets they are a great example of this 135. Which of the following is NOT a typical
term type of credit?
A. diversification
B. overdraft
C. debt
D. beneficiary
132. Which payment option takes money out

of your bank immediately? A. Mortgage
A. Cash B. Overdraft
C. Credit Card
B. Check
D. Pre-Paid Debit Card
C. Credit Card
D. Debit Card 136. Interest is a fee paid for using your own
money.
133. Things that you have to pay for that you A. True
don’t plan for.
B. False
A. Fixed Expenses
137. money you earn at work before taxes are
B. Variable Expenses taken out
C. Unexpected Expenses A. gross pay
D. Liabilities B. principal
C. net pay/ take-home
134. is paid when you own property, such as
a home D. interest rate

138. When talking about credit cards, your C. insurance

“line of credit” is:
D. claim

A. The number of cards you have open at
a given time 143. The money you earn by having a job is
B. The amount of money your bank/credit called
union is willing to lend you over a set pe- A. savings
riod of time (such as a month)
B. starting point
C. The minimum payment required on a
credit card statement C. income
D. The number you call if your credit card D. none of above

is stolen
144. When you take money out of your ac-
139. What are Bonuses? count that is called a ?
A. Money from a musical show. A. A Deposit
B. An amount of money added on a sea- B. A Loan
sonable basis, especially for a good per-
formance. C. A withdrawal
C. Money paid to the IRS. D. none of above

D. Money given to you by your parents. 145. If JJ Watt’s assets are $99, 000, 000
140. Which of the following is an act of iden- and his liabilities are $33, 000, 000
tity theft? How much is his net worth?
A. Receiving permission to use a parents’ A. $66, 000, 000

credit card for school clothes B. $122, 000, 000
B. Wrongfully acquiring and using some- C. -$66, 000, 000
one’s personal identification
D. Answer Not Here
C. Taking the identity of another individ-
ual as inspiration for a costume 146. A good tip for using a credit card is to
D. Having the same name as another per- A. stay under 30% of the credit limit
son
B. use the card to buy everything.
141. What is the plan for saving and spending
C. pay the minimum payment
income
A. expenses D. none of above
B. credit 147. Saving resources that could be used for
C. budget immediate benefit for some greater bene-
fit at a later time is called
D. spending
A. productivity
142. The person who owns the insurance pol-
icy is the: B. investment
A. beneficiary C. capital good
B. policy holder D. diminishing returns

148. Sarah wants to buy a new pair of shoes, 154. Which is not a direct tax?
so every week she sets aside a third of her
A. Personal income tax
income. Which term is described below?
B. Corporate income tax
A. debit
B. loan C. Inheritance tax
C. savings D. VAT
D. transfer 155. A plan for how your money is used.
NARAYAN CHANGDER
149. Assets-Liabilities= A. personal finance
A. Secured loans B. investment
B. Pay off your debts C. insurance
C. Net worth D. budget
D. You feel good
156. Select the disadvantages of using a credit
150. Homes are appreciating assets. What card.
does this mean?
A. You may spend more than you can af-
A. it is likely to increase in value over time ford.
B. it is likely to decrease in value over B. You will have a bad credit history.
time
C. You cannot get cash back when making
C. it is likely to outpace the returns in the
a purchase.
stock market
D. You have to pay interest on unpaid bal-
D. It is likely worth nothing
ances.
151. a plan for how much income will be re- E. You must pay the whole balance at
ceived and how it will be spent once.
A. budget
157. If I want to spend money I already have,
B. grocery list
I should use my:
C. shopping list
A. credit card
D. none of above
B. Debit card
152. Which of these terms could be used to de-
scribe debt in the form of a mortgage or car 158. Which of the following concepts about In-
loan? (Choose all that apply.) vestment is correct?
A. secured A. Is putting money into a business to cre-
B. unsecured ate added value in the future.
C. revolving B. Saving part of your current income for
use in the future.
D. installment
C. Is the amount of money that must be
153. money taken out of your account paid for the use of a certain loan.
A. debit D. It is a money management spending
B. deposit plan over a set period of time.

159. Sophie is the major income earner for 163. Someone who buys and uses goods and
her family and concerned that her fam- services.
ily would struggle financially without her.

A. producer
What should Sophie do to help her family
if she is not around anymore? B. consumer
C. to undertake
A. invest in liability insurance
D. business
B. invest in promising stocks
C. invest in life and disability insurance 164. What type of deposit is suitable for use
as working capital for a business?
D. invest in health and life insurance
A. Savings
160. Billy decides to have a bake sale. He first B. regular
decides to sell each cookie for $1.00. Then
C. daily current
he drops the price to.50. What most likely
will happen? D. in case you call
A. More people will buy cookies from 165. An agreement between a borrower and a
Billy. lender, where the borrower agrees to re-
pay money with interest over time.
B. Billy will sell fewer cookies.
C. Billy will not make any money.
D. Billy will lose all of his customers.
161. Gross
A. An individual or company’s income be-
fore taxes and deductions.
B. the amount an individual or business
A. Loan
makes after deducting costs, allowances
and taxes. B. Interest
C. a state of being under obligation to pay C. Income

or repay someone or something in return D. Deposit
for something received:a state of owing
166. What is #5 for?
D. a machine that dispenses cash or per-
forms other banking services when an ac-
count holder inserts a bank card
162. If payroll taxes and insurance were not

deducted from your gross income, how
would your net income change? A. payee-who the check is written to
A. It would decrease B. memo-why the check was written
B. It would increase C. date the check was written
C. It would stay the same D. numeric amount box
D. none of above E. written amount of the check

167. This type of interest “creates a mathe- A. Cash & credit cards
matical explosion, “ and it can make you B. Checks & debit cards
wealthy over time, or keep you in debt for
a long time. C. Debit card & credit cards
D. Credit cards & checks
172. Pools the savings of many individuals

and invests the money in a variety of
stocks, bonds and other financial assets
NARAYAN CHANGDER
they are not insured, & have fees
A. Savings Account
B. Mutual Fund
A. compound C. CD’s
B. sinking D. Money Market Account
C. annual 173. You made the softball team. YEAH!!! Dad
D. none of above takes you to buy a uniform. He pays for
the purchase with a card, enters his PIN
168. is money that is borrowed. and gets $20 in cash back from his check-
A. balance ing account. What card did he use?
B. debit
C. credit
D. interest
169. Which of the following are some common

deductions taken out of a paycheck?
A. food and meals fee
A. credit card
B. Social Security
B. debit card
C. Medicare
D. taxes 174. When it comes to personal savings, what
does the acronym PYF stand for?
E. retirement
A. Prepare Your Future
170. Insurance that protects your family B. Pay Your Friends
against financial loss due to your death is
C. Pay Yourself First
A. coinsurance
D. Prepay Your Finances
B. disability insurance
C. life insurance 175. What do you use to buy the things that
you want?
D. comprehensive insurance
A. services
171. Which forms of payment is linked to a B. trading cards
bank account which limits the amount of
money you can spend tobalance in your ac- C. goods
count? D. money

176. Which of the following are services pro- 180. What type of expense is rent?
vided by financial planners A. Fixed

B. Variable
C. Intermittent
D. Discretionary
181. are taxes added to the price of goods

and services at the time of a purchase.
A. purchasing stocks and bonds A. Payroll Taxes
B. tax planning B. Sales Taxes
C. retirement planning C. Property Taxes
D. budgeting D. Income Taxes
177. What are three benefits of charitable giv- 182. paying for something with money that is
ing? borrowed and must be paid back, usually
A. helping society, you feel good, tax de- with interest
ductions
B. potential accumulation of equity and
capital gains at time of sale, tax deduc-
tions for mortgage interest and property
taxes, ability to customize the property to
your own likes and needs
C. must follow lease requirements, no eq-
uity build up, subject to possible rent in- A. credit
creases B. income
D. no maintenance and upkeep costs,
C. salary
easier mobility, indirect payment of prop-
erty taxes D. none of above
178. You mow neighbor’s lawn 183. A person who buys goods and services
A. Income A. consumer
B. Expense B. entrepreneur
179. What is disposable income? C. resource
A. The total amount of money earned be- D. currency
fore taxes.
184. If you are working, you will have Na-
B. The amount of money a worker makes tional Insurance deducted from your pay.
per hour.
A. Sometimes true
C. The amount of money left over for
spending after tax deductions. B. Always true
D. The total amount of money a work is C. Never true

paid by their company per year. D. none of above

185. If you take a loan out through the bank, 189. Which is a want?
what pro does the bank have in lending A. toy
you a huge sum of money?
B. food
A. They like being risky.
C. clothing
B. They get interest money from you.
D. none of above
C. They have no pro.
190. The longer the money is saved, the better
D. They lose money.
NARAYAN CHANGDER
A. True
186. Hourly rate that you get paid is called B. False
A. Wage 191. How long do records keep in a credit re-
B. Income port?
C. Salary A. 1 year
B. Never
D. Register
C. 7 years
187. The ordered pairs below represent three D. 2 years
vertices of a trapezoid.(2, 1), (4, 4), (4,
6)Which ordered pair could represent the 192. The human behavior model called the hi-
location of the fourth vertex of this trape- erarchy of needs was developed by?
zoid? A. Maslow
B. Gates
C. Jobs
D. Zuckerberg
193. Select all that are good ways to budget

A. spending right away
B. making a list of needs and wants
C. comparing income and expense
A. (4, 5) D. never editing your budget
B. (9, 10)
194. What you wear for the interview should
C. (2, 9) be the same as what you would wear on
D. (4, 1) the job.
A. True
188. Letter of application is prepared on what
B. False
size paper?
A. 8 and a half by 11 inch paper 195. Match the definition to its term: is
a type of loan based on certain conditions
B. 9 and a half by 12 inch paper and a time frame.
C. as tall as Mr. Olsen A. Debit
D. none of above B. Interest

C. Calendar B. paying on time

D. Term C. outstanding credit

196. Annual pay regardless of hours worked D. new credit
A. interest 202. net pay is the same as
B. wage A. earned pay
C. salary B. hourly pay
D. saving C. overtime pay
197. One of the financial advantages to donat- D. take-home pay
ing to charitable causes is that the dona-
tion can be (a) 203. Budget deficit
A. a considered a tax deduction A. Tax on earned income that supports
the Social Security and Medicare pro-
B. taken directly from a pay check
grams
C. viewed as a capital gain
B. Strategy by government to influence in-
D. used to fund investments dividuals and businesses to spend money
198. A debit card is a form of credit. C. Expense items used to reduce individ-
ual or business taxes owed
A. True
D. When the government spends more
B. False
than it collects in taxes
199. Bob sends regular monthly payments
from his checking account to several sav- 204. Checks issued by large financial institu-
ings accounts. Each savings account is for tions, such as Citibank, Visa and American
something different. Bob is his sav- Express, that are sold through local bank-
ings. ing institutions and they don’t specify a
specific payee and they come in specific de-
A. automating nomination.
B. disintegrating A. Cashier’s check
C. destroying B. Certified Check
D. withdrawing C. Money order
200. In order to receive a pay check what are D. Traveler’s checks
2 required forms
205. Claire loaded her truck with vegetables
A. W-4 & w-2
from her garden to sell at a local mar-
B. W-2 & I-9 ket. Which of the following BEST describes
C. W-4 & I-9 Claire’s truck?
D. none of above A. land resource
B. capital resource
201. What has the biggest impact on one’s
credit score? C. natural resource
A. types of credit D. human resource

206. Because mutual funds spread your invest- 212. Tax returns must be filed by of the
ment around in multiple stocks and bonds, following year.
they are a great example of this term A. January 1st
A. diversification B. April 15th
B. overdraft C. January 31st
C. debt D. December 31st
D. beneficiary
213. Mutual Funds
NARAYAN CHANGDER
207. The government collects from people A. used for depositing money at a bank
and businesses. or other financial institution, with low in-
A. income terest rates
B. fees B. investment where you purchase some-
C. taxes from you later
D. resources C. purchasing a share of ownership in a
208. Financial experts argue that you should company; profits come from selling that
do the following with credit cards. share at a higher price
A. pay the balance off every month D. investors pool their money for a fund
manager to invest in a collection of stocks
B. reach your credit limit every month.
214. This account allows you to withdraw
C. pay the minimum payment every
money, pay a bill, or make purchases eas-
month
ily.
D. let your friends borrow your card
A. Checking Account
209. A is a log where you keep track of all B. Savings Account
your checking transactions.
C. Market Money Account
A. statement D. CD Account
B. register
215. No membership required
210. An example of a want is A. Bank
A. Milk B. Credit Unions
B. Gas C. Both
C. AFL Tickets D. none of above
D. Electricity
216. Employers do not have the right to moni-
211. Stock brokers can a portion of the profit tor employees’ email.
they make, this is called A. T
A. Commutation B. F
B. Interest 217. The economy slows and affects people in
C. Commission negative ways during a
D. S&P 500 A. Peak

B. Recession 222. What is this?

C. Boom

D. Recovery
218. This type of insurance provides payment

for liability and property insurance on a ve-
hicle.
A. automobile
A. Credit Score
B. homeowners
B. Credit History
C. renters
C. Credit Card
D. health
D. A paper
219. Net 223. In your portfolio, will fuel the growth
A. the amount an individual or business of your portfolio, but can be very volatile.
makes after deducting costs, allowances A. Stocks
and taxes.
B. Bonds
B. a state of being under obligation to pay
C. REITS
or repay someone or something in return
for something received:a state of owing D. Cash
C. a machine that dispenses cash or per- 224. Which of the following information will
forms other banking services when an ac- you need to fill out a FASFA?
A. Social Security Number
D. a card by which money may be with-
B. Copy of your Birth Certificate
drawn or the cost of purchases paid di-
rectly from the holder’s bank account with- C. Federal Income Tax Returns
out the payment of interest D. A Teacher Recommendation Letter
220. Checks can be on anything as long as it 225. A deposit slip is always signed.
contains the 6 parts of negotiability. A. True
A. True B. False
B. False
226. Clara earns £49, 000 per year. How
221. Emerson has accepted a job as a plumber. much national insurance does she pay?
His starting hourly wage is $23.00 an A. £4, 740
hour. If he works forty hours in a typical B. £980
week and gets paid biweekly, what would
his expected gross pay be? C. £4, 880
D. none of above
A. $920
B. $1840 227. Which one of the following is an asset
that the borrower owns and uses as a
C. $23 guarantee until the loan is repaid to the
D. $460 lender?

A. Property B. A document from your bank showing

B. Money your wages being paid into your account
C. Collateral C. A document from your employer detail-

ing pay earned and deductions taken over
D. Deposits a period of time
228. IRA stands for D. Your own summary of your wages
A. Intuitive Research Association
233. A plastic card used to make purchases
NARAYAN CHANGDER
B. Initial Return on Allotment now and pay for them later
C. Individual Retirement Account A. debit card
D. Individual Retirement Allotment B. insurance
229. Gary worked 47.75 hours this week. He C. installment plan
gets paid $13.25 per hour for the first 40 D. credit card
hours and then gets overtime for the rest
of the time. How much money did he make 234. Which type of tax structure has the same
this week? percentage for everyone?
A. $735.38 A. Progressive, Income Tax
B. $632.69 B. Regressive
C. $684.03
C. Proportional
D. $705.35
D. none of above
230. You order your favorite foot long sand-
wich with chips and a drink using your 235. The Federal Deposit Insurance Corpora-
debit card. The total comes to $5.68. tion (FDIC) and the Securities and Ex-
Your online statement shows a charge of change Commission (SEC) were part of
$40.68. the extra amount is likely an President Franklin D. Roosevelt’s efforts
overdraft fee. to
A. true A. reduce the power of business monopo-

lies during the Great Depression
B. false
B. give organized labor a stronger voice
231. A full time job is generally hours per in politics
week.
C. reform economic problems that con-
A. 35 tributed to the Great Depression
B. 37 D. bring electricity to rural areas
C. 40
236. Because credit card interest rates are
D. 42 usually quite high, you should pay off
your credit card balances before you invest
232. A payslip is
funds anywhere else.
A. A document from your bank showing
A. True
money in and payments taken from your
bank account over a period of time B. False

237. Arturo gets his tax returns back from 242. According to the lesson, if a financial plan-
his accountant and discovers that he owes ner is helping you plan for the future, what
fewer property taxes this year than the is the one thing that he must take into ac-

previous year. As a result, he gets a re- count at that time?
fund of $3, 000. What impact will this A. Your current career and salary
have on him?
B. The risks involved
A. He will be more likely to spend money
on consumer goods and services. C. Your time
B. He will be less likely to spend money D. Your opportunity costs
on consumer goods and services.
243. high risk can yield high
C. He will not have to depend as heavily
A. profit
on subsidies as he did the previous year.
B. regulation
D. He will pay fewer tariffs.
C. consumers
238. HAVING ENOUGH MONEY TO COVER
D. none of above
ALL YOUR EXPENSES MEANS YOU HAVE
244. Kayla had a balance of $106.15 in her
A. A balanced budget checking account. She deposited $75.00.
B. An uneven budget What is her new balance?
C. Debt A. 41.15
D. none of above B. 171.15

C. 31.15
239. Creating and implementing a plan for
spending and saving is known as D. 181.15
A. Budgeting 245. Only making the minimum payment on a
B. Balancing credit card every month will:
C. Credit A. lower the amount total paid for the pur-
chase
D. Savings
B. make you independently wealthy
240. Your parents paid you $10 to clean out
C. take longer to pay off which will result
the garage. Is this an example of an in-
in paying more interest, more money!
come or expense?
D. pay off the credit card faster
A. income
B. expense 246. It would be best to have a high credit
score
241. Why are jingles so effective?
A. True
A. Because we hear them over and over
B. False
B. Because they are for dumb advertise-
ments 247. Economics is based on
C. Because they are catchy and get stuck A. How we produce and consume prod-
in our heads ucts
D. Because we like the tune and words B. How much money we spend

C. The jobs available 253. When you put money into your account,
that is called a
D. The stock market
A. deposit
248. What is an opportunity cost? B. withdrawal
A. giving up something, to do what you C. purchase
need the most
D. none of above
B. money earned
NARAYAN CHANGDER
C. resources needed in order to survive 254. Which part of the SMART goal is miss-
ing? “I plan to save $2500 by automat-
D. none of above ically depositing $105 from my paycheck
into a savings account each month for 2
249. Of the four parts of auto insurance cov- years.”
erage, which part protects only the other
person involved in an accident? A. Realistic
B. Measurable
A. Liability
C. Time bound
B. Comprehensive
D. Specific
C. Collision
D. Medical Payments/Bodily Injury 255. Which of the following is the most finan-
cially responsible decision?
250. Which would be an example of a financial A. Macy earned $40 washing cars. She
emergency? donates it all to save the turtles.
A. Movie Tickets B. Jana earns $10 for doing chores. She
B. New outfit gets one toy at the dollar store and saves
the other $9.
C. Vacation
C. Jackson receives $20 for his birthday.
D. flat tire He spends $30 at target.
251. Anything of value that is owned by an D. Brendyn earns $50 selling his video
individual. games. He spends $50 on new video
games.
A. liability
B. asset
A. a budget
C. credit
B. income and expenses
D. debit
C. savings account
252. Why is credit so dangerous? D. all of the above
A. Convenient
257. Your income level greatly affects your
B. Overspending saving habits.
C. standard of living A. True
D. Horses B. False

258. a portion of company earnings paid to Assetex. Amazon, Nike, Pfizer, Facebook,
shareholders etc.

A. dividend C. The largest stock market in the world
B. income and also the first in number of affiliated
companies.
C. taxes
D. Current price at which a security
D. benefits
(stock, bond, mutual fund) can be bought
259. True or False:Title search is a legal search or sold.
of town records to be certain that the
owner can legally sell his/her house. 264. What is the starting balance on this check
register?
A. True
B. False
260. Comparing and calculating your own fi-
nancial records with those of the banks to
check for errors is known as (a)
A. a reconciling a bank statement
A. 4720.33
B. open ended banking
B. 4500.00
C. safety of deposit
D. garnishing wages C. 4500.75
D. 4320.00
261. a financial account into which people de-
posit and withdraw money by writing 265. when you borrow money to buy some-
checks or using debit or ATM cards thing
A. stocks A. insurance
B. retirement
B. creditors
C. credit card
C. premium
D. checking account
D. credit
262. A company that sells goods or services.
266. What are two types of bank accounts?
A. Business
B. Citizen
C. Profit
D. Consumer
263. New York Stock Exchange:
A. Financial tool established by money
collected from several investors that can A. credit and savings
be used as means for investment in secu-
B. credit and debit
rities.
C. checking and savings
B. Security that represents the owner-
ship of a “part” of a corporation. Financial D. checking and debit

267. Matt borrowed $400 from the bank to C. The money that is invested in a com-
buy a new television. When the bill came, pany in hopes of making profit.
Matt did not have $400 in his bank ac- D. The money that is in a safe in your
count, so Matt only paid the minimum pay- house
ment. When the second bill came Matt
had his remaining balance plus a 7% fee. 272. You are making $780 per week. How
What is the 7% that Matt had to pay? much will you earn in a year?
A. debit A. $45, 060
NARAYAN CHANGDER
B. savings B. $20, 280
C. interest C. $40, 560
D. loan D. none of above
268. If you DO NOT pay your credit card bill 273. The number that reflects your ability
on time, what will happen? to get a loan and interest rates is your
A. nothing will happen SSEPF4a
B. card will be cancelled A. credit score
C. jail time B. credit karma
D. late fee C. bank rank
D. LTF (Loan Trust Factor)
269. The amount of income that is used to cal-
culate an individual’s or a company’s in- 274. The current value of a future amount
come tax due based on on a certain interest rate and
A. w 2 time period
B. Taxable Income A. Time Value of Money
C. w 4 B. Future Value of Money
D. Invest C. Current Value of Money
D. Present Value of Money
270. A first step to beginning a savings pro-
gram would most likely be to 275. What items does the budget include?
A. Obtain credit A. Income (Thu), Spend (Chi)
B. Open a checking account B. Fixed costs, Variable costs
C. Set financial goals C. Saving/investment, Charity
D. Sign up for direct deposit D. All of the above ideas are correct.
271. What is interest? 276. A(n) is anything you own that has
A. The money paid to the bank regularly value
by the individual who is saving money in A. Liability
the bank.
B. Asset
B. The money that is paid regularly by the
bank to the account holder for money be- C. Net Worth
ing saved. D. Stock

277. Which of the following would be the riski- 282. Cost of borrowing money on an annual
est investment? basis

A. Stock in new tech company BAMZOO, A. annual fee
who created an APP that lets you send a
B. income
BAMZOO to your bff
C. deductible
B. Stock in General Motors corporation
D. insurance
C. Mr. Pips Mutual Fund 3000
D. Certificate of Deposit 283. Label each item as an asset or liability
car loan
278. A detailed report of an individual’s credit
A. asset
history.
B. liability
A. Cash flow statement
B. Credit report 284. Using the Rule of 72, if you had $5, 000
at 9% interest, how long would it take
C. Credit card
you to double your money?
D. Bank Statement
A. 6 years
279. Which of the following is a goal of en- B. 8 years
trepreneurs?
C. 12 years
A. To make a profit
D. 15 years
B. To pay a lot of taxes
C. To create bank services 285. Which of the following is not one of the
three basic reasons for saving money?
D. To take goods from households
A. large purchases
280. Money paid regularly at a particular rate B. have money available to lend to friends
for the use of money lent, or for delaying
the repayment of a debt C. emergency fund
A. Interest D. build wealth
B. Loan 286. Based on the table, how long would it

C. Mortgage take you to pay off you $1, 000 credit card
balance if you make the minimum required
D. Credit payment each month?
281. The portion of an employee’s wages that
is not included in their paycheck because
it goes directly to federal, state and local
taxes
A. Taxes A. 7 years, 8 months
B. Withholding B. 3 years, 3 months
C. Income C. 2 years, 1 month
D. Bonus D. 1 year, 6 months

287. when investors pool their money to- B. Savings account

gether to buy many stocks and bonds. This
C. 401K account
reduces risk.
D. Checking account
A. Mutual Fund
B. Stock 293. Lillie just got a part time job babysitting
C. CD and she made a budget so she can spend
her money wisely. If she goes to Barnes
D. Bond and Noble and wants to buy a book, what
NARAYAN CHANGDER
288. Expenses that are at a set price each method of payment should she use?
month. A. Credit Card
A. Types of money B. Debit Card
B. Fixed expenses
294. Which of the options does the person
C. flexible expenses make the wisest spending decision?
D. income
A. Must have recently completed a bache-
289. FICA tax is a mandatory tax withheld lor’s degree Worked with a monthly salary
from your gross income. of 15, 000 baht. Decided to buy a car with
monthly payments of 5, 000 baht because
A. True
the house is far from work.
B. False
B. Chan decided to use the bonus money
290. Scannable resume contains? received at the end of the year to pay
A. random words that might be important off the house debt which was paid in in-
to the applicant stallments at an interest rate of 3% per
year, while maintaining the same install-
B. English ment payments on the car loan (interest
C. key words from the applicant’s career rate 4% per year).
field C. Age 54 years, monthly salary 30, 000
D. none of above baht, will retire in 1 year. So he decided to
buy a house in order to live comfortably af-
291. hold customers’ money in accounts ter retirement. By paying monthly install-
for safekeeping and lend money. ments of 15, 000 baht.
A. banks
D. Kong decided to buy a car because
B. business he would use it to drive home from the
C. schools provinces during New Year and Songkran.
D. none of above 295. A written order to a bank to pay the
292. Type of account where money is insured stated amount to the person or business
and cannot be removed from the bank until (Payee) named on it.
the end of a certain time period, and inter- A. check
est allows consumers to earn money from
B. canceled check
their savings when they maintain bank ac-
counts or purchase CDs (a) C. certified check
A. a Money market account D. cashier’s check

296. money owed 301. Which of the following are characteristics

A. Expenses of money used as savings, including emer-
gency funds?

B. Liquid
C. Commission
D. Debt
297. Which retirement account is run through

corporations?
A. Roth IRA
A. Safe
B. 401K
B. Accessible
C. Social Security
C. Liquid (in the form of money)
D. 403b
D. Invested in risky business ventures
298. Currently, Bernice and her husband share
a car, which makes it difficult for them to 302. Money that you put into a savings ac-
both get to work on time. They want to count will do what?
buy a second car. What should Tasha and A. be used by the bank
her husband do to determine if they can
B. earn interest
afford to buy a car?
C. be lost forever
A. They should take out a loan from the
bank in order to buy a new car. D. stay the same
B. They should stop paying their bills until 303. A is a good choice to deposit money
they have saved enough for a car. into to save for items. Low interest, low
C. They should create a personal budget risk, and insured.
to identify how they can spend less. A. Checking account
D. They should apply for a new credit card B. Piggy Bank
so that they can spend more each month.
C. Savings account
299. Which of the following is NOT an exam- D. Mattress
ple of a charity?
A. Market Basket 304. Cuby’s truck has sat in the front yard
for years. He originally paid $2000 for it.
B. Salvation Army Someone drives by and offers him $1000.
C. a local church This is an example of
D. animal shelter A. Capital gain
300. The study of resources such as money, B. Capital loss

materials, and labor C. Inflation
A. economics D. Interest
B. services 305. Financial institution licensed to receive
C. producers deposits and make loans. SSEPF2a
D. goods A. bank

B. credit union 310. Which of the following is not a way

C. savings house that insurance is designed to protect your
wealth?
D. credit house
A. Protecting the assets that you own
306. Direct deposit is not a service charge. B. Limiting your exposure to potential lia-
A. True bilities
B. False C. Protecting your income
NARAYAN CHANGDER
307. Bill is choosing between two different D. Protecting your investments from
savings accounts. One has simple interest downturns in the stock market
and the other has compound interest. If
311. Jimmy has recently received a promotion
Bill is planning on saving money for a long
to a managerial position, but he has sev-
period of time and he wants the most re-
eral loans. His financial adviser suggested
turn on his savings he should choose the
he should pay these loans before investing
account with
his money elsewhere. Which loan should
A. Compound interest because it will pay he pay first?
interest on the original deposit plus inter-
A. A moderate loan with a 1% interest
est earned over time
rate
B. Simple interest because that account
B. A small loan with a 9% interest rate
will pay interest on the total amount in the
account at all times C. A small loan with a 4% interest rate
C. Simple interest because it is easier to D. A small loan with a 5% interest rate
calculate
312. According to this image, how much money
D. Compound interest because it will pay would you have to invest each month to be
increasing amount of interest based on a millionaire when you retire if you began
the amount of the original deposit at age 30?
308. During the Savings assignment, how
much is recommended to have in an Emer-
gency Fund?
A. 3-6 Months of Expenses
B. 4-7 Months of Expenses
C. 12 Months of Expenses
D. Grandma’s Phone Number
A. $700
309. What can be found on a W-2? (Check all
B. $3421
that apply)
C. $360
A. Social Security Number
D. $990
B. Employer’s Name and Address
C. Your Name and Address 313. Money available for a client to borrow
D. Tax Year A. ATM
E. Wages B. credit

C. deductible 318. Why do members of a community have to

pay taxes? SSEPF3c
D. budget

A. To pay for services provided by the gov-
314. Which of these best defines what an as- ernment
set is?
B. So that people do not have to pay for
A. Money decisions made by and affect- their family’s groceries
ing an individual person. C. To pay for everything people want
B. What is hoped to be achieved in the fu- D. So that people can buy a new car
ture.
C. Factor that helps goals to be met. 319. hourly rate that you get paid
D. Factor that stands in the way of meet- A. wage

ing your goals. B. income
C. salary
315. During the early 1800s, advances in
democratic government included D. register
A. Eliminating property ownership as a 320. Which one of these best defines what an
voting requirement internship is?
B. ending the role of the electoral college A. The first job a person gets that pays
C. increasing education and religious re- more than minimum wage.
quirements for voting B. Position that allows someone to learn
D. giving states the right to secede from a profession.
the Union C. Paid position in the career of your
choice.
316. Of the following, which is the best strat-
D. Non paid position in the career of your
egy to eliminate credit card debt?
choice.
A. use several small loans to pay off all of
the other debts 321. When this tax increases, it harms low in-
come individuals.
B. make regular minimum payments on
each loan and credit card until the bal- A. Regressive
ances are paid B. Progressive
C. file Chapter 7 bankruptcy C. Proportional
D. pay off loans with the highest interest D. none of above
rate first
322. Tim loves skateboarding. He does not
317. What fee must borrowers pay when they have enough money to buy a new skate-
take out a loan? board. What would be the best decision
for Tim?
A. Overdraft
A. Use a credit card to buy the skate-
B. Late charge
board
C. Inert
B. Start a savings account to save for the
D. Insurance skateboard

C. Borrow money from his sister for the 328. It’s spring break y’all! Your friends want
skateboard to head to the lake, but your vacation fund
D. Give up! It’s too hard to save! is a little short. What should you do?
A. Take a little money from your other
323. Joey’s father is in a car accident and can- funds to pay for the trip. You can skip a
not work. What type of insurance replaces haircut next month if it means a week in
his father’s earnings? the sun.
A. Property and liability B. Use your credit card.
NARAYAN CHANGDER
B. Health C. Take the balance from your emergency
fund.
C. disability
D. Skip the trip and fill up the wading pool
D. unemployment
in your backyard. Who needs the lake?
324. Admission to a school or an offer for a 329. Necessary to get employment to pay bills
job may be denied to people whose credit
reports show bad credit history. A. federal deposit insurance corpora-
tions (FDIC)
A. True
B. credit card
B. False
C. budget
325. What is the most important thing needed D. applying for a job
to organize ones savings and spending?
330. How were the baseball hat and the skate-
A. A family board allocated?
B. A wife A. by price
C. Your parents B. by lottery
D. a budget C. by the government
326. What type of tax rate is personal income D. by first come, first serve
tax? 331. What is the stock market?
A. constant A. A type of farmers market where peo-
B. progress ple buy and sell food.
C. reverse B. A place where parts of businesses are
bought and sold.
D. floating
C. A special type of grocery store that
327. What is a large pool of money that sev- sells stocks.
eral people put together and that is usually D. A type of bank that gives out loans to
invested in stocks and bonds and managed new businesses.
by a financial expert.
332. If you make $1800 a month, how much
A. mutual fund
should you spend on “savings and paying
B. stock debt”?
C. bond A. $180
D. bitcoin B. $360

C. $540 C. Progressive
D. $900 D. Flat

333. Which vocabulary word is defined as 338. What is the safest way to pay for an item
putting aside money for later use? to avoid debt?
A. Saving A. Cash
B. Check
B. Spending
C. Credit
C. Earning
D. Debit
D. Borrowing
339. Which is a capital resource that a lawn-
334. How often should you review your care company would need?
monthly home budget?
A. employees
A. Daily B. customers
B. Every Two Years C. lawns
C. Monthly D. tools
D. none of above 340. Use the information to answer the ques-
335. Installment Loans tion.Patrick chose a red pencil instead of a
blue pencil. Which pencil is the opportunity
A. government pays the interest on the cost?
A. ) Both pencils.
B. payment to a lender to compensate
B. ) The red pencil.
them for the inconvenience of not having
their money now C. ) The blue pencil.
C. the interest rate paid on the principal D. none of above
amount, plus all previously accumulated 341. What is the form you have to fill out to
interest payments apply for college financial aid from the fed-
D. repaid at regularly scheduled intervals eral government?
A. Federal Student Loan Application
336. What are securities?
(FSLA)
A. Police officers B. Free Application for Federal Student
B. Security cameras Aid (FAFSA)
C. Feeling safe around someone C. The Common Application (TCA)
D. Financial asset that can be traded, D. Government College Aid Form (GCAF)
used to raise capital in public and pri- 342. A(n) is a document published by your
vate markets. It has three different bank that details all transactions for the
types:Equity, Debt, & Hybrids. month.
337. If everyone pays a 10% income tax. This A. Overdraft
type of tax system is known as B. Statement
A. Proportional C. Cleared Check
B. Regressive D. Check Register

343. Tom is making a list of his expenses that 347. Which one of the following would be a
he has each month (car payment, rent, monthly fixed expense for budgeting pur-
bills, etc.). He may be creating a(n) poses?
A. checking account A. magazine subscription
B. expense B. electricity bill
C. budget C. rent
D. profit D. gifts
NARAYAN CHANGDER
344. what is Vishing 348. Aliah and Jenna were neighbors. Aliah
made warm, colorful sweaters. Jenna
A. the fraudulent acquisition and use of
was one of the best house cleaners in
a person’s private identifying information,
town. One day Aliah needed to clean up
usually for financial gain.
her house for a party, but she didn’t have
B. the fraudulent practice of making time because she had 40 sweaters to knit.
phone calls or leaving voice messages pur- Jenna needed a sweater for the upcoming
porting to be from reputable companies in winter season. So Aliah decided to give
order to induce individuals to reveal per- Jenna a sweater, and Jenna came over to
sonal information, such as bank details clean Aliah’s house. What is this an exam-
and credit card numbers. ple of?
A. lottery
345. The chart shows an online price compari-
son for a particular digital camera. Which B. bartering
merchant offers the camera at the lowest C. trading
total price?
D. opportunity costs
349. What is a pension?

A. A retirement plan offered by compa-
nies to employees that work for them over
a long period of time
A. Merchant J
B. A fund that self employed individuals
B. Merchant K set up to save for retirement
C. Merchant L C. A penalty for withdrawing funds from
D. Merchant M a retirement account early
D. All of the above
346. What should an entrepreneur do if the de-
mand for the new product began to rise 350. Money spent on something with the goal
quickly? of making a profit.
A. The entrepreneur should raise his/her A. Discretionary expense
prices in order to get the most profit.
B. Variable expense
B. The entrepreneur should lower
C. investment
his/her prices in order to get the most
profit. D. budget

351. Which of the following are credit card re- 355. a fixed amount paid for work
payment strategies? (Select all that ap- A. fee
ply)?

B. stipend
A. Debt Snowball
C. salary
B. First-In-First-Out
D. wage
C. Last-In-First-Out
D. Balance Match 356. What is a credit cared?
E. Avalanche A. A card issued by a bank to purchase
goods from a line of credit they approve
352. Instead of borrowing money for large and you pay back each month
purchases, you should set money aside in B. A card used where the money comes
a over time and pay with cash. directly from your personal account
A. sinking fund
357. What is the name of the place where peo-
B. emergency fund ple buy and sell goods?
C. credit card fund A. factory
D. mortgage fund B. marketplace
353. Which of the following is not considered C. assembly line
to be good debt? D. industrial center
A. Home mortgage
358. Amount you must maintain in your ac-
B. Home equity line of credit
count
C. Personal loan
A. interest
D. Student loan
B. .401
354. Personal Finance is an important topic for C. minimum balance requirement
you to understand. When you are earning
D. loans
a (a), it is important to understand how
much money should be deducted from your 359. What is a premium?
pay-in other words what your (b) should
A. The amount of a loss you must pay be-
be. Tax, National Insurance will be de-
fore insurance kicks in
ducted from your pay if you earn enough.
These will be taken from your (c) after any B. The highest tier of insurance
pension contributions are taken.It is impor- C. The amount you have to pay for some-
tant to understand (d) if you are saving one else’s mistake
money. It is important to understand (e)
if you are borrowing money. D. The payment for an insurance policy
A. a salary 360. What is NOT considered a utility?

B. b net pay A. Power Bill
C. c gross salary B. Water Bill
D. d AER C. iTunes Cloud Storage
E. and APR D. TV Bill

361. things that are necessary for survival; 367. The granting of a loan and the creation of
food, water, clothing, shelter a debt; an form of deferred payment.
A. needs A. Debt
B. wants B. Interest
C. opportunity costs C. Credit
D. none of above D. Personal Finance
NARAYAN CHANGDER
362. Less Accessible
368. What is the best way to keep credit card
A. Credit Union use under control?
B. Bank A. Pay your balance in full each month
363. When Andrew Carnegie stated, “The B. Secured loans
man who dies rich disgraced, “ he was sup- C. Net worth
porting
D. You feel good
A. consumer credit
B. charitable giving 369. The amount a person purchases?
C. Social Darwinism
D. antitrust legislation
364. .... means there is not much left.

A. consumer
B. natural
C. Scarcity
A. spending
D. none of above
B. budget
365. Magnus fortnite pluto
C. income
A. J
D. saving
B. G
C. I 370. a plan for making and spending money
D. D A. budget
366. Which one of the following will likely re- B. spreadsheet

sult in lower insurance costs? C. financial plan
A. purchase an individual plan rather than D. certificate of deposit
a group plan
B. pay your premiums monthly rather 371. Savings accounts, stocks, bonds, mutual
than yearly funds, and CD’s are all forms of invest-
ment options.
C. choose a lower deductible
A. True
D. buy more than one type of insurance
from the same company B. False

372. the freedom to make use of something 378. Your credit “report card”. Included in
A. access your financial history when applying for
credit.

B. liberty
A. credit rating
C. law
B. earning power
D. bill
C. assets
373. All of these are types of credit EXCEPT D. progress report
A. Loans 379. Defend-as soon as you suspect identity

theft respond so you can recover
B. Credit Cards
A. false
C. IOUs
B. true
D. W2s
380. Determining whether a borrower meets
374. Capitalism is similar to which type of eco-
these requirements is typically accom-
nomic system?
plished through two means
A. Command
A. Credit Application
B. Market
B. Review of Credit Report
C. Traditional
C. Underwriting
D. Autocracy
D. Lender choice
375. he amount people earn per pay period be-
381. a form that shows earnings and the
fore any deductions or taxes are paid
amounts of income, Social Security, and
A. Net pay Medicare taxes withheld from income dur-
B. Taxes ing the year
C. Gross pay A. W-2
D. Investment B. application
C. invoice
376. allows bank customers to deposit and
withdraw money without the direct assis- D. 1099 form
tance of a bank employee
382. What is it called when you put your birth-
A. OPM day money into your checking account?
B. ATM A. Transfer
C. IBM B. Deposit
D. APR C. Withdrawal
377. ONE WAY TO BE CHARITABLE IS TO D. investment
A. Sell lemonade on a hot day 383. What is the principle of a sum of money?
B. Be nice to people A. The amount that a person originally
C. Volunteer at a soup kitchen borrows
D. none of above B. the total amount of a loan

C. the fee for borrowing money 389. Which is the best description of a loan?
D. all of the above A. borrowing money without repaying it
B. borrowing money and keeping it
384. are the main elements of a personal
budget C. borrowing money and repaying it with
interest
A. income, businesses, and housing
B. income, expenditures, and savings
390. What is the process of managing per-
NARAYAN CHANGDER
C. income, housing, and expenditures sonal assets to achieve economic satisfac-
D. income, debt, and housing tion?
A. Personal Financial Planning
385. A federally protected account in which
you deposit your liquid funds so you B. Simple Interest
can withdraw them quickly and easily by 391. Propaganda that makes something look
means of a written check or debit card. perfect
A. Savings account A. Fallacy
B. Checking accounts B. Cards Stack
386. Which of the following investments is C. Glittering Generality

considered moderate risk for above aver- D. Bandwagon
age growth?
392. Which of the following is the MOST finan-
A. Single Stocks cially responsible decision?
B. Real Estate A. Kate sold her old bike helmet for $10 to
C. Bonds a friend. She gave the $10 to her favorite
charity.
D. Mutual Funds
B. Jared gets $50 for his birthday from
387. If you enjoy a high standard of living, you his grandma. He spends $75 on XBox
probably games.
A. are homeless C. Sue was paid $25 for helping her neigh-
bor in the yard. She spent $20 on a t-shirt
B. got an education and worked hard at and $5 on ice cream at the mall.
your job
D. Jerry earns $100 lifeguarding. He
C. work at a low-income job spent $5 on lunch and put the other $95
D. are unemployed in the bank.
393. Which statement is most accurate about

388. What questions should you fill out on an saving?
employment application?
A. Saving money to invest in personal
A. the ones you want to fill out property is a priority.
B. none of them B. Save money after spending
C. all of them C. Saving money after having money
D. none of above D. All correct.

394. An occurs when withdrawals have 399. If you borrow money from a bank, you
gone over the available amount. have to

A. Overdraft A. pay the amount you borrow back
B. Statement B. pay interest back
C. have a time limit to use it
C. Cleared Check
D. all options are correct.
D. Withdrawal
400. One of the ways in which the U.S. gov-
E. Deposit
ernment borrows money is through issuing
395. a sum of money given for designated pe-
riod of time which must be repaid A. bank savings account
A. Commission B. money market accounts

C. certificates of deposit
B. Loan
D. savings bond
C. Debt
401. Automobile liability insurance covers
D. Income
A. Bodily injury and property damage
396. How do you figure your net worth? B. Lawsuits by anyone injured in an acci-
A. assets-liabilities dent
C. Depreciation caused by wear and tear
B. assets + liabilities
D. Interest costs
C. assets + liquid cash + securities
402. Which financial institution offer loans
D. liquid cash-liabilities
such as mortgages and auto loans?
397. Jonathan’s new clothes cost a total of A. commercial banks
$572.50 before tax. What type of tax B. credit unions
does Jonathan have to pay for his new C. savings and loans
clothes?
D. all of them
A. Income Tax
403. Which of the following is an example of
B. Property Tax receiving income?
C. Payroll Tax A. The government giving you money.
D. Sales Tax B. Your parents giving you money for your
birthday.
398. the process of comparing competing prod- C. Your parents giving you money for
ucts and prices in order to find the best mowing the lawn and painting your fence.
value
D. Your dad using his credit card to buy
A. comparison shopping you a new switch for getting good grades.
B. opportunity cost 404. Buying a new dress
C. competition factor A. goods
D. comparative economics B. services

405. A plastic card that you use to access a line

of pre-established credit is called:
NARAYAN CHANGDER
A. debit card
B. credit card A. Monthly Expenses
C. visa B. Monthly Income

C. Retirement Planning
D. mastercard
D. Investing for College
406. This insurance protects the consumer
410. In Pennsylvania, it is legal to drive with-
against possible financial loss
out car insurance.
A. Insurance Policy A. True
B. Premium B. False
C. Risk 411. Sylvia is seriously injured when a tor-
D. Savings Account nado strikes, damaging her home, car, and
leaving her unable to work for six months.
407. The process of projecting, organizing, Which insurance policy is she LEAST LIKELY
monitoring, and controlling future income to use in this situation?
and expenses is known as A. life
A. Budgeting B. disability
B. Personal Finance C. health
D. property
C. Investing
D. Money Management 412. Used to make a purchase with money on
a line of credit. Must be paid off or inter-
408. is a decrease in the value of property est will be charged.
as a result of age or wear and tear. A. savings
A. Depreciation B. investing
B. Time C. credit card

D. checking account
C. Wear Down
D. Lost Calculation 413. If you receive 25% off an item costing
$22.00, how much money do you save?
409. Emergency funds are calculated based on: A. $ 5.50

B. $ 4.25 419. A company may issue ownership shares

in the company to raise money
C. $6.00

A. mutual fund
D. $7.35
B. bond
414. An example of a debit is C. stock
A. a direct deposit from your employer D. Savings Account
B. using your debit card for lunch
420. Pay off current account
415. Read the following information to choose A. Positive Effect
the card type:“The money when using the B. Negative Effect
card is the amount deducted directly from
your bank account.” 421. Budget surplus
A. Credit Card Credit Card. A. When the government spends less
than it collects in taxes
B. Debit Card Debit Card.
B. A tax on property such as land build-
C. Both Credit Card and Debit Card. ings and vehicles
D. Visa card C. Goods and services purchased and
maintained by individuals
416. Which retirement account is employee
sponsored? D. A tax on imported goods
A. Traditional IRA 422. The first step in career planning is

B. Roth IRA A. Evaluate the opportunities of that ca-
reer.
C. 401k
B. Consider the limitations of that work.
D. 403b
C. Analyze your own interests and apti-
417. A variable expense is? tudes.
A. A cost that is paid monthly, but can D. Write a personal history Application
change monthly. and start applying for jobs
B. A cost that stays the same and is paid 423. Which is NOT a variable expense?
monthly. A. groceries
C. A cost that is paid every couple of B. electricity
months.
C. credit card fees
D. A non-essential cost.
D. rent
418. decisions individuals make in the manage- 424. The condition of having unlimited wants
ment of their money but limited resources is known as:
A. Solo Finance A. scarcity
B. Personal Finance B. global demand
C. Group Finance C. consumerism
D. Mutual Finance D. budgeting

425. Putting money for yourself aside before 431. One element of a financial goal is missing
paying bills in this example. “I will save $150 each
month to go on a vacation in one year.”
A. Do It Yourself
Which one is it?
B. Pay Yourself First
A. Time Bound
426. Which of the following is used to calcu- B. Specific
late your credit score?
C. Attainable
NARAYAN CHANGDER
A. Payment history
D. Measurable
B. New Accounts
C. Amounts Owed 432. VAT stands for
D. Credit length A. Very Autocratic Triangle
E. Types of Credit B. Virtual Appliance technology

C. Very Artistic Teacher
427. What is a SAVINGS ACCOUNT?
D. Value Added Tax
A. a bank account that you cannot deposit
your money from for a specific amount of 433. Take home pay
time
A. Net Pay
B. a bank account that you can write
B. Gross Pay
checks from
C. Net Tax
C. a bank account that earns interest
D. Gross Tax
D. none of above
434. You invest $475 in an account that pays
428. What is an annual salary?
3% simple interest annually. How much
A. What you are paid each month money do you have after five years?
B. What you earn over the course of a A. $546.24
year.
B. $544.46
429. Money earned C. $543.25
A. spend D. $546.25
B. income
435. Laptop computer:Goods or Service?
C. purchase
D. none of above
430. A person who is a good credit risk?

A. Credit Report
B. Creditworthy
C. Character A. Goods
D. Capacity B. Service

436. Johnny is considering purchasing a $20, C. Money order

000 truck. Which of the following finance D. Traveler’s checks
options will likely lead to the LOWEST

monthly payment? 441. Which of these people depend on tax
A. $5000 down payment, 5% interest for money to pay their salary?
84 months A. a bank teller
B. No down payment, 5% interest for 60 B. the president of apple
months C. a professional athelte
C. $5000 down payment 5% interest for D. the mayor of a town
60 months
442. One disadvantage to buying a home is
D. No down payment, 0% interest for 36
the continuing cost of home repairs.
months
A. Agree
437. Tax deductions B. Disagree
A. A person who pays a tax to national
state county or city town governments 443. Money that you must pay out is called (a)
B. Expense items used to reduce individ-

A. Income
B. Budget
C. A person who pays a tax to national
state county or city town governments C. Expense
D. A group of people with common inter- D. none of above
ests and concerns for the common good
444. How do you calculate Net Worth?
438. Money that is not spent but instead kept A. assets-liability
for use in the future; this money is usually B. liability-assets
kept in certain bank accounts or invested.
A. Income 445. How is a credit union different than a
bank?
B. Budget
A. A bank is a financial institution while a
C. Savings credit union is not.
D. Credit B. a credit union runs credit checks
439. Things that can be bought or sold are C. a bank is non-profit while a credit
union is for profit
A. producer
D. a bank is for profit while a credit union
B. consumer is non profit
C. goods
446. used to pay expenses and for every day
D. services items.
440. A check drawn on a bank or financial in- A. saving account
stitution’s account. B. checking account
A. Cashier’s check C. Debit card
B. Certified check D. Credit card

447. It is generally recommended that the 452. Jenna wants to improve her financial
amount of your Gross income used for all well-being. Which would contribute the
expenses including debt not exceed most to her financial well-being?
A. 42% A. Taking a personal finance class to
B. 30% learn how to manage her money
C. 36% B. Paying her grandma back the money
D. 28% she borrowed to take a school trip last
NARAYAN CHANGDER
year
448. Does this person provide a good or a ser-
vice? C. Talking to her friends about how to
manage her money better
D. Opening another checking account to
help her organize her money
453. Special kind of savings that pay a higher

rate of interest-they are insured, money
cannot be removed for a period of time and
A. good interest allows you to earn more money
B. service A. Savings & Checking accounts
449. Which of the following is a Low-Risk, B. Money market accoutns
Low-Reward investment? C. Mutual Funds
A. Savings Account
D. insured by the FDIC
B. Gold
C. Stocks 454. An example of a job that is paid by the
D. Cryptocurrencies hour is
A. Teacher, Mrs. Nuckles
450. Which of the following is NOT a strategy
to being a good shopper B. Manager
A. using coupons C. Paraprofessional, Mrs. Reynolds
B. looking for sales
D. Car Salesman
C. buying what you want
D. don’t food shop when you’re hungry 455. Which of the following BEST describes the
business sector of the U.S. economy?
451. How can you be prepared for financial
emergencies? A. The business sector creates wants and
needs.
A. You can’t, just deal with it
B. Have a 401K that you can borrow B. The business sector produces goods
against and provides services
C. Have a good credit card with a high C. The business sector is financed by the
limit government.
D. Have an emergency fund of at least D. The business sector supplies labor to
$500 resource markets.

456. What degree provides the highest earn- C. The time allowed to pay your balance
ing potential in pay? without being charged.

A. High School Diploma D. none of above
B. Associate’s Degree 462. What is an investment?
C. Undergraduate Degree A. Money you owe to the bank.
D. Master’s Degree B. Money earned from working.
457. What is owned by stockholders and oper- C. A piece of clothing you wear with a
ated for profit? suit.
A. Commercial Bank D. Putting money to use in something that
B. Mutual Savings Bank offers a potentially profitable return.
C. Credit Union 463. During the 1790s, which factor best ex-
D. savings and loan association plains why the United States was able tp
stay out of foeign conflicts?
458. Joselyn got $20 for her birthday. She A. Europe depended on farm products
takes it to the bank and puts it in her ac- from the United States
count. What is she doing?
B. The United States has announced the
A. Saving Monroe
B. Budgeting C. France and Great Britain agreed to end
C. Spending colonialism
D. Paying Interest D. The Atlantic Ocean helped the United
States remain isolated from foreign
459. Bank fees for use of an ATM do not need threats
to be considered when choosing a bank.
464. Interest
A. True
A. money paid regularly at a particular
B. False
rate for the use of money lent, or for de-
460. is tasked to prepare a cost and ben- laying the repayment of a debt
efit analysis on which is more costly or B. an account at a bank against which
cheaper, to purchase or rent on plant, prop- checks can be drawn by the account de-
erty and equipment. positor.
A. logistics C. When someone pays you with a check,
B. accounting Supervisor you’ll usually have to sign the back of it
before you can deposit it in your account.
C. accountant
What you write when you sign it depends
D. bookkeeper upon what you want to do with the check
and how the check is written.
461. What is a grace period?
D. a retirement account to which em-
A. The time allowed to pay your balance ployee and employer contribute, on which
with a low interest rate taxes are deferred until withdrawal, and
B. The time frame to spend as much for which the employee usually selects the
money as you can. types of investments

465. A depository institution account that is

designated to hold money not spent on cur-
rent consumption.
A. Certificate of Deposit
B. Checking Account
A. True
C. Money Market Deposit Account B. False
D. Savings Account
NARAYAN CHANGDER
471. Why do members of a community have to
466. Out of Pocket Maximum pay taxes?
A. To pay for services provided by the gov-
A. percentage of bill the insured is re-
ernment
sponsible for
B. So that people do not have to pay for
B. max amount insured must pay their family’s groceries
C. amount that insured must pay before C. To pay for everything people want
insurance
D. So that people can buy a new car
D. monthly payments to get an insurance
plan 472. What was the major reason for the
change in unemployment shown on the
467. What is the total amount of money in a graph between 1933 and 1937?
bank account at any given time? A. Banks increase their lending to new
A. FDIC businesses, who hired more workers.
B. Overdraft Fee B. The profits of corporations were heav-

ily taxed by the states.
C. Account Number
C. Job opportunities were created by the
D. Balance New Deal public-works projects.
D. The federal government nationalized
468. National Insurance is deducted as a per-
the transportation and utility industries.
centage of your earnings
A. true 473. when you put money in the bank you are
making a
B. false
A. withdrawal
469. What is FICA? B. debt
A. Money given to social security and C. deposit
medicare D. income
B. Federal Income Commission Act
474. a fee received or paid for the use of
C. Money given to the poor money
D. Federal Insurance Claims Act A. interest
B. credit
470. T/F:A negative credit event (bankruptcy)
can have a WORSE impact on a higher C. debit
credit score. D. trade-off

475. Income not spent 480. What kind of activities listed on the re-
A. Extra sume?

B. Savings
C. Entertainment Fund A.
D. Finance Charge
476. When opening a savings account or plan-

ning your budget, which unexpected ex-
penses should you consider? B.
A. home repair
B. car repair
C. medical expenses
D. all of the above C.
477. what you give up in order to buy what
you want in terms of other goods or ser-
vices D.
A. wants
B. needs 481. is a legal term for being held account-
able
C. opportunity cost
D. none of above A. Liability
B. Assets
478. A government-run insurance program
that provides healthcare assistance to low C. Bankruptcy
income Americans D. Claim
A. Medicaid
482. to give your money to a charity or wor-
B. Medicare thy cause
C. Tax A. loan
D. Paycheck B. donate
479. Car Repair C. tax

D. spending goal
483. All decisions and activities of an individ-

ual or family regarding their money, includ-
ing spending, saving, budgeting, etc.
A. Plan execution
B. Money Personality
A. Fixed Expense C. Personal Finance
B. Variable Expense D. Financial Literacy

484. A safe place that holds your money for 489. A system by which goods and services
when you need it are produced and distributed.
A. checkbook A. Economy
B. budget B. Producer
C. bank C. Consumer
D. deposit D. Financial Literacy
NARAYAN CHANGDER
485. True or False:If denied for a credit card, 490. The amount of one’s moneycovered per
I should continue to apply for other credit account by the FDIC and the NCUA is?
cards until I’m approved.
A. False
B. True
486. Paying the minimum payment on a credit

card every month will:
A. Pay a large percentage of the total bal-
ance owed every month A. 1000, 000
B. Make the final amount paid substan- B. 250, 000
tially higher than the amount initially C. 100
charged to the card
D. 2500
C. help the cardholder create a plan for
paying of a credit card in a decent amount 491. Which is an example of income?
of time A. Money you get for raking leaves
D. allow the cardholder to avoid paying B. Money you give to charity
any interest charges
C. Money you spend on ice cream
487. Start investing ASAP, and invest in D. Money you waste on bubble gum
stocks and mutual funds while you’re
young 492. Expensive is
A. true A. Money in a bank.
B. false B. costing a lot of money
C. How much money you have.
488. Public needs and wants
D. Something you buy.
A. Income received from sources other
than employment 493. What is the difference between fixed and
B. Temporary reduction or elimination of variable expenses?
it acts as an incentive for customers to A. Variable expenses are required to cre-
spend ate a budget, while fixed expenses are not
C. Goods and services used by the com- B. Fixed expenses are required to create
munity as a whole maintained by govern- a budget, while variable expenses are not
ment C. Fixed expenses do not fluctuate like
D. A tax on imported goods variable expenses

D. Fixed expenses fluctuate, unlike vari- B. credit card

able expenses
C. debit card

494. Choose the correct option D. cashier’s check
499. Your money will be safe. Your money

can earn interest. You are less likely to
spend your money.These are all benefits
of what?
A. Benefits of Pay Taxes
A. $220.73
B. $108.38 B. Benefits of Bank Loans
C. $118.83 C. Benefits of Debit Cards

D. $225.15 D. Benefits of Savings Accounts
495. Insurance protects against (choose 500. What do you call a person or business
best answer) that loans money?
A. Bad things happening
A. Lender
B. Losing your favorite car
B. Borrower
C. Financial Loss
D. Breaking a leg 501. A need can best be describe as
496. Phil has to pay $125 out of every pay- A. Something that a person buys or sells
check in order to cover the cost of his com- to another person.
pany’s healthcare plan. This is an example B. A necessity to survive like water or
of shelter.
A. Benefit of insurance
C. An item that provides a valuable ser-
B. cost of insurance vice like a cell phone.
C. fiscal policy D. A necessity to survive like Dr. Pepper
D. opportunity cost and a mansion.
497. an amount to be paid for an insurance pol- 502. Which of the following is an example of
icy income?
A. principle
A. Going to the movies
B. premium
B. buying an ice cream at lunch
C. exemption
C. Selling an old game to a friend
D. credit
D. Paying your sister to help you with your
498. a form of check bought for a specific chores
amount and paid to a person or firm named
on the check 503. What is meant by money being ACCESSI-
A. check BLE? (select all that apply)

C. Compare prices and make sure you re-

ally want it
D. none of above
508. Which statement is true about Certifi-

cates of Deposit (CDs)?
A. They have very liquid assets.
NARAYAN CHANGDER
B. The longer you invest for, you typically
A. Anyone can get it easily will earn more interest.
B. The owner can get it quickly C. You can write checks from the account.
C. It takes a long time to get the money
D. none of above
D. The owner can get it easily
504. The amount of money that is needed to 509. What is an agreement to receive cash,
pay for or buy something is called a(n) goods, or services now and pay for them
at a later date?
A. saving
A. savings
B. expense
C. debt B. credit
D. income C. income
D. investment
505. What makes a person a good cosigner?
A. A high credit score 510. How much money does Kal Penn recom-
B. A steady income mend you save each month?
C. The ability to pay for your loan if you A. 15%

can’t B. 20%
D. All of the above C. 25%
506. Buying something now and paying for it D. As Much As You Can
(plus interest) later.
A. Budget 511. What is a debit card?
B. Spending A. A small plastic card issued by a bank

that allows you to purchase good or ser-
C. Credit vices on credit.
D. Budget
B. A fee paid for the use of borrowing
507. HOW CAN YOU MAKE SURE YOU’RE money.
GETTING A GOOD VALUE FOR WHAT YOU C. A plastic card from a bank that al-
ARE BUYING? lows you to make immediate purchases
A. Make sure it’s a popular item before and transfers your money directly to the
buying it seller.
B. Find out if the store has a return policy D. Trading money for goods or services.

512. What is the ultimate goal in financial plan- C. stock

ning? D. none of above

A. Have financial freedom
517. Sally has the following bills for
B. Wealth ratio greater than 1 June:Water bill $80 Child care $ 160
C. Has the most investment assets Grogeries $235, All of these are
D. Have a balanced life A. too high
B. too low
513. Mia wants a new phone, but she needs a
new notebook for class. What should she C. interest
do? D. expenses
A. Buy the notebook and put away money
for the phone. 518. WHICH WOULD BE AN EXAMPLE OF
CHOOSING TO GIVE UP SOMETHING IN
B. Buy the phone and put away money for ORDER TO GET SOMETHING ELSE?
the notebook.
A. Opening a savings account
C. Buy the notebook and tell Moby to buy
her the phone. B. Not going to the movies with your
friends so you can buy a new pair of sun-
D. Buy the phone and use Moby’s note- glasses
book for a while.
C. Getting $10 from your family for your
514. **TWO** advantages of RENTING a birthday
home/apartment, instead of buying are D. none of above
CHOOSE **2**!
519. A financial institution which accepts de-
A. Building “equity”
posits from public and provide loans to
B. less financial responsibility for repairs them.
C. can allow for more freedom to move A. Share Market
quickly
B. Insurance Company
D. payments on interest are tax-
C. Banks
deductible
D. All of these
E. high volume of new-construction
520. tips
515. When you take out a mortgage, you can
lower your monthly payments by A. A small sum of money given to some-
one for performing a service; a gratuity.
A. Taking out a bigger mortgage
B. Cash or a cash equivalent that an in-
B. Refinancing to get a higher interest
dividual transfers to another individual
rate
while neither receiving nor expecting any-
C. Making a lower down payment thing in return.
D. Making a higher down payment C. An individual or company’s income be-
516. high risk investment
D. the amount an individual or business
A. savings account makes after deducting costs, allowances
B. savings bond and taxes.

521. What does FDIC stand for? 526. yearly amount that you get paid
A. Federal Deposit Insurance Corpora- A. interest
tion
B. wage
B. Federal Direct Income Compensation
C. salary
C. Federal Debt Insurance Calculator
D. None of the above D. saving
522. Which of the following is an example of 527. Money that you make from your job is
NARAYAN CHANGDER
income? known as what?
A. Trading supplies with a friend A. Income
B. Buying an ice cream at lunch today
B. Credit
C. Money you get for working a job
C. Supply
D. none of above
D. Demand
523. An employee who is paid monthly is paid
times a year. 528. Which of the following is an example of
A. 12 fixed expenses
B. 24 A. groceries
C. 6 B. water
D. none of above C. rent
524. The amount of money needed to sustain D. gas
a certain level of living, including basic ex-
penses such as housing, food, taxes, and 529. Savings in a personal budget is money
healthcare; often used when comparing that is
how expensive it is to live in one city ver-
sus another A. total income minus total expenses
equals total savings
A. cost of living
B. money/income set aside for the future
B. reason for being
C. sweat equity C. possible to have when your expenses
are greater than your income
D. personal interests
D. none of above
525. All of these are advantages of student
loans over other types of loans EXCEPT 530. A Standing Order is
A. Different amounts are collected from
A. Lower interest rate.
your bank account each month to pay a bill
B. Issued by government so generally
thought of as safer. B. When you use your debit card to pay
for something in a shop
C. Are paid off in 3 installments after col-
lege. C. The same amount is collected from
your bank account each month to pay a bill
D. Don’t start acquiring interest right
away. D. A charge made by your bank

531. This section of the resume include school 536. Auto lease
involvement.
A. agreement where a lessee pays the

A. Personal Information lessor to use the car for a fixed amount
B. Activities of time
C. Education B. investment where you purchase some-
D. Experience
from you later
532. Which of the following statements com- C. used for depositing money at a bank
paring credit and debit cards is TRUE? or other financial institution, with low in-
A. Businesses accept credit cards more terest rates
often than debit cards.
D. amount charged by the bank for allow-
B. Credit card companies provide you ing you to use their credit card
with a monthly statement while debit
cards do not. 537. Federal income taxes, state income
C. When you use a credit card, the money taxes, and Social Security withholdings
comes directly from your bank account. are all
D. With debit cards, you are spending A. payroll taxes
your own money, with credit cards you are
B. sales taxes
promising to pay the money back.
C. real estate taxes
533. Which of the following statements is
TRUE? D. capital taxes
A. Recurring expenses don’t need to be
538. When you use a credit card, what are you
planned for because they rarely happen.
really doing?
B. Recurring expenses are expenses that
can never be stopped. A. You are lending money to a bank or
business.
C. Recurring expenses should be planned
for after looking at your wants. B. You are earning interest on the money.
D. Recurring expenses are expenses that C. You are saving the money for a rainy
occur at regular intervals day.
534. Which type of tax comes directly out of D. You are borrowing money from a bank
your paycheck? or business.
A. Property Tax
539. Match the definition to its term: is
B. Sales Tax money lent to a borrower or put into an
C. Income Tax investment.
D. Ad Valorem Tax A. Savings
535. Which is the “A” in SMART Goal? B. Principal
A. Acquired C. Term
B. Attainable D. Credit

540. Stock market index that tracks 500 of 544. With respect to your financial freedom, fi-
the largest companies in the US. It shows nancial planning is vital and involves some
the performance of the companies included key aspects related to finance.
and it reports risks and returns. A. Know your current financial position
A. Consumer B. Financial Goal setting
B. S&P 500 C. Both (a) and (b)
C. Inflation D. None of them
NARAYAN CHANGDER
D. 500 stocks
545. Kelly works for a large firm and her boss
tells her that a promotion will be available
541. homeowners insurance
soon. She wants the job, so she works as
hard as she can to impress her boss. Kelly
is motivated by a
A. negative incentive
B. positive incentive
C. rational decision
D. list of alternatives
546. Which is an example of a good?

A. Money borrowed, must be repaid with A. nurse
interest B. mechanic
B. Coverage against damages to the C. basketball
house or possessions in the home. Also,
liability coverage against accidents in the D. cook
home or on the property. 547. The process of projecting, organizing,
monitoring, and controlling future income
542. Qualifications to be a reference?
and expenses is known as personal fi-
A. random person you find on a street nance.
B. someone you have known for at a least A. True
a year and not related to and over 18 B. False
years old
548. FICA tax on your paycheck is collected for
C. is at least 4 years old
Medicaid and what else?
D. none of above
A. income tax
543. how seriously one pursues the expecta- B. sales tax
tions and tasks associated with their job C. social security
A. Credit Score D. health
B. Work Ethic
549. Bob makes $ 3, 000 a month, but spends
C. Punctuality $4, 000. He now needs a
D. Teamwork A. budget

B. new credit card C. check writing services

C. wealthly parents D. all of the above

D. wealthly girl friend 555. Letter address contains?
550. How is buying with credit different than A. the name and the address of the per-
paying with cash? son you are writing to
B. your name and address
C. your birthday and the date
D. none of above
556. Everyone pays this type of tax.
A. income
B. sales
A. With credit, there are not interest C. FICA
charges D. estate
B. With credit, you borrow money and re-
557. monetary gifts
pay later, with interest
A. Cash or a cash equivalent that an in-
C. No difference dividual transfers to another individual
D. none of above while neither receiving nor expecting any-
thing in return.
551. When you are only paid for the hours you
work, you make B. An individual or company’s income be-
A. a salary
C. the amount an individual or business
B. benefits makes after deducting costs, allowances
C. hourly wages and taxes.
D. none of above D. the portion of your gross income that
the IRS deems subject to taxes
552. A vacation is an example of a
A. need 558. the state of being wanted for purchase
or use.
B. want
A. standard of living
553. If a bank pays 3% interest on savings, B. goods
how much interest will it charge for loans?
C. demand
A. 3%
D. service
B. less than 3%
559. What organization controls the monetary
C. more than 3%
policy in the United States?
D. the discount rate
A. The FDIC
554. Banks provide which of the following B. Congress
A. debit cards C. The Federal Reserve
B. loans D. The Senate

560. Occurs when you spend more money than B. Cut necessary expenses Reduce un-
you actually have necessary expenses
A. withdrawal C. Reduce fixed expenses Cut variable ex-
B. income penses
C. overdraft D. Cut fixed expenses Reduce variable ex-

penses
D. goal
566. Insurance that protects people injured in
NARAYAN CHANGDER
561. the money one has saved an accident
A. expenditures
A. renter’s
B. expense
B. liability
C. budget
C. comprehensive
D. savings
D. collision
562. Small supply of goods+high demand for
product= 567. Sales tax is to the price
A. Prices Goes Up A. subtracted
B. Price Goes Down B. added
C. Price Stays the Same C. multiplied
D. none of above D. divided
563. A student can be found at the mall on 568. card linked directly to your checking ac-
the weekends. He/She likes to buy name count
brand clothing, new watches, and cool A. charge card
electronics. This person has the means to
satisfy their B. credit card
A. Needs C. debit card
B. Wants D. loyalty card
C. Basic Economic Questions 569. Which of the following BEST explains sus-
D. none of above tainable economic growth?
A. Economic growth that can be sus-
564. Capital gains taxes are tained with minimally adverse effects on
A. Taxes on property the environment
B. Taxes on investment income B. Economic growth that can be sus-
C. Taxes on yearly income tained with minimally adverse effects on
agriculture and livestock
D. Taxes on corporations
C. Economic growth that increases at the
565. Which statement is correct regarding cut- same rate year over year
ting/reducing techniques? D. Environmental growth that can be sus-
A. Reduce necessary expenses Cut un- tained with minimally adverse effects on
necessary expenses the global economy

570. What is a 401K? 576. You got a birthday check for $50 from
A. a retirement savings plan offered by your Aunt Edith. What do you do next?

many American employers A. Cash it and buy yourself a present.
B. a loan plan offered by many American B. Enter it in your budget as income.
employers C. Put it in your savings account.
C. an interest bearing account offered to D. Add it to your long-term savings fund.
many American employers
577. You get allowance
D. a money market plan offered by many
American employers A. Income
B. Expense
571. Unsubsidized loans are based on financial
need 578. How many tax brackets are there cur-
A. True rently?
B. False A. Five
B. Seven
572. This type of retirement account offered
by employers to their employees allows C. Ten
them to set aside tax-deferred income. D. Three
Sometimes employers will even match
the employee contribution up to a certain 579. Saver
amount. (a) A. individual who likes to save money
A. a 401(k) rather than spend money
B. individual who enjoys spending money
B. mutual fund
on himself/herself or others
C. Roth IRA
C. individual who enjoys investing money
D. savings into high-risk ventures
573. New Makeup D. individual who plans for the future and
is prepared for any type of financial situa-
A. a “want”
tions
B. a “need”
580. A is a group that channels savings to
574. The amount of money you have in your investors.
bank account
A. Creditors
A. balance
B. Financial Institutions
B. deposit
C. Collateral
C. income
D. Secured
D. credit
581. What must someone in an economy do in
575. What is an overdraft fee? order for it to grow?
A. A fee for maintaining your account. A. Invest
B. A state tax. B. Save
C. A fee for overspending. C. Work
D. none of above D. Put money in banks

582. Why is it beneficial to take a loan out for B. an expense whose price will not
15 years, rather than 30? change over time
A. More interest paid to the bank C. money earned
B. Less headache D. none of above
C. Smaller monthly payment 588. Which of the following wouldn’t save
D. Less interest paid to the bank over you money on your auto insurance pre-
time mium?
NARAYAN CHANGDER
583. Income you can spend however you want
A. Gross Income
B. Net Income
C. Discretionary Income
D. Disposable Income
584. This unit (called Personal Finance) has A. Decrease your deductible
been about a person being in charge of B. Reduce or eliminate optional insur-
his or her money. Which of the following ance on an older vehicle
makes this statement true?
C. Maintain a good credit history
A. The meaning of the word Savings
D. Bundle your insurance with other poli-
B. The meaning of the word Budget cies
C. The meaning of the word Finance
589. Which term refers to a plan for using
D. The meaning of the word Budget your income in a way that best meets your
585. What is the term for the money you wants and needs?
earn? A. opportunity cost
A. interest B. a variable expense
B. income C. a budget
C. expense D. a budget variance
D. savings 590. Make application neat and Don’t do
586. On which of the following loans would
one be MOST LIKELY to pay the highest in- A. clean, unclear
terest rate? B. typed, a mess
A. a home mortgage loan C. accurate, scratch marks.
B. a car loan D. none of above
C. a credit card
591. Planned expenses are expenses that you
D. a student loan for college know about. Which are examples of
587. What is a fixed expense? planned expenses?
A. an expense whose price will change A. groceries

over time B. auto insurance

C. utility bill (gas, water, and electric bill) 597. Claire borrowed $20 from her mom in or-
D. all of the above der to buy game tokens at a festival. Her
mom said Claire would have to pay the

592. You and your friends are at the movie the- money back with interest. Which state-
ater. You buy a giant bag of popcorn, a ment best explains what Claire’s mom
large pop and a bag of sour gummies and meant?
pay for it with a card. The money comes
out of your checking account.
A. Debit
B. Credit
593. Wayne wants to invest some of his
money but doesn’t know what to do with
it. When going to see a banking adviser, A. She expected Claire to pay back only
he was told that he should think about the money she borrowed.
two things:first, when will he deposit the
B. She expected Claire to pay back only
money, and second, what the interest rate
part of the money she borrowed.
is going to be. What concept is the bank-
ing adviser trying to explain to Wayne? C. She expected Claire to keep the money
she borrowed and not pay any of it back.
A. The time value of money
D. She expected Claire to pay back the
B. The invisible hand of the market
money she borrowed plus an additional
C. The law of supply and demand amount of money.
D. The concept of fiat money
598. To put money into a bank account.
594. Paying for something with cash can help A. withdrawal
you avoid spending more money than you
B. deposit
have.
C. savings
A. True
B. False D. cost
595. What type of investment offers the most 599. Debt obligations of corporations or a gov-
liquidity? ernment
A. stocks A. Diversification
B. mutual funds B. Risk
C. CD’s C. Inflation
D. checking account D. Stock

E. Bonds
596. Which of the following would BEST be
considered a fixed expense? 600. A loan used to buy a home.
A. Medical bills A. installment
B. Groceries B. mortgage
C. Car loan payment C. credit card loan
D. Clothing costs D. repossess

601. What is an example of an income? 606. Suppose your monthly income is 50, 000
Baht. You want to buy a condominium,
A. Purchasing a new bike
and a bank is willing to offer 90% financ-
B. Buying new clothes ing for 30 years with interest rate of 6%.
C. Mowing the lawn for money If the maximum allowable debt-to-income
ratio is 30%, the most expensive property
D. none of above you can buy is approximately:
602. Men make more than women in society A. 2, 800, 000
NARAYAN CHANGDER
for the same work. B. 2, 500, 000
A. True C. 3, 000, 000
B. False D. 3, 500, 000
607. What elements should be included on a

603. items/activities that subtract money
budget? Check all that apply.
from your account to remove and amount
A. A list of chores you complete.
A. debit
B. How much money you earned on
B. credit chores.
C. savings C. A list of all the things you want to buy.
D. insurance D. How much money you plan to spend to
buy different items.
604. Paperwork filed with an insurance com-
pany in order to get them to cover a loss 608. The amount of money a person makes be-
for someone they insure fore taxes and other deductions.
A. Policy A. Gross Income
B. Claim B. Net Income
C. Coverage 609. Jennifer works for the Coca Cola com-

pany as a truck driver. What type of re-
D. Liability
source is Jennifer?
605. A tax system, or a tax sys- A. a capital resource
tem, assesses the same tax rate to tax- B. a human resource
payers regardless of income or wealth.
It is meant to create equality between C. a natural resource
marginal tax rate and average tax rate D. an entrepreneurial resource
paid. Under a proportional tax system, in-
dividual taxpayers pay a set percentage 610. What type of account allows for tax-
of their income regardless of total income advantaged savings and investments for
earned. college?
A. progressive, flat
B. proportional, flat
C. regressive, proportional
D. none of above A. A 529 College Savings Plan

B. A 418 University Investment Account 615. What happens if you try and use your
C. A checking account at your local bank credit card after you’ve already met your
credit limit?

D. A brokerage account with your pre-
ferred investment firm A. Your card will get declined.
B. Your bank will issue a “bad check” no-
E. A savings account at a large national
tice.
bank
C. You’ll be suuuuper embarrassed.
611. Which of the following people is most
D. The charge will go through anyway,
likely to have a budget deficit?
you’ll just be responsible to pay it back
A. a person who earns more than he or whenever you can.
she spends
616. Why are entrepreneurs called “risk-
B. a person who invests more than he or
takers”?
she saves
A. Because they are guaranteed success
C. a person who saves more than he or at their new business
she spends
B. Because they get charged more taxes
D. a person who spends more than he or than other business owners
she earns
C. Because they could lose all of their
612. The law of supply and demand is very money starting a new business
important in economics. Which of the fol- D. Because they combine land, labor, and
lowing correctly describes supply and de- capital to start a new business
mand?
617. Which of the following MAY request a
A. consumers will buy whatever is pro-
credit score check?
duced
A. Landlord or landlady
B. producers will make what consumers
demand B. Mortgage or auto loan officer
C. suppliers will make whatever they de- C. Certain employers
cide to D. All of these
D. investors will put money into any busi- 618. relationship between education and earn-
ness ings
613. What is something, typically money, that A. the more you learn the more you will
is owed or due owe
A. Credit B. the more you earn the less you learn
B. Assets C. the more you learn the more you earn
C. Debt D. the more you learn, the less you earn
D. Liabilities 619. Money earned through work.
614. It is a good idea to spend all your money A. withdrawal
on things you want. B. expense
A. True C. deposit
B. False D. income

620. Provides payment to replace earnings D. the fraudulent practice of sending

during times when workers cannot work emails or other messages purporting to
due to illness or injury be from reputable companies in order to
A. disability insurance induce individuals to reveal personal in-
formation, such as passwords and credit
B. dependent card numbers.
C. emergency savings
624. Which of the following is a benchmark in-
D. beneficiary
terest rate commonly used to set rates?
NARAYAN CHANGDER
621. What is income? A. The Canadian interbank rate
A. wages paid to businesses for selling B. The interest rate risk factor
goods
C. The securities exchange rate
B. Money that a household splits among
all of it’s members D. The Federal Funds Rate
C. Money that is made from people sell-
ing labor and other resources to busi- 625. What is net pay?
nesses A. The amount of pay earned for the total
D. Profits made by the government on number of hours worked.
taxes B. The amount of money you’re paid after
all taxes and deductions are taken out of
622. Which statement incorrectly describes
your paycheck.
the personal financial statement cycle?
A. Income from work should be invested C. The amount of money you’re paid be-
in investment assets. fore all taxes and deductions are taken
out of your paycheck.
B. Investment assets are a source of
good income in the future. D. Your gross pay plus any bonuses.
C. Savings should be invested in short- 626. Bank of America issues you a credit card
term assets to enhance liquidity. with a maximum balance of $1, 000. This
D. Wealth can be increased by reducing is an example of:
debt and increasing savings.
A. Finance Charge
623. what is fraud B. Co-Signer
A. deception intended to result in finan- C. Minimum Payment
cial or personal gain.
D. Credit Limit
B. the fraudulent acquisition and use of
627. Health insurance is probably the most de-
sirable
C. the fraudulent practice of sending text
A. benefit
messages purporting to be from rep-
utable companies in order to induce in- B. pension plan
dividuals to reveal personal information,
C. salary
such as passwords or credit card num-
bers. D. overtime

628. a number that is used to predict how 633. Which one is the “S” in SMART Goal?
likely you are to pay back a loan on time A. Spectacular

A. credit card B. Specific
B. Annual Percentage Rate (APR)
634. The standard Internal Revenue Service
C. credit score/ FICO (IRS) form that individuals can use to file
D. interest their annual income tax returns
A. 1040
629. Which of the following reflects good prac-
tice in investing: B. 1099
A. Diversify your portfolio. C. w4
B. Keep all of your money in a bank sav- D. w2
ings account. 635. GDP stands for Gross Domestic Product
C. Invest only in blue-chip stocks. and is used to measure the size of a coun-
try’s
D. Invest 50% of your portfolio in cryp-
tocurrency. A. economy
B. supplies
630. What is credit?
C. geographical location
A. A person saves money to use in the fu-
ture for large purchases. D. product needs
B. A person buys something and pays for 636. Money that is not spent but instead kept
it later. for use in the future; this money is usually
C. A person invests money in new compa- kept in certain bank accounts or invested.
nies. A. Budget
D. A person keeps track of their ex- B. Profit
penses. C. Savings
631. The most commonly used communication D. Credit
is?
637. is the money that you make from
A. Speaking your job
B. Listening A. Payment
C. Reading B. Money
D. Writing C. Savings
D. Income
632. a written order to a financial institution
directing the financial institution to pay 638. What kind of payment option is a card
a stated amount of money, as instructed, that allows money to be withdrawn from
from the customer’s account a person’s bank account?
A. check A. gift certificate
B. cashier’s check B. credit card
C. debit card C. gift certificate
D. credit card D. debit card

639. Where do I write the date on the check? 643. My family is going on vacation this sum-
mer, so we are sticking to a to save
money.
A. Income
B. Savings
A. 2 C. Budget
B. 4
NARAYAN CHANGDER
D. Expenses
C. 3
D. 9 644. What does CD stand for when talking
about investments? (a)
640. What is a credit card?
A. Managing your money. A. a Certificate of Deposit
B. A plastic card issued by a bank that al- B. Calculated Dividend
lows you to make purchases or pay for ser-
C. Central Dollar
vices on credit.
C. Trading money for goods or services. D. Current Deposit
D. A plastic card issued by a bank that al-
lows you to make purchases or pay for ser- 645. A high credit score results in which of the
vices that is immediately transferred from following
your bank to the seller. A. Many friends
641. Car loans in Thailand typically charge flat B. People asking your for money
rates. Consider a 60-month, 800, 000
Baht loan with inrest rate of 6.6%. If you C. a higher interest rate
calculate monthly payment as a compound D. a lower interest rate
loan rather than a flat interest loan,
A. It will be lower by about 2, 000 Baht 646. A is not necessary for survival but
B. It will be higher by about 2, 000 Baht makes life more enjoyable such as movies
and cell phones.
C. It will be the same
D. It will be about 17, 700 Baht per month A. Need
642. Carter wants to participate in an activity B. Want

that will improve his well-being. Which of
the following activities would contribute 647. An asset or item that is purchased with
the most to his well-being? the hope that it will generate income or
A. An activity his friends like to partici- appreciate in value at some point in the fu-
pate in. ture.
B. An activity that makes him lose track A. charity

of time.
B. investment
C. An activity that doesn’t cost much
money. C. credit
D. none of above D. savings

648. Which of the following best explains why B. August 2

it is important to save your money instead
C. July 15
of spending all of it?

D. April 15
A. Saving is like investing your money, if
you save, you can benefit from being able 653. What is this called?
to pay for greater costing items and cover
emergencies better. A. a check
B. If you save money, the banks will allow B. a debit card
you to borrow more money for a loan com- C. a credit card
pared to someone who has no savings.
D. a money order
C. Saving money lets you spend more
money now since you know exactly what 654. A number assigned to a person that indi-
you want. cates one’s capacity to repay a loan.
D. Saving money allows you to help some- A. loan number
one who is going through financial difficul-
ties. B. credit score
C. report link
649. an item that does not have a brand name
but is basically similar to a more expen- D. Social Security number
sive, well-known product
655. The cost of money which is borrowed or
A. generic good rent is known as?
B. specific good A. Interest
C. internal good
B. Present Value of a Series of Deposits
D. expensive good
650. The amount of money an employee earns
before any taxes or other deductions are A. Your ability to work a job.
subtracted. B. Your ability to spend money.
A. Gross Pay C. Your ability to save money.
B. Work Pay D. Your ability to borrow money.
C. Net Pay
657. A bank charges 6% interest on personal
D. Tax Returns
loans and pays 3% interest on individual
651. Which sources are ways to purchase in- savings accounts. Why is there a differ-
surance? ence in the two amounts of interest?
A. Individual A. The bank wants to make a profit
B. Employer B. The government regulates interest
rates
C. Government
D. All the above C. The bank wants to encourage people
to save
652. Taxes are due when D. The government allows a system of
A. January 31 credit buying

658. Another name for your income is A. she should invest her entire life sav-
A. financial goal ings in the riskiest company
B. salary B. she should diversify her investments
C. savings goal C. she should keep 99% of her money in

a savings account
D. none of above
D. she should put all her money in bonds
659. What is the Future Value of a 20, 000
NARAYAN CHANGDER
dollar investment at 4% interest com- 664. What is an emergency fund?
pounded bi-weekly for 3 years?
A. $22548
B. $17740
C. Impossible to calculate
D. $24305
660. Any money that you earn from working

at a job
A. Borrower
B. Saver A. A savings account set aside for unex-
C. Income pected situations.
D. Taxes B. A way to invest for retirement.

C. Something most people don’t need, be-
661. Saving is putting some aside each cause emergencies are rare.
time you are paid.
D. An investment account that can grow
A. time over time.
B. energy
665. What is the name given to those who
C. money take risks to start their own businesses?
D. candy A. Budgeteers
662. In the past 12 months, Mia has made 4 B. Entrepreneurs
late payments on her credit card. How will
C. Business Teachers
this affect her credit score?
D. Household Owners
A. Her score will go up
B. Her score will stay the same. 666. How can financial education benefit indi-
viduals in personal finance?
C. She will likely get more credit card of-
fers. A. It increases spending on luxury items
D. Her credit score will go down. B. It encourages speculative investments
663. Serena is going to invest her money, C. It empowers individuals to make in-
which is the best option for making a large formed financial decisions
amount of money? D. It promotes excessive borrowing

667. What are the benefits of buying a house? C. 50% Savings Debt Repayment, 30%
A. You do not pay utilities Wants, 20% Needs

B. No upkeep of the property D. 50% Needs, 30% Savings Debt Repay-
ment, 20% Wants
C. No commitment
D. It is a good investment 672. Mr. Pongpong tries not to travel to work
by boat. Because I don’t know how to
668. All of the following choices are examples swim. What type of risk management
of investments except guidelines does Mr. Pongpong have?
A. Taxes A. Avoid risks
B. Stocks and Bonds
B. Reduce risk
C. Real estate
C. Accept your own risks.
D. Businesses
D. Transfer risk
669. Bill makes $ 600 a week. He wants
to save $150 of that each week. How 673. You are really hungry today. You spend
would he figure out what percentage is be- $8 to buy a chicken sandwich. Is this an
ing saved? example of an income or expense?
A. divide 150 by 600 and multiply by 100 A. income
B. Multiply 600 times.150 B. expense
C. Subtract 150 from 600.
674. What do you call a loan for a home?
D. Subtract 150 from 600 and then divide
by 4. A. income
B. mortgage
a fixed expense? C. payment
A. Rent D. credit
B. Groceries
675. Which is an example of credit?
C. Gas
A. A person takes money out of their
D. Clothes checking account
671. How does the 50/30/20 rule of thumb B. A person borrows money from a lender
for budgeting allocate your income? to buy a car
C. A person deposits a paycheck
D. A person uses their debit card.
676. Who pays taxes?

A. most people who have a job
A. 50% Needs, 30% Wants, 20% Savings
B. most people who purchase items
Debt Repayment
C. most people who own property
B. 50% Wants, 30% Needs, 20% Savings
Debt Repayment D. all of the above

677. What is the term associated with a per- 682. A credit union
son who starts their own business? A. is a financial institution that focuses
A. Entrepreneur on taking deposits and using them to fund
mortgages.
B. Landlord
B. is a non-profit institution owned by its
C. Chancelor members and provides financial services
D. Loan Officer to its members.
NARAYAN CHANGDER
C. offers a broad range of deposit ac-
678. An expense that costs the same every count and gives loans to individuals and
month is called? businesses.
A. variable expense D. is a financial institution for students
B. fixed income only
C. fixed expense 683. Money you receive before taxes
D. income A. Gross Income
B. Net Income
679. An FEU student who has 10 pairs of
school uniform C. Disposable Income
D. Discretionary Income
684. A debit card is a form of money?

A. True
B. False
685. What is a long term budget?

A. Need A. Planning investments for your retire-
ment
B. Want
B. Personal money management plan
680. An IOU is an example of: C. Creating a business plan (en-
A. a savings account trepreneurship)
B. a personal loan D. Spending more money than you have
C. your new favorite band 686. True or False:This is a balanced bud-

get:Income:$ 350Expenses:$ 800
D. none of above
A. True
681. When you take money out of your piggy B. False
bank or bank account what is that called?
A. Withdrawal 687. What does smart stand for
A. Special message atainable relevant
B. stealing
time bound
C. deposit
B. Special message acheievable realistic
D. purchasing time bound

C. Specific measureable achievable real- 692. Which of the following are sources of
istic time-bound credit?

D. Specific message acheive realistic A. Banks
timesaved
B. Pawn Shops
688. Index that allows investors to determine C. Car dealerships
the general direction of stock prices. How-
D. Mortgage companies
ever, it only sets together 30 of the most
traded stocks on the New York Stock Ex-
693. Which of the following is NOT a discre-
change, meaning that it is in constant
tionary expense?
change.
A. Macroeconomics
B. NYSE
C. Trademark
D. Dow Jones
689. Setting funds aside for long-term goals is
A. Gym Membership
A. marketing
B. Entertainment
B. investing
C. Rent
C. planning
D. Vacation
D. savings
694. cash flow that shows you spent more
690. If an hourly worker makes $15.00 per
money than you brought in.
hour and earn time and a half for overtime,
how much is the per hour pay for overtime A. negative
if the employee works 40 regular hours B. positive
and 6 overtime hours?
C. balanced
A. $25.00
D. advanced
B. $22.50
C. $735.00 695. Which is the correct type of insurance
that would be used:Joey’s father is in a car
D. $135.00
accident and cannot work. What type of in-
surance replaces his father’s earnings? (a)
691. How do you improve your credit score?
A. a Disability
A. Pay your debts on time.
B. Property and liability
B. Don’t purchase anything.
C. Health
C. Have lots of credit cards open.
D. Life
D. Charge as much as you can on your
cards. E. Workers’ compensation

696. At the beginning of this month, the bal- C. 12

ance of Vance’s checking account was D. none of above
$697.96. So far this month, he has re-
ceived a paycheck via direct deposit of 701. Ivan needs to study for his science test
$962.88, been charged a monthly ser- next week but he wants to play outside
vice fee from his bank of $25.00, used a with his friends. Instead of studying for
debit card linked to his account to make a his test, he decides to play football with
purchase of $83.12, written a check for his friends. He ended up failing his science
$138.83 that has already been deposited, test. What was his opportunity cost.
NARAYAN CHANGDER
and deposited a check written to him for A. Playing outside with his friends
$71.17. What is the current balance of
Vance’s checking account? B. Earning a passing grade on his science
test
A. $1620.38
C. Getting exercise by playing football
B. $1510.06
D. Scoring a touchdown for his team
C. $1485.06
D. $787.10
697. Late payments are retained on credit re-

ports for 7 years.
A. True
B. False
A. Payee-to whom the check is written
698. a plastic card that enables the holder to
B. number amount box
withdraw money or to have the cost of
purchases charged directly to the holder’s C. written amount box
bank account D. date-the check was written
A. W-4 form E. memo-why the check was written
B. credit card
703. Delaying current spending in order to pur-
C. debit card sue an activity with greater financial ben-
D. expenditure efits in the future.
A. Saving
699. Typically a not-for-profit institution
B. Spending
A. Credit Unions
C. Budget
B. Commercial banks
D. Investing
C. Capital investments
704. Direct deposit means
D. CD’s & DDA’s
A. income taxes are automatically with-
700. There are Regional Federal Reserve held from pay
Banks, and one Federal Reserve Board of B. pay is electronically transferred into a
Governors. bank account
A. 50 C. the employee takes the paycheck to
B. 4 the bank and deposits it

D. the employer takes the paycheck to the B. A progressive tax

bank and deposits it C. A proportional tax

705. a person’s assets, or what a person D. A user fee
owns, minus a person’s liabilities, or what
a person owes 710. Contributing to the success of the team is
an example of
A. net worth
A. Integrity
B. gross pay
B. Teamwork
C. net income
D. salary C. Positive Work Ethic
D. Self-Representation
706. Generic products are usually more expen-
sive that brand name products. 711. the interest rate charged on a card
A. True A. APR
B. False B. ATM
707. What term means the extra money you C. UPS
pay in order to borrow money? D. YTD
A. interest
712. Jan is risk-averse, but wants to earn
B. debt the best rate of return in less than two
C. loan years. Which investment would MOST
D. investment LIKELY meet Jan’s need?
708. In 2007, the United States experienced

record number of home foreclosures. In
other words, because many people had
signed home home loans that they ul-
timately could not afford to pay back,
record numbers lost their homes to lenders.
Lenders were able to take these homes be-
cause the homes were SSEPF.5 DOK 3
A. Illegally bought A. bonds
B. Uninsured B. stocks
C. Collateral C. certificates of deposit

D. Part of a housing surplus D. stock-based mutual funds
709. The US income tax chargers higher rates 713. The amount of money paid either monthly
for those with higher incomes. Wealthy in- or biweekly
dividuals are said to be in higher tax brack- A. Income
ets and poorer people in lower tax brack-
B. Salary
ets. This is an example of SSPEF.3 DOK
1 C. Hourly Pay
A. A regressive tax D. Deposit

714. Patrick wants to buy a new tricycle for C. Saving part of your current income for
his daughter. He can pay for the tricycle use in the future.
in cash for $65 or in 5 payments of $15. D. Saving part of your current income for
How much more would Patrick pay if he use in the future.
used credit to buy the tricycle?
719. Who is a producer?
A. $15
A. A person who buys things.
B. $25
B. A person who makes things.
NARAYAN CHANGDER
C. $10
D. $5 720. Charis wants to decrease the risk of
fraudulent use of her credit cards. Which
715. Extra cellphone strategy would be the most effective?
A. Need A. carrying all credit cards in her wallet
so they don’t get lost
B. Want
B. signing the back of her card with her
716. A plan for how to manage your money is signature and “Please see picture ID”
called a? C. giving account numbers over the inter-
net rather than over the phone
D. using credit cards for all her pur-
chases so she only needs to pay one bill
each month
721. The Federal Reserve is called “The
A. income Bankers Bank” because it supervises
B. budget banks.
C. expense A. False
D. investment B. True
717. A good way to combat overconfidence bi- 722. IT’S OKAY TO GIVE YOUR SOCIAL SECU-
ases in investing is (Choose all that are RITY NUMBER AND E-MAIL PASSWORD
correct) TO ANYONE WHO ASKS FOR IT.
A. True
A. Increase time frame
B. False
B. Trading using margin accounts
C. Use only media and friends in making 723. Every month after my parents pay all of
investment decisions the family’s bills they set aside a little bit
of money for the family to do fun things
D. Diversify your investments like go to the movies, bowling and even
go to amusement parks. My family uses a
718. Which of the following concepts about
Savings is correct?
A. income
A. Saving all current income for future
use. B. debt
B. Saving part of your current income for C. interest
use in the future. D. budget

724. unearned income 728. What dos a credit score mean?

A. income from investments rather than

from work.
B. n expense that can be subtracted from
taxable income in order to reduce the
amount owed.
C. exemption is a lawful reduction of the
amount of income that would otherwise A. How likely a person will use an over-
be taxed for a qualifying reason. draft.
D. a tax incentive which allows certain B. How likely a person will pay off the
taxpayers to subtract the amount of the loan.
credit they have accrued from the total C. How likely a person is to save large
they owe the state. amounts of money.
725. What is Hard skills? D. How likely a person is to make bad in-
vestments and loose money.
A. Measurable physical and mental abili-
ties that allow you to complete a job. 729. Savings account and Money Market Ac-
B. Physical abilities that help you to do ex- counts have a limit of how many times you
ercise. can withdrawal your money monthly.
C. The abilities to play the piano. A. True
D. All of the above. B. False
726. Bruce and Jennifer, a recently married 730. Money earned from work or investments
couple with full-time jobs, set a goal of A. Interest
putting $200 in savings every month to B. Income
make a down payment on a home in five
years. What type of goal have they set? C. Dividend
A. Short term D. Rent
B. Unrealistic 731. Which term is most closely associated
C. Intermediate with the start of the Spanish-American
War?
D. Long Term
A. socialism
727. Sandra and her husband Ben have a B. populism
monthly income of roughly $6, 000 per
month. Based on most research studies, C. yellow journalism
how much money should they set aside for D. isolationism
savings each month?
732. Which is the most accurate description of
A. $4, 500
an investment asset?
B. $3, 000 A. The most valuable property
C. $600 B. Assets that are intended to create
D. $300 comfort today

C. Assets that generate periodic cash 738. Medium of exchange used to buy goods
flows. and services.
D. All correct. A. Credit
733. What does APR stands for in finance? B. Investing
A. Annual Progress Report C. Saving
B. Apple Product Resale D. Money
NARAYAN CHANGDER
C. Annual Percentage Rate 739. When dealing with insurance, a person
D. Advanced Password Recovery paying a higher deductible will typically
have
734. If we decide to go to Top Golf over Spring A. smaller returns
Break, it would be considered a
B. higher inflation
A. Variable Expense
C. greater risk
B. Fixed Expense
D. lower premiums
C. Discretionary Expense
D. Income 740. The term expenses refers to
A. money people are paid for work
735. Select all that is a form of Good Debt
B. money that people have to spend on
A. Mortgage things like rent, gas, and groceries
B. Credit Card C. Money saved for retirement
C. Student loan D. extra money paid to workers when
D. Macy’s Credit card they retire.
736. Are these stocks? 741. A portion of a corporation’s profit dis-

tributed to stockholders is called a(n)
A. interest payment
B. gain on principal
C. return on investment
D. dividend
742. What must be on every check?

A. True
A. The color blue
B. False
B. Time of day
737. Which type of tax taxes people with C. Signature
higher incomes at higher percentages?
D. Temperature
A. Progressive
B. Property 743. A reverse mortgage is a loan secured by
real estate that allows you to withdraw
C. Proportional money over time. Suppose your house is
D. Regressive tax worth 8 million Baht. A bank is willing

to lend no more than 60% of your prop- D. none of above

erty value at interest rate of 5.7%. If you
want to withdraw money for 10 years in- 748. Insurance

stead of 20 years, you could A. When expenses are greater than in-
A. get more money per month come
B. get less money per month B. Lists and summarizes income and ex-
pense transactions that have taken place
C. get the same money per month
over a specific period of time, usually a
D. none of above month or year
744. a small, coded plastic card issued by a C. A product that transfers risk from an
bank, business, etc., authorizing the card- individual to an insurance company or or-
holder to purchase goods and services on ganization.
credit up to the authorized amount. (MUST D. The portion of current income not
BE REPAID) spent on consumption.
A. credit card
749. In which type of business organization
B. debit card does the owner have the Most liability?
C. flash card
A. Monopoly
D. post card
B. Sole proprietorship
745. A fully funded emergency fund will carry C. Corporation
the same amount of money as worth
D. Partnership
of expenses.
A. 4 years 750. A credit card is the same thing as a debit
B. 3-6 months card.
C. 1 month A. True
D. 2 years B. False
746. Which one is a need? 751. Name the 3 types of endorsements

A. A bike with 25 gears A. Special, check, restrictive
B. A bike to get to college B. Blank, specific, restrictive
C. Top of the range bike to get to college C. Blank, special, restrictive
D. none of above D. Blank, select, restrictive
747. Pamela wants to buy a sticker book that 752. A is a document published by your
costs $32. She saves $5 a week. Which bank or credit union that details all trans-
statement about Pamela’s savings is true? actions for the month.
A. She will have enough money to buy the A. Overdraft
book if she saves 7 weeks.
B. Statement
B. She will have enough money to buy the
C. Cleared Check
book if she saves for 6weeks.
C. She will have enough money to buy the D. Withdrawal
book if she saves for 5 weeks. E. Deposit

753. When taking out a 5 year fixed rate auto C. meaningful

loan, which of the following lenders should D. manageable
you choose?
758. Teontia needs to buy gas for his car at
least twice a week so he can go see his
girlfriend across town. It’s frustrating be-
cause he never knows exactly how much
gas is going to cost. This is because gas is
a expense
NARAYAN CHANGDER
A. BBT A. variable
B. Regions Bank B. fixed
C. Bank of America C. stationary
D. none of above D. This would not be an expense
754. What is competition? 759. house payment
A. food and clothing A. Credit
B. Someone who spends money B. Loan
C. Used by businesses to gain more cus- C. Commission
tomers and earn higher profits D. Mortgage
D. none of above
760. A group of large companies that stockbro-
755. What is a budget? kers look at to gauge how the market is
doing as a whole.
A. A plan for the next school year.
B. A plan for the weekend.
C. A plan to make more money.
D. A plan for saving and spending your
money.
756. Sam, a consumer earns 5% interest on

his $200, 000 deposit, BUT he would be
charged 9% on $200, 000 loan from the A. shareholder
same bank. How can you describe the prof- B. portfolio
its or losses of Sam’s bank based solely on
this information? C. industry
D. index
A. the bank takes a loss
B. the bank makes a profit 761. The Federal Insurance Contributions Act
(FICA) requires employers to deduct a per-
C. bank can’t determine a profit or a loss
centage of your income for:
D. bank makes neither a profit or a loss
A. Social Security
757. The M in SMART goals stands for B. Medicare
A. moral C. Both Social Security and Medicare
B. measurable D. Neither Social Security and Medicare

762. an investment company that sells stock in 768. What is a good?

itself and uses the proceeds to buy stocks A. things we buy or use
and bonds issued by other companies

B. things we must have to live
A. mutual fund
C. hard jobs
B. brokerage firm
D. none of above
C. stock market
D. bond market 769. Which of the following usually causes in-
come from a job to be higher?
763. Experts say you should try to save at
least what percentage of your income?
A. 5%
B. 10%
C. 15%
D. 20% A. the job has a title
764. What will you pay back if you borrow $ B. more education is required for the job
A. principal only C. people must be interviewed for the job
B. interest only D. an ad for the job was placed on the in-
ternet
C. interest and finance charges
D. principal + interest 770. Which of the following is a NOT potential
negative effect of using a credit card too
765. The purpose of insurance is to make you much?
financially better off than you were before
the event occurred. A. It can make it harder for you to get a
job
A. True
B. It can send you into years of debt
B. False
C. It can make it harder for you to borrow
766. What protects your money if the bank money for car loans or a house.
fails D. It can make it harder for your children
A. AARP to get loans
B. FDIC 771. What does it mean to have a balanced
C. IRS budget?
D. IRA A. Income is equal to or more than the ex-
penditures.
767. Something that costs the same every
month (loan car payment) B. Expenditures are equally spread out in
the budget.
A. Discretionary expenses
C. Income that is earned is less than the
B. Variable expense expenditures.
C. Fixed expense D. Donations to charity are included in
D. debit the expenditures.

772. refers to asset the borrower has that A. $40.12

could be taken by the lender if the bor- B. $55.12
rower fails to repay.
C. $63.91
A. Condition
D. $71.34
B. Character
C. Capacity 778. During a job interview, who should be the
one to begin talking?
D. Collateral
NARAYAN CHANGDER
A. Employer
773. What is not an example of money?
B. You
A. Currency
C. Both
B. Debit Cards
D. None of these
C. Credit
D. Checks 779. Frank owns his own printing firm. Since
business has been going well, he wants
774. extra money that is paid by the borrower to look at ways to increase his production.
to the lender for the ability to use the After assessing his resources and potential
loan money now. It’s the “price” of using business he finds that the marginal benefit
money. of hiring two new employees and buying
A. Credit new equipment will lead to greater prof-
its and outweigh the extra costs he will
B. Debit spend. Frank’s actions are an example of
C. interest a(n)
D. Leverage A. rational economic decision
775. What is a plan for your money usually B. tradeoff

called? C. opportunity cost
A. spreadsheet D. trade barrier
B. budget
780. Caters to individuals
C. balance sheet
A. Bank
D. checking account
B. Credit Union
776. When you fill out a check register, you C. Both
put your deposits and expenses in the
D. none of above
same column.
A. True 781. “ We conclude that, in the field of
B. False public education, the doctrine of ‘separate
but equal’ has no place. Separate edu-
777. In the financial record shown, what is the cational facilities are inherently unequal.”
balance on 6/17, after the debit? These statements were included in
which Supreme Court decision?
A. shenck v. United States (1919)
B. Korematsu v. United States (1944)

C. Brown v. Board of Education of Topeka B. HOPE

(1954) C. Chicago Board of Trade

D. Vernonia School District v. Acton D. Chicago Mercantile Exchange
(1995)
786. Which of the following people will LIKELY
782. Suppose you are male and you are think- find the highest paying job in the work-
ing about quitting high school before you force?
graduate. Based on the averages in the
table, about how much lower will your in- A. someone with a high school diploma
come be than if you decided to finish high B. someone with a college degree and ad-
school? ditional training
C. someone with mediocre communica-
tion skills
D. someone with a history of bouncing
from job to job
A. $5, 517
787. A tax may at first appear to be a fair
B. $11, 251
way of taxing citizens because everyone,
C. $8, 433 regardless of income level, pays the same
D. $14, 155 dollar amount. By taking a closer look,
it is easy to see that such a tax causes
783. Why is it important to prepare and follow lower-income people to pay a larger share
a budget? of their income than wealthier people pay
A. A budget increases a persons income. A. progressive
B. A budget helps people make responsi- B. income
ble economic decisions.
C. flat
C. Budgets help people stick to a health
D. regressive
plan.
D. Budgets help determine the best edu- 788. This means giving up the opportunity to
cational plan for a student. spend in the present in order to benefit
later on.
784. Who would a business consider a human
A. applying for credit cards
resource?
B. saving for the future
A. someone who returns a product to the
business C. going on a shopping spree
B. someone who buys the business’s D. using your savings
products
789. Market Value
C. someone who visits the business’s
store A. Personal property that was purchased
to create a lifestyle or improve your life
D. someone who works for the business
B. The amount you could realistically sell
785. What is the largest stock exchange in the an asset for today
world? C. Financial assets purchased with the
A. New York Stock Exchange hope that they will generate income and

appreciate in value to make it possible to A. Stocks

sell at a higher price in the future. B. Bonds
D. Money spent C. Mutual funds
790. Carson’s family has always struggled fi- D. T-bills
nancially due to his parents leaving high
school before graduating and working 794. Which of the following gross income is
lower paying jobs to support the family. NOT taxable income?
His parents do not want him to make the A. Health insurance reimbursements
NARAYAN CHANGDER
same mistake and are encouraging him to B. Interest income
apply for scholarships and any type of stu-
dent aid he might qualify for. Which appli- C. Dividends
cation will determine which type of need- D. Tips received
based aid he will qualify for?
795. The bank agreed to loan me the money
A. Perkins Federal Loan Application that I needed to start my new business.
B. Direct Subsidized Stafford Loan Appli- My ability to borrow this money is known
cation as what?
C. Federal Work Study Application A. interest
D. Free Application for Federal Student B. budget
Aid (FAFSA)
C. debt
791. What does “debt” mean? D. credit
A. The money that you owe.
796. Which best describes life nodules?
B. Only what you owe on monthly bills.
A. Trying to earn as much money as pos-
C. How much you have on the last day of sible to keep the water bottle full.
the month.
B. Trying to plug holes to control costs
D. The amount of money you have saved.
C. Cutting out certain expenses to maxi-
792. The 25 day time period in which new mize savings
credit card purchases can be paid off when D. All correct.
there is no previous balance, without be-
ing charged interest is the 797. The name for a renter is:
A. grace period A. landlord
B. overdrawn period B. rentee
C. rest period C. tenant
D. accumulation period D. lease
793. A type of investment that invests in a lot 798. Why do local, state, and federal govern-
of different companies is called ments collect taxes?
A. To take away citizens’ rights
B. To provide services to citizens
C. To support church youth groups
D. To make sure laws are being followed

799. The fee for using someone else’s money 804. A photo ID is always required to use a
A. credit debit card.
A. True

B. loan
C. insurance B. False
D. interest 805. What does the word save mean?
800. The balance in your account is $500. You A. to buy
then deposit $23 into your account. What B. to put away and keep
is your new balance?
C. to spend
A. $500
D. none of above
B. $477
806. Risk and return have what kind of rela-
C. $523
tionship in terms of investment options?
D. $23
A. Inverse
801. Opportunity cost refers to B. Competitive
A. money needed for major consumer C. Indirect
purchases.
D. Direct
B. what you give up or forego as a result
of making a decision. 807. What are payroll taxes?
C. the amount paid for taxes when a pur- A. A mandatory deduction for Social Secu-
chase is made. rity and Medicare
D. evaluating different alternatives for fi- B. An optional deduction for Social Secu-
nancial decisions. rity and Medicare
802. A term for one’s work related financial C. A mandatory deduction for Social Se-
earnings budget is curity only
A. loan D. An optional deduction of income tax
B. salary 808. Amount you must pay before you begin
C. savings receiving any benefits from your insurance
company.
D. credit
A. Out of Pocket Expense
B. Premium
Budget is correct?
C. Liability
A. Is putting money into a business to cre-
ate added value in the future. D. Deductible
B. Saving part of your current income for 809. Putting money aside for future benefit
use in the future. and growth (usually through interest) or
C. Is the amount of money that must be by using the money to start a business,
paid for the use of a certain loan. buy stocks, bonds, certificates of deposit,
D. It is a money management spending and/or mutual funds.
plan over a set period of time. A. Budgeting

B. Saving 814. Why do households sell their labor to

C. Investing businesses?
D. Profiting
810. Select the following 3 reasons that are

positive benefits of social media sites.
NARAYAN CHANGDER
A. For interest
B. For loans
C. For income
D. For Fun!
A. People feel less lonely. 815. This is just a savings account with a
B. They spread false news. slightly higher interest rate because the
saver commits to a longer saving period
C. They help people express their views.
for a set amount deposited.
D. Social media helps people keep in
A. C.D.
touch with family and friends.
B. debt
811. refers to money; specifically financial C. beneficiary
assets or the financial value of someone’s
assets. D. none of above
A. economics 816. Which of the following would be sound

investing advice:
B. capital
A. Invest as early as possible and keep a
C. GDP
long-term perspective.
D. interdependence B. Start investing when you’re 50.
812. How can a cardholder avoid paying inter- C. Buy and sell stocks on a daily basis.
est on a credit card? D. Only invest when the market does well.
A. Pay the balance in full every month
817. WHAT KIND OF TAX DO PEOPLE PAY ON
B. Pay the minimum payment after its due THINGS THEY OWN, LIKE A HOUSE OR A
date BOAT?
C. Do not pay anything A. Property tax
D. Pay the minimum balance every month B. Sales tax
C. Income tax
813. When you buy something using credit,
you only have to pay back the money that D. none of above
you borrowed.
818. Which financial institution is insured by
A. True NCUA?
B. False A. commercial banks

B. credit unions 824. What is a dependent

C. savings and loans A. Someone that relies on somebody else

D. none of above to pay less than half of their living
B. Some one that relies on someone else
819. Amount of money that a person makes to pay a quarter of their living
by selling products or providing a service
C. Someone that relies on someone else
to the citizens of an area; serves as a ba-
to pay more than half of their living
sis for the collection of taxes by State and
Federal Governments. D. Someone that realizing someone else
to pay 75% of their living
A. Savings
B. Budget 825. On Lacy’s receipt from the clothing store,
she finds her bill is an extra $2. What kind
C. Credit
of tax was added?
D. Income
A. Property Tax
820. What is supply? B. Income tax
A. Method used to gain more customers C. Sales Tax
B. The amount that producers are able D. Payroll Tax
and willing to produce and sell at all pos-
sible prices at a given time 826. How do banks make money?
A. by working on commission
C. Jewelry, food, dresses, etc.
B. by being in debt
D. none of above
C. Charging interest
821. When I use my debit card at the store,
D. none of above
the money is automatically taken out of
my account. 827. If the President vetoes a bill, the
A. Savings congress can still pass the bill by
B. Checking A. Impeaching the President
C. Inflation B. Overriding the bill with a 2/3 majority
D. Withdraw C. Taking it to the Supreme Court
D. Ignoring the President
822. You go to the ATM at the bank and with-
draw $300 from your checking account. 828. What was the balance of the account at
What card did you use? the end of the day on 7/24?
A. credit card
B. debit card
823. Which sector of US economy provides the
public with services using tax money?
A. Banks A. 4720.33
B. Goverment B. 4320.03
C. Household C. 5091.15
D. Private Business D. 4500.75

829. Earning interest on interest is called 835. FICA stands for:

A. Extra interest A. Federal Insurance Controlling Act
B. Inflation interest B. Fake Insurance Contribution Act
C. Simple interest C. Federal Insurance Contribution Act
D. Compound interest D. None Of Them
830. When is a good time to begin saving?
836. How is credit used?
NARAYAN CHANGDER
A. Now
A. Employers may check job applicants’
B. When I get a full time job credit.
C. When I am in college B. Before renting an apartment, the land-
D. Never lord will check the prospective tenant’s
credit.
831. How can you use a credit card and pay no
interest? C. If you apply for a cell phone or credit
card, your credit will be checked.
A. use Capital 1
D. All of these are correct, these are only
B. use a Visa card some of the ways credit can be used.
C. pay the bill in full in the 1st month
837. Which is a limitation of the investor’s ca-
D. pay a fee 1st
reer?
832. Protects the deposits of customers A. Pay taxes at a high rate
against loss up to $250, 000 per account
B. Pay taxes step by step
A. FDIC insurance
C. It takes a long time to succeed.
B. life insurance
D. No risk
C. home insurance
D. renters insurance 838. Hayden makes 150, 000 dollars a year.
Which word best describes this amount of
833. Which of the following is a variable ex- money?
pense
A. salary
A. car payment
B. debt
B. mortgage payment
C. profit
C. student loan payment
D. investment
D. electric bill
834. What you give up when making decisions 839. Piece of ownership in a company, mutual
is called: fund or other investment
A. Opportunity Cost A. Share/stock

B. Time Management B. 401K
C. Money Cost C. Bond
D. Time Value of Money D. none of above

840. What is a CREDIT UNION? A. $972

A. A nonprofit financial institution that is B. $1030

owned by its members and organized for C. $1480
their benefit.
D. $1950
B. a type of short-term borrowing where
a lender will extend high-interest credit 844. What is the best estimate in percentage
based on a borrower’s income and credit of money taken out of a paycheck for in-
profile surances, taxes, etc.?
C. moving a balance from one credit card A. 60-65%
account to another
B. 25-30%
D. none of above
C. 5-10%
841. The cost of borrowed money, usually ex- D. 80-85%
pressed as a percentage.
845. This is known as the ease of turning as-
sets into money
A. Liquidity
B. Spending
C. Buying
D. Saving
A. interest
B. savings plan 846. The “time value of money” means that
C. scarce A. money paid out today less value than if
the money is paid out in the future
D. purchase
B. money received today is worth more
842. spender than the same amount of money received
A. individual who likes to save money in the future
rather than spend money C. the more time a person has to save,
B. individual who enjoys spending money the lower the return on the money
on himself/herself or others D. the longer money is held, the less likely
C. individual who enjoys investing money it will be spent
into high-risk ventures
847. Interest is defined as
D. individual who plans for the future and
A. the original amount borrowed
is prepared for any type of financial situa-
tions B. the fee for borrowing a sum of money
C. the yearly amount you owe beyond
843. Staci spends $50 a week on food, $50 a
what you borrowed
week on entertainment, and $50 a week
on personal items. She spends $800 a D. all of the above
month on rent and $20 a week on gas
to get to and from work. How much are 848. The purpose of an is to have money
Staci’s monthly expenses if there are 4 available to pay for unplanned purchases.
weeks in a month? A. debt

B. income D. Charge everything on your credit card

C. emergency fund and hope for the best.
D. expenditure 853. True or False?You can use a debit card and
849. When you money into a checking check with a SAVINGS account?
or savings account, that means you put A. True
money into that account.
B. False
A. withdraw
NARAYAN CHANGDER
B. overdraft 854. The first type of insurance high school stu-
dents are likely to pay for themselves is
C. deposit
D. loan A. Life
B. Property
850. A fixed expense is?
A. Costs that do NOT change from month C. Automobile
to month. D. Disability
B. Costs that do change from month to
month. 855. Grants are mostly available to students
who
C. Costs that happen once every couple
of weeks. A. have family financial need
D. Costs that change every six months. B. have really good grades
851. Compute the gross pay:Base C. have filled out the application
pay:$482.10Sales amount:$260.00Commission D. have talents in sports or arts
rate:9%
A. $742.10 856. This financial institution charges the most
B. $528.30 for interest but provides quick cash
C. $505.50 A. credit union

D. none of above B. savings and loan
852. You and your friends went to Cancun, C. bank

Mexico for spring break. You spent all D. pay day loan company
of the money in your vacation jar at the
nice restaurants on the beach, but now 857. companies that make loans based on an
you want to buy souvenirs for your family. individual’s Collateral; an item of value
What do you do? one owns like a car.Lenders can sell the
A. Take money from your car jar and un- collateral to cover the value of an out-
derstand that you will have to use less gas standing loan if the borrower cannot re-
for the month. pay. Charge high interest.
B. Take money from your hair jar and skip A. title / pawn lenders
a hair appointment. B. pay day lender
C. Take from your college savings jar
C. credit union
knowing that you can replace the money
another Day. D. mortgage broker

858. Water bill, electric bill, paying for gro- C. expenditures which are essential for
ceries. an individual to be live and function

A. Income D. expenses which help an individual to
B. Expenses live more comfortably
863. The portion of your income not spent is

859. money earned
called
A. income
A. savings
B. deposit
B. spending
C. budget
C. debt
D. none of above
D. personal budget
860. What are Mutual Funds?
864. Which of the following is an important
A. Financial tool established by money reason why people need financial invest-
collected from several investors that can ment plans?
A. to know where to purchase goods
rities.
B. to save for retirement
B. Security that represents the owner-
ship of a “part” of a corporation. Financial C. to gain simple rather than compound
Assetex. Amazon, Nike, Pfizer, Facebook, interest
etc. D. to lower their credit score
C. The largest stock market in the world
865. The exact amount of money contained in
and also the first in number of affiliated
a deposit account according to the bank.
companies.
A. Bad Credit
(stock, bond, mutual fund) can be bought B. Account Balance
or sold. C. Capital Gain
861. Which of the following are examples of D. Charge Card
deductions?
866. Which is the “R” in SMART Goal?
A. State & Local Taxes
A. Realistic
B. Sales Tax
B. Required
C. Federal Taxes
867. Spending and savings plan; developed by
D. 401k
citizens to assist with saving and spend-
E. Health Insurance ing decisions and by governments to de-
termine how tax money is spent and allo-
862. spending wants cated to different agencies and programs.
A. individual who does not consider A. Income
money as a necessity and does not have
much of an opinion on money B. Budget
B. individual who enjoys spending money C. Savings

on himself/herself or others D. Credit

868. After buying a new coat at the store, Liz B. Capital

realized that she had spent more than she
C. Stocks
had. Which of the following could NOT be
the method of payment she used? D. Bonds
A. Check 874. Valerie intends to pay off her furniture
B. Cash loan in 15 months. This is an example of
which type of goal?
C. Credit card
NARAYAN CHANGDER
D. Debit card A. Short term
B. Financial target
869. The account usually requires more money
than a savings account to open. C. Mid-range
A. Savings Account D. Long term
B. Certificate of Deposit 875. If an expense can not be cut from your
C. Money Market Account budget to save money, it is considered a
D. none of above
A. Income
870. Which of the following MOST affects
your ability to borrow money? B. Want
A. your credit score C. Need
B. your savings account D. Savings

C. your monthly income 876. What is one benefit to using money in-
D. your political party stead of bartering?
A. ) Money is used by everyone to buy
871. Your credit score could impact all of the
goods.
following areas EXCEPT
A. employment B. ) Money is hard to use to buy goods.
B. loans C. ) Money is hard to find.
C. ability to rent D. none of above

D. clothing options 877. Mr. Koehler comes to me (Ms. Stender)
for a loan. Who is the lender?
872. Herzberg formulated the two-factor the-
ory of hygiene factors and motivators. A. Mr. Koehler
A. T B. Mrs. Standing
B. F
878. A person that starts his or her own busi-
873. Fixed income instrument that represents ness is known as what?
a loan made by an investor to a borrower. A. business starter
The person who buys it gets paid interest
B. entrepreneur
by the company or government who issued
it. C. advisor
A. Finances D. businessperson

879. The rate of return refers to? D. You get a tax benefit from the Federal
A. How quickly funds grow in an invest- government

ment 884. Which of these is an example of a human
B. The certificate of deposit face value resource?
C. The length of time before an invest- A. a river
ment can be cashed out
B. a forest
D. The maturity rate of an investment
C. a teacher
880. Using a PIN is optional when using a D. a computer
debit card
885. This is a place where buyers go to find
A. True
things they want or need. What is this
B. False place called?
881. Which type of insurance should you pur-
chase at the age of 60?
A. Health
B. Life
C. Disability
D. Long-Term Care
882. Changing your goal from “I will work

out daily” to “I will work out for an hour
A. library
daily” adds what part of SMART to your
goal? B. market
A. Specific C. forest
B. Attainable D. none of above
C. Measurable 886. Money that you spend monthly based on
D. Realistic your needs, wants, and budget
A. Expenses
883. What is the benefit of direct deposit?
B. ATM
C. stocks
D. risk
887. The process of projecting, organizing,

monitoring, and controlling future income
and expenses is known as
A. Any overdraft fees are waived
A. Government
B. You don’t have to spend time and en-
ergy depositing a check B. Geography
C. The funds from your paycheck are usu- C. Judicial Branch

ally available between 3-5 business days D. Personal Finance

888. the money you spend on everything 893. Which number is greatest?0.5670.6570.700
A. expenses
B. income
C. collateral
D. charge
E. surplus
NARAYAN CHANGDER
889. Differences between planned income or A. 0.657
spending and actual income or spending in
a budget. B. 0.567
A. Variances C. 0.700
B. Net worth D. none of the above
C. Budget 894. The Nasdaq Composite is a market cap-
D. Assets weighted index, simply representing the
value of all its listed stocks. The Nasdaq
890. What is stock Composite tracks the performance of more
A. the goods or merchandise kept on the than 3, 000 stocks of technology compa-
premises of a business or warehouse and nies listed on the Nasdaq.
available for sale or distribution. A. False
B. liquid made by cooking bones, meat,
B. True
fish, or vegetables slowly in water, used
as a basis for the preparation of soup, 895. What is a good reason to save money?
gravy, or sauces .
C. T he raw material from which a speci-
fied commodity can be manufactured.
D. a supply or quantity of something accu-
mulated or available for future use.
891. Penalties are most likely assessed if

funds are withdrawn early. A. To have money to buy things you want
A. Certificate of Deposit B. To have money put aside for emergen-
cies
B. Checking Account
C. Money Market Deposit Account C. to build wealth for the future
D. Savings Account D. all choices
892. The proper term for the amount of money 896. Citizens and businesses must give the
you borrow when you get a loan is government money. What is this called?
A. Principle A. paying taxes
B. Credit B. interest
C. Wages C. voluntary exchange
D. IOU D. loan

897. money taken out of your account 902. What does it mean to “live within your
means”?

A. use credit excessively
B. spend what you make (or less)
C. repay college loan debts before other
debt
D. spend more $ than you make
903. In general, the higher the potential return
on an investment, the riskier the invest-
ment.
A. debit A. True
B. deposit B. False
898. Solvent means(choose all that apply) 904. True or False?You can withdraw and de-
A. you have cash surpluses posit money into a savings account.
B. you have cash shortages A. True
C. Assets exceed liabilities B. False
D. Liabilities exceed assets 905. What does bi-weekly mean?

A. 4 times a year
899. Investing the same amount at regular in-
tervals is called B. 52 times a year
A. Dollar-Cost-Averaging C. 26 times a year
B. Indexing D. 104 times a year
C. Lump Sum Payment 906. What is the purpose of the W-4 form?
D. none of above A. To show how much money you made
for your tax return.
900. the lowest wage permitted by law; in the B. To determine how much your gross pay
U.S., $7.25 an hour should be.
A. salary C. To inform your employer of how much
B. Minimum wage federal income tax to withhold from your
paychecks.
C. Minimum salary
D. To avoid paying income taxes on your
D. income
paychecks.
901. You have $17.93 in your account. Which 907. Bob getting paid $35, 000 a year to keep
check can you NOT write? Kroger clean is an example of
A. $7.93 A. Salary
B. $8.93 B. Hourly Wage
C. $17.93 C. Retirement
D. $18.93 D. Commission

908. A check stub can be endorsed anywhere 914. -Establishing a direct telephone line
on the back of a check. between Washington and Moscow-
A. True Negotiating a limited nuclear test-ban
treaty-Selling surplus wheat to the Soviet
B. False UnionThese actions by President John F.
909. Which of the following is NOT a reason Kennedy and Richard Nixon are examples
for balancing your checkbook? of their attempts to
A. Not caring about your money A. meet the Soviet Union’s Cold War de-
NARAYAN CHANGDER
mands
B. Avoid overdrafts
B. establish peaceful coexistence with
C. Know how much you can spend the Soviet Union
D. No-hassle checking C. support Soviet troops fighting in
910. A business agreement or exchange. Afghanistan
A. Transaction D. weaken the military power of the So-
viet Union
B. Goods
C. Services 915. If James pays a department store bill of
$37.69 with a $50 bill, how much change
D. Money
will he receive?
911. same amount in the future A. $12.31
A. time value of money B. $13.41
B. interest C. $23.41
C. interest rate D. Not Here
D. principal
916. A reduction in the value of an asset over
912. Why is important to make a budget? time.
A. It isn’t important. You should spend A. Appreciation
what you need and then deal with it later. B. Depreciation
B. It is important because you can use it C. Amortization
to keep track of your spending at the end
of the month. D. Compound Interest
C. You can plan out how you are going to 917. Which of the following are standard pay-
spend your money at the beginning of the roll deductions
month.
D. none of above
913. A(n) is a check that has been honored

and processed.
A. Overdraft
B. Statement
C. Cleared Check A. federal income tax
D. Bad Check B. rent payment

C. overdraft insurance 921. A restrictive endorsement is endorsed

pay to the order of.
D. healthcare

A. True
E. medicare
B. False
918. Sharon is 20 years old. She has one
gas, two bank, and two department store 922. This institution requires you to be a mem-
credit cards. Her application for another ber
credit card has been declined. The proba- A. Banks
ble reason is: B. Credit Unions
A. The total amount she can charge on C. Savings and Loans
her cards is more than her ability to repay
D. Payday Loan Company
B. she pays the complete balance each
month. 923. Scholarships must be paid back.
C. She is extremely careful about dis- A. True

closing account information to unsolicited B. False
callers.
924. Which of the following scenarios uses
D. none of above saving?
919. What’s one way to boost my credit A. Marsha wrote a check for $50 to pay
score? for her credit card.
B. Bryce puts aside $30 each month.
A. Pay bills on time
C. Kevin took out a loan to pay for a new
B. Use credit wisely
car.
C. Take out loans and pay them back with D. Tony pays cash when he goes on vaca-
interest tions.
D. none of above
925. Specific amount of money that you pay-
920. Michael wants to develop a spending when insurance only covers a portionof
plan for himself to use during his final year costs
of high school. What will he need to do as
his first step?
A. Decide what income and spending cat-
egories would reflect his values, needs,
and wants.
B. Decide how much money he can spend
for each of the bills he pays each month.
C. Track his current income and
expenses-if he has already created an
A. Out of Pocket Expense
Income and Expense Statement then he
has completed this step. B. Policy
D. Develop a control system that will C. Claim

work with his life style. D. Premium

926. The amount borrowed. 932. What is the PERFECT credit score?
A. Loan A. 567
B. Budget B. 750
C. Principal C. 900
D. Debit Card D. 850
927. Replacement breaks on your car 933. A company’s closing price divided by its
NARAYAN CHANGDER
A. fixed expense latest annual earnings per share.
B. expected expense
C. unexpected expense
D. variable expense
928. Required payments to a government are
A. income
B. taxes A. volume
C. medicare B. P/E ratio
D. none of above C. market capitalization
929. Expenses that change from month to D. beta
month are called:
934. Land, houses, and equipment are exam-
A. fixed expenses (rent/mortgage, loans, ples of what type of investment?
etc)
A. Financial Investments
B. stable pricing
B. Poor investments
C. variable or flexible expenses (emer-
gency costs, car repairs, food, etc) C. Real Investments
D. discretionary expenses (eating out, D. loan investments
new shirt, etc.) 935. The measure of an investment’s profit or
930. What does CD stand for when talking loss, usually expressed as a percentage of
about investments? the initial investment
A. Calculated Dividend A. Accrued Interest
B. Certificate of Deposit B. Rate of Return
C. Central Dollar C. Emergency Fund
D. Current Deposit D. Fifth Foundation
931. are the buyers of labor services. 936. When should you plan for your career?
A. workers A. Throughout a lifetime
B. employers B. During college
C. customers C. After the first career change
D. consumers D. Senior year of high school

937. An IT/CS student who ask his/her 941. A person or organization that uses a
mother to buy him/her a laptop product or service is a(n):

A. consumer
B. economist
C. loan shark
D. debtor
942. Lucy receives a weekly allowance of five
dollars from her mom for the chores she
does each week. Lucy wants to earn more
A. Need than five dollars a week because she runs
out of money each week. Her mom tells
B. Want
her to set up a budget to show why she
938. How many factors determine your credit needs a bigger budget. What should Lucy
score. include in her budget to show her mom that
she needs an increased allowance?
A. 5
A. Lucy should make a list of all of the
B. 3 chores she has done.
C. 2 B. Lucy should make a list of her al-
D. 4 lowance and how much she spends.
C. Lucy should make a list of how she
939. A number that indicates how well a per- spent her allowance in the past year.
son repays loans or other bills.
D. none of above
A. Career
943. What can someone do to build good credit
B. Credit Score history?
C. Budget A. close checking accounts to avoid
D. Interest Rate bouncing checks
B. rent an apartment with a friend who
940. Employer has already signed a lease
A. a person or organization that employs C. use your debit card responsibly, being
people careful not to overdraw the account
B. the lowest wage permitted by law or D. get and use a store credit card or ma-
by a special agreement (such as one with jor credit card and pay off the amounts
a labor union); currently $10 per hour in due each month
Florida
944. The FSEOG (Federal Supplemental Edu-
C. time in excess of a set limit:such as cational Opportunity Grant) program pro-
working time in excess of a standard day vides assistance for what?
or week
A. save for college
D. the list of employees of some com- B. graduated with honors
pany that is entitled to receive payments
as well as other work benefits and the C. have financial challenges
amounts that each should receive. D. are first time attenders to college

945. Which type of bank account typically of- B. natural capital

fers the least (if any) interest?
C. human capital
A. Certificate of deposit
D. natural resources
B. Checking account
C. Money market account 950. Many financial experts believe to max-
D. Savings account imum number of credit cards a person
should have is
NARAYAN CHANGDER
946. Lona wants to a buy raincoat for her goat. A. 3
If the raincoat costs $39.99 and has a
sales tax rate of 7%. What will be the B. 5
FINAL PRICE (with tax) of the raincoat?
C. 6
A. $42.79
D. 10
B. $42.78
C. $2.80 951. Which of the following is an example of
an expenditure?
D. $2.79
A. birthday money from your grandpar-
947. When you purchase something you do not ents
pay for immediately:
B. selling things on ebay
A. debit
B. asset C. buying a lunch at school
C. credit D. getting paid for walking your neigh-

bor’s dog
D. FICO
948. A collection of investments assembled to 952. Gorgonzola is making a personal bud-

meet your investment needs. get. What should be in the “Necessary
Expenses” section of his budget?
A. Portfolio
A. cable television
B. ROI
C. IRA B. apartment rent
D. Capital Gains C. guitar lessons
949. Which of the following includes the D. concert tickets

knowledge, skills, education and talent
people bring to work? 953. When dealing with investments, as risk
of losing money increases
A. it is more likely the investment is short
term.
B. more insurance is needed to protect
the investment
C. more people take that risk.
A. financial capital D. the rate of return is usually higher

954. What is a Consumer? B. If the person doesn’t pay, you become

A. A movement to educate buyers about responsible for the debt.

the purchases they make C. It automatically lowers both of your
B. Money left over after paying for neces- credit scores
sities D. It could cause them to have a higher
C. Money left over after all taxes have interest rate.
been paid 960. A written order to a bank to pay a certain
D. Someone who buys a product or ser- amount of money from a checking account
vice to another person or business.
A. Check
955. If an individual does not meet the credit
terms for a pawn loan, the lender will keep B. A.T.M.
the property. C. Dollars
A. True D. Debit Card
B. False
961. Identify D
956. An engineering student who bought a
high end scientific calculator
A. Date of deposit
B. total before keeping cash
C. Total putting into bank
D. Cash you want to keep
A. Need 962. The money that a person has after paying

taxes is known as
B. Want
A. consumable income.
957. Which one will pursue a lifelong goal? B. nontaxable income.
A. career C. disposable income.
B. job D. taxable income.
958. SALES TAXES ARE THE SAME NO MATTER 963. agreement to deposit a sum of money for
WHERE YOU LIVE. a certain amount of time
A. True A. save
B. False B. debit card
959. What is the danger in co-signing a loan? C. time deposit
A. The bank wouldn’t give that person a D. risk

loan without your help. E. mutual fund

964. What is a Credit History? C. Collateral

A. A summary of your borrowing and re- D. none of above
payment history
969. A person’s ability to borrow money is
B. The list of all of your of your open known as
credit cards
A. Saving
C. A number ranging from 300-850 that
B. Debt
rates how likely you are to fall 90 days be-
C. Credit
NARAYAN CHANGDER
hind in a payment
D. A report of your credit worthiness with D. Investment
identifying information
970. retirement plan sponsored by employer
965. What percentage is recommended for A. credit card
savings? B. individual retirement
A. 5% C. .401
B. 10% D. none of above
C. 20%
971. Lower credit scores qualify your for
D. 15% lower rates on your loan.
966. What is the total? A. True
B. False
972. Jason has been asked by his son to go
ride 4-wheelers this weekend. His boss
has asked him to work overtime and get
paid double. Jason chooses to go ride 4-
A. 125 wheelers with his son. What is his oppor-
tunity cost?
B. 10
A. ride 4-wheelers with his son
C. 115
B. work overtime for his boss
D. 135
973. Increase in an amount of money as a re-
967. What is the price of WTI oil futures consult of interest earned is also the amount
tract delivered in April 2022 on March 17, that will be available at a later date
2022?
A. Time Value of money
A. 50-60 USD
B. Present Value of Money
B. 60-80 USD
C. Current Value of Money
C. 80-100 USD
D. Future Value of Money
D. 100-120 USD
974. Avoid investing in a single company’s
968. the borrower has been reliable in the past stock; you need to diversify your portfo-
and based on that, seems likely to repay lio
A. Character A. true
B. Capacity B. false

975. GOVERNMENTS USE TAXES TO FUND

A. Roads
B. Parks
C. Schools
D. All of the above
976. Gross Income A. Being responsible about the way you

A. The portion of current income not spend money
spent on consumption B. Going to dinner with friends and offer-
B. A payment, usually monthly, applied to ing to pay
the balance of a home loan used when pur- C. Making sure you get a pay stub with
chasing housing. your paycheck
C. An individual’s income earned as D. Paying for video games with cash
salary or wages before taxes and other 980. What is recreation?
deductions
A. Going on vacation
D. A payment, usually monthly, applied to
B. Sitting on the couch
the balance of a home loan used when pur-
chasing housing. C. Anything you do for fun or relaxation
D. Hanging out with friends
977. What is the total deposit for $324.75,
15 pennies, 8 nickels, 5 dimes, and 3 quar- 981. When someone uses your name, social
ters? security number, credit card number, and
other personal information without your
A. $325.15 permission
B. $326.45 A. identity theft
C. $325.95 B. fixed expenses
D. $326.55 C. credit history

D. credit score
978. In order to avoid paying outrageous ex-
982. DD stands for
penses for accidents, medical bills, replac-
ing stolen, or destroyed items many peo- A. Directed Days
ple purchase B. Direct Debit
A. credit scores C. Direct Day
B. insurance policies D. Direct Danger
C. Debt policy 983. My landlord can report my failure to pay

rent to a credit reporting agency.
D. Health Insurance
A. True
979. What is financial responsibility? B. False

984. Balanced budget 989. Many New England citizens opposed

A. A tax on property such as land build- United States participation in the War of
ings and vehicles 1812because they
B. Taxes collected from the seller / re- A. feared a Russian invasion in the North-
tailer and often remain hidden in the price west
of a produce or service B. worried that France might try to regain
C. When government keeps taxes col- Canada
NARAYAN CHANGDER
lected and government spending equally C. resented disruption of their trade with
D. Goods and services used by the com- England
munity as a whole maintained by govern-
D. resisted the extension of slavery into
ment
western territories
985. The FDIC does not insure which of the fol-
lowing? 990. In his war message to Congress, Pres-
ident Woodrow Wilson urged the United
A. Stocks and bonds States to enter World War I in order to
B. Money markets
A. protect the empires of European coun-
C. Checking accounts tries
D. Savings accounts B. create a new world government
986. what does a Return address not contain? C. make the world safe for democracy
A. name D. stop a British attack on the United
B. date States
C. name of company 991. Khalaja is 18 years-old and has applied

D. address for credit for the first time. Her credit
application was declined because she has
987. is the interest calculated only on the ini- no credit history. What would you recom-
tial value. mend Khalaja to do to begin to build a pos-
A. Simple interest itive credit history?
B. Double Interest A. Khalaja should re-apply for the same
credit but include a letter of recommen-
C. Same Interest
dation from someone who knows her well
D. Zero Interest and can vouch for her character
988. Phone Bill B. Khalaja should apply for a different
type of credit. Since she was applying for
a bank loan, she should apply for a credit
card.
C. Khalaja should obtain a secured credit
card.
D. Khalaja should acquire several credit
A. Fixed Expense cards to establish that she can manage
B. Variable Expense them responsibly.

992. A credit card is a form of money. 998. Examples of assets include (read all op-
tions carefully!):
A. True

A. Property, Car, and credit card balance
B. False
B. Car, Jewelry, and Checking account
993. The stock market is open from C. Art collection, Jewelry, and unpaid
A. 8:00am-5:00pm taxes
B. 9:00am-5:00pm D. Property, Car loan, Jewelry
C. 8:00am-4:00pm 999. Security that represents the ownership

D. 9:30am-4:00pm of a “part” of a corporation. Financial As-
setex. Amazon, Nike, Pfizer, Facebook,
994. Examples include vacation, sick leave, etc.
and paid holidays A. Finances
A. Tip B. Capital
B. Commission C. Stocks
C. Benefits D. Bonds
D. Bonus 1000. This card sometimes called memory
cards or electronic wallets which store
995. Which is true about investments and their own accounts. The card also includes
risk? ID number, driver’s licence, medical history
A. Every investment carries some degree etc.
of risk. A. Debit cards
B. NOT Every investment carries some B. Smart cards
degree of risk.
C. Gift or Stored Value Crds
996. The average rate of growth for an invest- D. none of above
ment over time; often expressed an annual
figure 1001. exchanging one thing for another
A. Rate of Return A. trade-off
B. Interest Rate B. budget

C. income
C. Compound Growth
D. savings
D. Compound Interest
1002. What is are the two key components of
997. When purchasing a pack of gum you a stock’s return?
would use what method of payment?
A. Debt Return and Dividend Return
A. Bank Loan
B. Cash Return and Capital Return
B. Debit Card
C. Market Capitalization Return and Divi-
C. Credit Card dend Return
D. Coins D. Capital Return and Dividend Return

1003. 3 control systems: 1006. When you use debit, the money is taken
out (withdrawn) from a checking or sav-
A. step 5
ings account.
B. an income and expense statement
A. True
sometimes referred to as a budget which
records both planned and actual income B. False
and expenses over a period of time
1007. True or False:A current account is an ac-
C. required to pay expense for a specific count you use for saving money for a long
NARAYAN CHANGDER
amount of time; not easy to reduce or period of time
eliminate; rent, internet, cellphone
A. True
D. required to pay expense for a specific
B. False
amount of time; not easy to reduce or
eliminate; rent, internet, cellphone 1008. If Sammy’s expenses are greater than
his income, what must he do to balance
1004. An obligation of repayment owed by
his budget?
one party (debtor/borrower) to a second
party (creditor/lender). A. Earn more money
A. Wealth B. Spend less money on expenses
B. Loan C. Earn more money AND spend less
C. Note D. None of the above
D. Debt 1009. Jamaal has a personal budget to keep

up with his money. He realizes that he is
1005. Which of the following is NOT a benefit out of pencils for school. He goes to the
of creating a budget? store to buy pencils but wants to make a
wise spending decision that is within his
budget.
A. He will buy a pack of pens if they cost
less than a pack of pencils.
B. He will buy the most expensive pencils
available as long as they are on sale.
C. He will buy one pencil for $5.00 rather
than a less expensive pack of five pencils.
D. He will buy a pack of pencils that costs
A. can determine how much you make in $2.00 rather than one that costs $3.00.
a year
1010. You need to earn a little extra cash.
B. can better adapt to financial changes What’s the best way?
in case of emergencies
A. Sell some of your stuff online.
C. gain increased financial freedom when
in control of money B. Take on another part-time job.
D. can determine where money is wasted C. Start your own business.

on unnecessary expenses D. All of the above.

1011. What is a regressive tax? 1015. a person’s knowledge and work skills
A. a tax levied on manufactured goods A. credit
and services

B. resources
B. type of tax in which the tax rate in- C. human capital
creases as income decreases
D. savings
C. type of tax in which the tax rate in-
creases as income increases 1016. Your successful budget can be retained
and recalled by any of the following meth-
D. type of tax in which the tax rate stays
ods except
the same over all incomes
A. Televised budget
1012. Research has shown that money and
B. Physical Budget
happiness can be linked in the following
situations, except: C. Written or computerized budget
D. Mental Budget
1017. The ease with which investment can be
converted into cash is
A. low risk
B. low return
A. spending on others C. easement

D. liquidity
B. purchasing experiences
C. material possessions 1018. Which type of job would a person likely
earn the MOST income from over a year-
D. up to a certain point of earnings
long period?
1013. What is wrong with this check? A. a part-time, low-skill job
B. a full-time, low-skill job
C. a part-time, high-skill job
D. a full-time, high-skill job
1019. Interest paid on interest previously
earned is
A. Name is incorrect
A. compound interest
B. Signature issues
B. interest
C. Money amount is not written correctly
D. Date issues 1020. If Cheyenne worked from 8:30 am and
went to lunch at 12:00 pm. She came back
1014. a process where accounts are rechecked at 1:00 pm and left for the day at 4:30 pm.
for accuracy and completeness How many hours did she work?
A. co-sign A. 5.5 hours
B. borrower B. 7 hours
C. audit C. 6.5 hours
D. invest D. 9 hours

1021. Your DECA chapter purchased 7-dozen 1025. a person sets up an investment account
donuts to sell at school on Tuesday. Six- on their own.
dozen were sold. What do the six-dozen A. .401
donuts represent?
B. .402
C. individual Retirement plan
D. stock
NARAYAN CHANGDER
1026. Budget:
A. Demand
B. Supply A. A type of checking account
C. Surplus B. A type of savings account
D. Capital C. A plan for saving and spending
1022. What is a disadvantage to using credit D. A place to get a car
cards?
1027. What counts the most in your credit
A. It’s easier than carrying cash. score?
B. You could end up owing lots of money. A. Types of credit used
C. You pay immediately with your savings B. Amounts owed
account when you purchase an item.
C. Payment history
D. They are difficult to steal.
D. Principal paid
1023. Even though Bob is older and has
stopped working, he gets a check every 1028. A mortgage is a loan that is used to buy:
month for $2, 500 from his former em- A. A House
ployers
B. A Car
A. Salary
1029. Unsubsidized loans accrue interest dur-
B. Hourly Wage
ing your time in school
C. Retirement
A. True
D. Commission
B. False
1024. What is it called when you get your pay
after taxes have been taken out? 1030. Which of the following is LEAST hurt by
spiraling inflation?
A. Gross Pay
A. A person with money in a savings ac-
B. Net Pay count
C. I am broke B. a bank that has lent money at a fixed
D. Financial Pay rate

C. A worker with cost of living adjust- 1035. money received from work, invest-
ments ments, or other financial support

D. a person with a low-income job A. Income
1031. Compound Interest B. Commission
A. a numerical rating of your credit his- C. Interest
tory D. Minimum Wage
B. the interest rate is paid only on the 1036. Millionaires drive impressive cars.
principal amount
A. True
C. the interest rate paid on the principal
B. False
amount, plus all previously accumulated
interest payments 1037. Samantha has a gross income of roughly
D. used for depositing money at a bank $4, 500. After she pays taxes and covers
or other financial institution, with low in- all of her bills and rent, she is left with
terest rates roughly $2, 200 each month. She doesn’t
know what to do with the money and has
1032. Which of the following choice shows the gone to Janet, a financial adviser, to ask
best way to manage your extra income? for advice. Which of the following might
A. Use it to buy more fast food. Janet recommend?
B. Use it to go shopping to buy items that A. Invest the money.
are your wants. B. Save the money.
C. Put the money in a savings account in C. Set the money aside in a retirement
case of emergencies. fund
D. Spend the money on the lottery to try D. All of the answers are correct.
and win more money.
1038. Fred earns $10 an hour as a library as-
1033. a tax form you complete to let your sistant. If we worked 40 hours last week,
employer know how much money to take his paycheck would be
from your paycheck for federal taxes A. Equal to $400
A. debit card B. Less than $400
B. installment plan C. More than $400
C. mortgage D. Found in the tax table
D. W-4 form
1039. What are two characteristics of a credit
1034. what was the main cause of the trend in union?
employment shown on the graph between A. They require membership and are
1942 and 1945? owned by those members.
A. increased manufacturing to meet the B. They charge higher interest rates on
needs of World War ll loans and have more fees.
B. the success of the Social Security Act C. They pay profits to their shareholders
C. the impact of a high inflation rate and can be used by anyone.
D. a decline in the number of women in D. Deposits are insured by $100, 000 by
the work force the NCUA.

1040. If your monthly income from your job is 1045. A device that allows a customer to with-
$600, and you want to save 25%, how draw cash immediately from you account
much would you save each month? electronically.
A. $125 A. ATM
B. $150 B. ELM
C. $200 C. TPR
D. $250 D. ADM
NARAYAN CHANGDER
1041. A bank account that earns interest and 1046. What is the difference between a debit
has no card attached. card and a credit card?
A. Checking Account A. A debit card takes money immediately
B. Savings Account from a bank account. With a credit card
you pay later. (plus interest)
C. CD Account
B. A credit card takes money immediately
D. LR Account
from a bank account. With a debit card
1042. Which of the following is NOT a need? you pay later.
A. house C. A credit card takes money immediately
from your savings fund. With a debit card
B. medicine you are charged interest.
C. entertainment D. A debit card takes money immediately
D. none of above from your savings fund. With a debit card
you are charged interest. (plus interest)
1043. People who save in these and need to
withdraw their funds early will pay a fee 1047. At the end of the month, the money I
for early withdrawal. haven’t spent is
A. Certificates of deposit A. Spent quickly
B. Savings accounts B. Income
C. Checking accounts C. Savings
D. Stocks D. Expenses
1044. Which of the following is NOT true 1048. Salary
about the Free Application for Federal Stu-
dent Aid (FAFSA)? A. a fixed regular payment, typically paid
on a monthly or biweekly basis but often
A. Each state may have a different dead- expressed as an annual sum, made by an
line for state financial aid. employer to an employee, especially a pro-
B. The earliest you can submit your fessional or white-collar worker
FAFSA is January 1st of each year. B. one employed by another usually for
C. You can fill the form out online or on hourly wages or salary and in a position
paper. below the executive level
D. You can fill out the FAFSA if you are an C. a person or organization that employs
independent or a dependent. people

D. the lowest wage permitted by law or A. getting better at basketball

by a special agreement (such as one with B. there wasn’t one
a labor union); currently $10 per hour in

Florida C. going to a friend’s house
D. going to basketball practice
1049. What term means a fee applied to
money that is borrowed? 1055. Which one is a disadvantage of using
A. credit credit cards?
B. interest A. a safe alternative to cas

B. builds good credit history
1050. The NCUA is
C. gives you time to pay
A. an organization that grants federal
charters and supervises credit unions D. way too tempting to buy more than you
should
B. An organization that supervises com-
mercial banks 1056. YOU SHOULD PURSUE A CAREER
BASED ON
C. A mutual savings bank
A. Your interests and talents
D. A way to make a deposit
B. Whatever makes you the most money
1051. Long term savings goals would include
C. Whatever comes easiest to you
D. none of above
A. vacation
B. new phone 1057. The purpose of insurance is to:
C. buying a house A. Provide and investment opportunity
D. car B. Transfer financial risk
C. Develop a savings plan
1052. long term contract from an insurance
company where you invest your money. D. Open a health savings account (HSA)
A. annuity 1058. What of the statements on US taxation
B. loan system is true?
C. debt A. Only US citizens need to file income tax
D. asset B. You do not have to report cash pay-
ments when you file tax return.
1053. When somebody puts their paycheck C. A gig economy worker must pay self-
into the bank, they make a employment taxes.
A. deposit D. Taxes need to be paid four times a
B. withdrawal year.
C. loan 1059. Shaniquaj’s employer deducts 0.2 times
D. profit her wages in payroll taxes. How much is
deducted when Shaniqua earns $254?
1054. Joe chose to go to basketball practice in-
stead of going to a friend’s house. What A. $5.04
was his opportunity cost? B. $50.40

C. $50.80
D. $203.60
1060. Co-workers will want to work with you

if you have a positive
A. cooperation
A. Claim
B. friend
B. Liability
NARAYAN CHANGDER
C. attitude
C. Premium
D. reliable
D. Policy
1061. What is demand?
A. The amount that consumers are able 1065. What is spending?
and willing to buy at all possible prices at A. money you earned from work
a given time
B. money you use to buy things
B. Good and services
C. Money in your savings
C. One who spends money on goods and
services D. Money in your checking account
D. none of above 1066. Who buys labor services?

true?
A. Checking accounts are a tool for invest-
ing
B. Checking accounts give you easy ac-
cess to your money
C. Checking accounts hold more money
than a savings account
D. Checking accounts are used by banks
to give loans A. Goverment
1063. Last month, Kevin earned $60 in income, B. Businesses / employers

but he had $60 in expenses/expenditures. C. Households
Which statements best describe his per-
sonal budget? D. banks
A. His budget is unbalanced 1067. the payment people receive for provid-
B. He has $0 in savings ing resources in the market
C. His budget is balanced. A. Income

D. none of above B. Wages
C. Salary
1064. Describes the type of coverage in anin-
surance agreement D. Investment

1068. Wait until you turn 35 to begin invest- A. Federal student loans generally offer
ing; you’ll have more money then and can higher interest rates which remain fixed
make larger investments over the term of the loan

A. true B. Federal student loans do not need to
B. false be repaid if the borrower runs into finan-
cial difficulty and goes bankrupt
1069. Gross Pay is
C. Federal student loans require a credit
A. Your final take home pay check
B. Your final pay after deductions have D. Federal student loans offer more flexi-
been taken off ble repayment terms
C. An amount you pay to the government
1074. Vickie makes $40, 000 annually. If
D. Your basic pay before deductions have she pays 20% in income tax, what is the
been taken off amount of income tax she will pay?
1070. Which of the following BEST describes A. 8000
income? B. 80000
A. Money given to a charity that helps oth-
C. 2000
ers.
D. 1200
B. Money received for completing a chore
or task. 1075. Kynew’s elevator pitch is as fol-
C. Money received from a parent to pay lows:“Hi, my name is Kynew and I’m a
for lunch. sophomore at WBECHS where I run cross
D. Money spent on new clothes and shoes country and play basketball. I am look-
for school. ing to begin working in order to save for
college, and think Walmart would be the
1071. A budget helps us balance our money so perfect fit. I believe I am a punctual, re-
we don’t spend too much, what else did liable individual who can communicate ef-
we budget in the workbook? fectively, which suits this position. How-
A. our time ever, sometimes I can be known to lose
my cool.” What is one thing wrong with
B. our favorite sport this elevator pitch?
C. science A. She does not state enough facts about
D. food herself
1072. Your income provides you with the B. The elevator pitch is too long
money that you can save or spend on C. She should not state a weakness in her
whatever you want. elevator pitch
A. True D. She should not say she wants to save
B. False for college in her elevator pitch
1073. Which of the following statements is 1076. The hiking club listed the costs per per-
TRUE about the advantages of federal stu- son for the next hiking trip. What is the
dent loans compared to private student total amount 8 members should plan to
loans? spend?

B. Legal information
C. Education Information
D. none of above
1081. What is another name for record?

A. $168
A. Post
B. $176
B. Note
NARAYAN CHANGDER
C. $106
C. POS
D. $144
D. Net
1077. Lisa makes 15.00 an hour and works 40
1082. Which of the following is true regarding
hours a week.What is her net income after
insurance?
1 week?
A. The type and amount of insurance
needed varies depending on the person
buying it.
B. Generally, automobile insurance is in-
cluded when homeowners insurance is
purchased.
A. $600 C. Having insurance guarantees 100% re-
imbursement in ll accidental situations.
B. $70.68
D. The price of an insurance policy is the
C. $71.58
only factor to consider when purchasing
D. $529.32 insurance.
1078. An additional amount charged to a loan 1083. Why does your employer withhold
expressed in a percent money from you on each paycheck?
A. Career A. Because she’s not a very nice person.
B. Credit Score B. To pay federal and state taxes.
C. Budget C. To make up hours of work you missed.
D. Interest Rate D. Because you were overpaid last
month.
1079. A card that is directly connected to your
checking account; to make purchases in- 1084. Camila made necklaces to sell at the end
stead of using cash of the year party. She is a
A. Debit Card A. choice
B. Savings Card B. consumer
C. Apple Pay C. producer
D. Google Pay D. opportunity cost
1080. What should the header include? 1085. What does renters insurance cover?
A. Contact information A. The damage to the property

B. Earthquakes 1091. What is credit?

C. Personal items the tenant owns A. grades earned in a class

D. If a burglar breaks in and he/she is in- B. deferred payment of a good/service
jured as a result C. acknowledging someone’s work
1086. When you’re in high school, you won’t D. an upfront down payment
have the same emergency expenses as
your parents. 1092. The money paid to an insurance com-
pany to purchase a policy
A. True
A. Premium
B. False
B. Policy
1087. What are savings? C. Insurance
A. money earned D. Risk
B. resources necessary to survive E. Deductible
C. money placed in a bank not used on ex-
1093. Budgeting helps set goals by estimating
penses and gains interest
on a monthly basis to determine how
D. none of above much to save and spend.
1088. Theo needed to learn which of the fol- A. assets and income
lowing? B. liabilities and expenses
A. budgeting money C. income and expenses
B. how to get a job D. net worth and income
C. how to get dad to pay for everthing 1094. What is #9 for
D. budget his time
1089. payments to a company where the com-

pany promises to pay money if the person
is injured or dies, or to pay money if prop-
erty is damaged or lost, or stolen.
A. insurance A. Signature line-of account holder
B. principal B. date line
C. interest C. numeric amount
D. debit card D. routing number
E. checking account number
1090. Money paid regularly by a bank to the
account holder for money being saved 1095. What do people need to live?
A. Bond A. toys, candy, and books
B. Stock B. deserts, forests, and oceans
C. Interest C. air, food, water, and shelter
D. Certificate of Deposit D. none of above

1096. You have a 7-year term loan of 1.5 mil- of the credit card companies, which card
lion Baht with a bank. The interest rate will you have paid more interest for?
on the loan is 7.2%. After 3 years (36 A. Chase Sapphire
months), how much do you still owe the
bank? B. American Express
A. 950, 000 C. You pay the same amount of interest
for both
B. 680, 000
D. All of the above
NARAYAN CHANGDER
C. 500, 000
D. 1, 000, 000 1101. Represents shares of ownership in a
company.
1097. Bobby and Betty, a recently married
couple, set a goal of putting $350 in sav-
ings every month to make a down pay-
ment on a home in five years. What type
of goal have they set?
A. Unrealistic
B. Short-Term Goal
C. Intermediate A. stock
D. Long-Term B. portfolio
C. volume
1098. If the Federal Reserve wants to in-
crease the amount of money in circulation D. industry
they
1102. A benefit is when something is
A. Sell Bonds
A. bad and harmful
B. Lower taxes
B. good and helpful
C. Raise Taxes
C. strange and helpful
D. Buy Bonds
D. none of above
1099. What Credit Score should you aim to
have? 1103. “The more you make the more they
take” or as your income goes up the per-
A. 300-629 centage of taxes you pay goes up.
B. 630-689 A. Progressive Tax
C. 690-719 B. Proportional Tax
D. 720-850 C. Regressive Tax
1100. You charge $500 on each of your two D. None of the Above
credit cards. One is American Express with
an interest rate of 15.99%. The other is 1104. All of these actions can help protect your
Chase Sapphire with an interest rate of identity, EXCEPT
20.99%. Assuming that you are only mak- A. shredding bank statements and other
ing the minimum payment of $25 to each paperwork.

B. using a private password to protect D. Withdraw

your computer.
1110. Which of the following is an expendi-

C. stopping your mail when you go on a
ture?
vacation or trip.
A. allowance from your parents
D. carrying your social security card with
you at all times. B. buying an ice cream at lunch
1105. What is income? C. Getting paid for helping your neighbor
A. a resource necessary to survive

D. none of above
B. a balance of your income and spending
C. money earned 1111. Which of the following is the most im-
portant to consider when planning a bud-
D. none of above
get?
1106. A form completed by an employee to in- A. A budget for unexcpected expenses be-
dicate his or her tax situation (exemptions, fore expected expenses
marital status, etc.) to the employer, who
B. Budget for fixed expenses Before flex-
then withholds the corresponding amount
ible expenses
of taxes from each paycheck
A. W-4 C. Budget for needs before wants
B. W-2 D. Budget for unexpected events before

expected expenses
C. Welcome form
D. Bye Form 1112. the cost of money
A. interest
1107. The amount of money a person needs to
deposit to take a certain amount out of the B. interest rate
account for a desired number of years? C. principal
A. Present value of a series of deposits D. simple interest
B. Simple Interest
1113. Government subsidized insurance for in-
1108. Fees incurred when a customer with- dividuals below the poverty line
draws more money from an account than
A. medicare
what is available in the account.
B. medicaid
A. Debt
B. Budget C. Obamacare
C. Gross Income D. none of above
D. Overdraft fees 1114. A savings account allows people to earn

while a bank holds their money.
1109. The most common type of depository in-
stitution A. interest
A. Depository institution B. fees
B. Deposit C. overdraft
C. Commercial Bank D. protection

1115. An amount of money that is SPENT on 1120. Which budget item will most likely take
something up the largest percentage of your income
at 25-30%?
A. expenditure
A. transportation
B. personal budget
B. housing
C. debt
C. groceries
D. savings
D. saving/investing
NARAYAN CHANGDER
1116. Deductible
1121. a resource/item with value owned by
A. monthly payments to get an insurance an individual or company
plan
B. flat fee for basic services like doctor’s
visits or prescriptions
C. percentage of bill the insured is re-
sponsible for
D. amount that insured must pay before
insurance
1117. The advantages of loans are A. index

A. Can own valuable assets B. asset
B. Have future expenses C. stock
C. Principal and interest must be paid on D. profit
time.
1122. Which conclusion is most clearly sup-
D. high interest rates ported by the information in the graph?
1118. Karle was a bank teller who made 54, A. Older Americans remained in the labor
000. She also cut hair for 10, 000. Her force longer in 1990 than in 1950.
taxes was 1, 200. Her health care was 1, B. All Americans born during the baby
100. What is her gross income? boom after World War ll joined the labor
force.
A. 64, 000
C. Half as many men were in the labor
B. 43, 006
force in 1990 as compared to 1950
C. 62, 000
D. in every decade shown, the percent-
D. 61, 800 age of women in the labor force grew
while the percentage of men n the labor
1119. What’s it called when you spend more force declined.
than you have?
1123. means that we have limited quan-
A. Transfer
tities of resources to meet our unlimited
B. Debt wants.
C. Withdrawal A. Shortage
D. none of above B. Scarcity

C. Recession B. when all debts are paid off

D. Simplify C. when kids go off to college

1124. How do banks make money off of the D. when the first paycheck is recieved
credit they issue?
1129. This bank account allows you to deposit
money at a bank for safekeeping and ac-
cess it at any time.
A. Saving Account
B. Checking Account
C. Bill Account
A. They charge a large, one-time fee at D. Certificate of Deposit (CD) Account
the start of the loan
1130. money taken from your paycheck to sup-
B. They take out a small fee each month
port people who are disabled or retired
from your checking account
C. They charge a high interest rate on the A. Annual Percentage Rate/ APR
loan B. credit score/ FICO
D. This is a trick question-they DON’T C. escrow account
make money! D. Social Security Tax/ FICA
1125. $1, 000.00 emergency fund is best used
1131. How do banks make a profit on loans?
for
A. over-charging customers
A. Birthday Party
B. greedy profit capitalists
B. Christmas
C. by charging higher interest on loan
C. Water Heater Replacement
paybacks than they pay interest on sav-
D. Vacation ings
1126. A budget helps people make responsible D. banks usually lose money on loans
economic decisions.
1132. What is required for money to be SAFE?
A. True (select all that apply)
B. False
1127. Payment that allows money to be with-

drawn from a person’s account
A. Debit
B. Credit
C. Loan
D. Investment A. Only the owner should be able to get it
1128. Retirement planning should ideally be- B. It can’t go greatly down in value.
gin C. It can grow in value over time
A. a few years before retirement D. Anyone can steal it easily

1133. What is the First Principle of Finance? B. A person should not spend more than
A. Make Your Money Work For You their income.
B. Spend Less Than You Earn C. A person only buys used goods.
C. Protect Your Money D. A person only maintains one job at a

time.
D. none of above
1134. Orin had $541.06 in his checking ac- 1138. The person who receives the money in
the event of your death
NARAYAN CHANGDER
count, and a check that he wrote to his
landlord for $560.00 was just withdrawn A. Mom
from his account.This will result in which
of the following fees? B. Children
C. Beneficiary
D. Probation Officer
1139. Persons or institutions to whom money

is owed
A. Financial Institutions
A. overspending fee B. Interest
B. service fee C. Creditors
C. late fee D. Collateral
D. overdraft fees
1140. If you want to take out a loan, you ‘ap-
1135. the work a person does ply’ for it.
A. labor A. TRUE
B. income B. FALSE
C. salary
1141. a number that ranges from 300-850
D. resources
that rates your credit risk
1136. Which of the following financial institu- A. credit card
tions typically have the highest fees?
B. credit score
A. Local banks
C. investing
B. Check cashing and payday loan compa-
nies D. credit report
C. Credit unions
1142. What is the range for credit scores?
D. Internet banks
A. 300-800
1137. How can someone “live within their in- B. 300-850
come”?
C. 0-1000
A. A person makes investments that will
give them a high rate of their return. D. none of above

1143. Suppose you are female and you plan 1148. If you were selecting a savings ac-
to earn a bachelor’s degree. Based on the count, which of the following interest
averages in the table, about how much rates would be the best?

income could you expect to make if you A. 6.3%
achieve your goal?
B. 2.1%
C. 0.5%
D. 4.9%
1149. Not having enough of something is
A. $51, 422 called
B. $45, 054 A. benefit
C. $30, 913 B. opportunity cost
D. $16, 317 C. scarcity
D. bartering
1144. When your check goes into your account,
it is called a ? 1150. A person who sells things is a
A. Deposit A. consumer
B. Option B. producer
C. Withdrawal 1151. Check all that apply What is an ad-
D. Will Call vantage of using a Credit Union?
1145. What are some reasons to invest your A. Lower interest rates on loans
money? B. higher interest rates on savings
A. Build an emergency fund C. Greater access to your accounts na-
B. Take more risk for possibly more re- tionwide
turn on investment D. Better technology for your financial
C. Plan for long-term goals needs
D. See value increase over time 1152. You couldn’t decide between pizza or
meatloaf. You went with the pizza. The
1146. What is a balanced budget? meatloaf is your
A. The income is more than the expenses. A. trade off
B. The income is less than the expenses. B. opportunity cost
C. The income matches the expenses. C. delayed gratification
D. none of above D. intermediate term goal
1147. An accountant receives a yearly salary 1153. the money left over after you have paid
of $72, 000. Find his monthly salary. for the essentials
A. $6000.00 A. class-action suit
B. $864, 000.00 B. discretionary income
C. $600.00 C. certificate of deposit
D. none of above D. none of above

1154. The cost of borrowing money is referred C. Purchasing new at the end of the year
to as
D. purchase used and pay cash
A. Interest
B. Annual Percentage Rate 1159. Savings is best described as
C. Credit A. a discount on groceries

D. Credit Line B. Money that a family does not spend
C. A surplus funds
NARAYAN CHANGDER
1155. DEFINE consumer. (Personal Finance
context.) D. expenses
A. A person that practices good personal
finances. 1160. John wrecks his car, but he has insur-
ance. The bill is $5000, but John has to
B. A company that takes in marketing pay $1000 to the body shop. Why?
data.
A. John must pay a co-pay.
C. A person that purchases a good.
B. John has a $500 deductible.
D. A person or company that uses a prod-
uct/service. C. John has a $1000 deductible.
1156. Thank-you letter purpose? D. John shouldn’t have to pay anything.

His insurance should cover the repairs on
A. tool to remind the interviewer of your his car.
qualifications and desire to work for the
company 1161. If my credit score is low at a 600, should
B. to give them money because you did my interest be high or low
bad A. High Interest
C. a letter that say hey, thanks! noth-
B. Low Interest
ing else just that
D. none of above 1162. Required deduction
1157. Which of the following BEST describes A. State income

income? B. FICA
A. Money received from a parent to pay C. National
for ice cream at lunch.
D. Federal tax
B. Money spent on a pair of new Nike
Shoes. 1163. How does your money grow once you
C. Money donated to a charity. put it in a savings account?
D. Money received for completing your A. The bank gives you more money over
weekly chores. time.
1158. What is the best way to buy a car? B. The money fairy appears and adds
more every year.
A. O% interest for 36 months on new or
used C. It doesn’t grow. It stays the same.
B. Leasing D. none of above

1164. The most popular bankruptcy option for B. the chance of getting a greater return
a small business seeking to restructure and decreases
continue operating.

C. the chance of getting a greater return
A. Ch. 7 increases.
B. Ch. 11 D. there is less incentive to put money in
C. Ch. 12 that investment.
D. Ch.13 1170. track current income and expenses

A. an income and expense statement
1165. Automatic Teller Machine
sometimes referred to as a budget which
A. credit records both planned and actual income
B. debt and expenses over a period of time
C. insurance B. required to pay expense for a specific
amount of time; not easy to reduce or
D. ATM
1166. The phrase “pay yourself first” means C. step 4
to
D. step 1
A. Treat yourself to something you want
before spending any other money. 1171. Which of the following statements
about banking is true?
B. Set money aside for your Christmas
savings fund.
C. put at least 10% of your income in
a savings account before spending any
money.
D. Make sure all of your bills and other
expenses are paid before saving money.
1167. Which part of a personal budget records

the amount of money a person spends?
A. salary A. Keeping your money at home instead
B. income of in a bank prevents you from paying the
interest fees that banks charge
C. expenses
B. It’s generally safer to keep your
D. interest earned
money in a bank than to keep it at home
1168. Debit card purchases come out of your C. most new business are forced to start
checking account, not savings account. without loans from banks
A. True D. most banks give their customers inter-
B. False est free loans
1169. Typically, as risk of losing money on an 1172. Who pays taxes?

investment increases, A. People who have a job
A. people put more in that investment. B. People who purchase items

C. Both 1177. to see a difference in; to separate into

categories
D. None
A. distinguish
1173. The amount of money invested or lent is B. differentiate
called:
C. delineate
A. Interest
D. delegate
B. Credit
1178. How does a Roth IRA differ from Tradi-
NARAYAN CHANGDER
C. Principal tional IRA
D. Bracket A. Contributions are tax-deductible in
Roth IRAs
1174. A personal loan has interest rate of B. Traditional IRAs have a mandatory
24%. If interest rate is paid monthly, how minimum distributions
much annual effective rate are you pay-
ing? C. Roth IRA withdrawals are tax-free in
retirement
A. 26.8%
D. Roth IRAs have no contributions limits
B. 24.6%
1179. The high birth rate period between
C. 31.9% 1945 and 1965
D. 28.5% A. baby boom
B. baby bust
1175. When Kyjuan attempted to borrow
money at the bank, he learned that his C. Generation X
credit score is low. Which statement best D. social responsibility
describes what this is likely to mean for
Kyjuan? 1180. These are the distribution of profits
from a company to the stockholders
A. The interest rate on his loan will be
lower, since his credit score is low A. Dividends
B. Options
B. The purchase price of the item he
needs the loan for will be higher due to C. Stocks
his low credit score D. Bonds
C. The monthly loan payments will be 1181. Interest earned is
lower due to his lower credit score
A. Interest you pay for borrowing money
D. The interest rates on his loan will be
B. Interest you earn for saving your
higher, since his credit score is low
money
1176. Money put into an account. C. a refund you earn
A. Deposit D. the taxes you pay to the government
B. Withdraw 1182. Please choose the correct vocabulary

word for the following definition:slip of pa-
C. Commercial Bank
per the bank gives you that shows how
D. DepositoryInstitution much money you have in your bank account

A. deposit A. APR
B. balance B. annual fee

C. receipt C. monthly fee
D. fee
D. non-sufficient funds fee
1183. Which one of these things does taxes
NOT pay for? 1187. Below is a list of Jackie’s financial activ-
ities for a week.What activities would be
A. police
considered expenses for Jackie? Check all
B. roads and highways of the ones that are expenses.
C. grocery stores A. She earns $25 for pet-sitting.
D. schools B. She gives a friend a $20 gift card for
1184. Using this Pay Stub, which value shows their birthday. (What a good friend!)
the total “current deductions” of the tax- C. She spends $10 on a new t-shirt.
payer? (Where on earth did she get a $10 shirt
from?!)
D. She spends $10 on pizza. (Must be
Marco’s Pizza. Yum.)
E. Her parents give her $30 for doing ex-
tra chores around the house. ($30?!!!!
That’s a lot!!)
A. $315.21
1188. Car accidents happen daily. If in case
B. $284.79 of an accident, this out-of-pocket money
C. $2563.11 must be paid before insurance begins the
coverage.
D. $334.80
A. Deductible
1185. the higher the risk, the greater the re-
turn. Level of danger in investing your B. Claim
money. C. Co-Insurance
A. investing
D. Policy
B. risk
C. .401 1189. mortgage
D. mutual funds
1186. This is a fee that some, but not all, credit
card issuers charge to use their credit card.

A. A bank loan for the purchase of a 1194. Job interview dress attire?
home. A. sweats and sweatshirt
B. A legal document that transfers title B. jeans and a casual shirt
from one person to another, usually real
estate. C. dress like the people who already
work at the place you want to work at
C. The amount of money you borrow, or
D. none of above
the amount you owe before interest is cal-
culated.
NARAYAN CHANGDER
1195. Matthew is in third grade. His par-
D. none of above ents already opened a savings account and
made a savings plan for Matthew’s col-
1190. Where do people buy most goods? lege. Which of the following is NOT a ben-
efit of starting a savings plan at this time?
A. Farms
B. Stores
C. Trucks
D. Factories
1191. “A government’s primary role is to pro-

vide a favorable atmosphere for business,
including a stable currency, hands-off reg- A. Setting a savings goal will help them to
ulation, and domestic order.”A supporter achieve their goal of paying for Matthew’s
of this idea would most likely favor college.
A. establishing consumer protection laws B. Putting money aside for a specific pur-
pose will help them avoid spending it on
B. securing collective-bargaining rights unnecessary expenses.
C. levying high taxes on business C. Matthew will not know they are saving
D. following laissez-faire economics for his college
D. They will earn interest on the money
1192. Savings alternatives that pay a fixed they save.
rate of interest while keeping your funds
on deposit for a set period of time, which 1196. What will NOT help you build your
can range from 30 days to several years credit history?
A. Money market deposit account A. Auto loan
(MMDA) B. Credit card
B. Certificate of deposits (CDs) C. Debit card
1193. Which of these is a loan specifically to D. Home mortgage

buy a house? 1197. Stocks are:
A. Mortgage A. fixed expenses
B. Short term loan B. tax payments
C. Credit Card debt C. shares of ownership in a business
D. Grocery budget D. none of above

1198. Phil has great healthcare coverage C. theft

through his job. However, Phil has to D. repossess
pay $125 out of every paycheck in order

to help cover the cost of the company’s 1203. Sara would benefit MOST from a per-
healthcare plan. The good part is that the sonal budget if she
$125 is tax free. Phil’s monthly payment
A. saves most of her income regularly
to help cover healthcare can BEST be de-
each month
scribed as
B. always seems to have plenty of money
A. Benefit of insurance
for activities
B. Cost of Insurance
C. knows exactly what her expenses are
C. A Fiscal Policy each month
D. An opportunity cost D. struggles to understand why it’s so
1199. Barbara bought a $500 dress using her hard to pay her bills
credit card. By the time she finished pay- 1204. One of the 3 C’s of credit that refers to
ing back the credit card company, Barbara property that secures the loan is
paid $575 for the dress. The extra $75
was what?
A. credit
B. debt
C. expenditure
D. interest
1200. Mr. Bas has a monthly salary of 20, A. capital

000 baht. How much should Mr. Bas pay
in life insurance premiums per year? B. collateral
A. 2, 000 baht C. character
B. 2, 400 baht D. capacity
C. 20, 000 baht 1205. Restaurant Bill
D. 24, 000 baht
1201. The form that is filled out to apply for

financial aid is called the
A. AFSAS
B. SAFA
C. FAFSA
D. AP Exam A. Fixed Expense
B. Variable Expense
1202. If you cannot pay your loan, a lender
may take back the item. 1206. The estimate of the income and ex-
A. credit penses over time.
B. debit A. budget

B. gross income 1212. Which of the following is an example of

an investment?
C. net income
A. dinner from a restaurant
D. deductions
B. trip to the movies
1207. This account pays the least amount of
C. candy bar
interest.
D. a house
A. Money Market Account
NARAYAN CHANGDER
B. Savings Account 1213. amount of initial deposit on which inter-
est is earne
C. Certificate of Deposit
A. principal
D. none of above
B. penalty
1208. I have been setting aside $100 a month C. fee
for my children to have money to go to col-
D. interest
lege. This idea is known as what?
A. savings 1214. Which coverage pays for injuries and
damages to others only?
B. credit
A. Comprehensive
C. income
B. Collision
D. debt
C. Personal Injury Protection
1209. Receipts showing the deposit or pur- D. Liability
chase of a bond or stock are called what?
A. Capital Gains 1215. Cecily has a FIT taxable amount of
$3760 bi-weekly. Choose the correct pro-
B. Taxes cess to calculate the FI tax for this situa-
C. Revenue tion.
D. Financial Assets A. tax = $71.70 + (0.15)(3760-1050)

B. tax = 719.80 + (0.28)(3760-3623)
1210. What is the Interest Formula?
C. tax = 402.00 + (0.25)(3760-3252)
A. I=prl
D. tax = 435.55 + (0.25)(3760-3523)
B. T=irt
1216. What happens if you try to use your
C. P=irt
credit card after you’ve already met your
D. I= prt credit limit?
A. Your card will get declined.
1211. Income tax, social security and Medi-
care are all part of Report an Error B. Your bank or credit union will issue a
“bad check” notice.
A. personal taxes
C. You’ll be super embarrassed.
B. payroll taxes
D. The charge will go through anyway,
C. business taxes
you’ll just be responsible to pay it back
D. various withholding taxes whenever you can.

1217. When researching vehicles, what should 1221. A credit report is used to do which of
you consider? the following?

A. Price, down payment, insurance A. Determine a persons income
B. Price, safety, insurance B. Determine what job a person have
C. Price, down payment, insurance C. Determine how likely they are to repay
their loan
D. Insurance, recalls, safety
D. Determine if they have good character
1218. Most of the limes that people in Texas or not
eat come from Mexico. Last summer, a dis-
ease destroyed most of the lime crops in 1222. What are 401K funds and pension funds
Mexico. Which statement best describes different?
the effect the destroyed lime crops will A. If a company goes out of business, em-
have in Texas? ployees lose their pension.
B. If a company goes out of business, the
employee still owns their 401k fund
C. You own your 401k. The company
owns the pension fund.
D. All of the above
1223. All of the following are examples of lia-
A. The price of limes will decrease be- bilities except
cause limes will be scarce A. Mortgages
B. The price of limes will increase be- B. Auto Loans
cause limes will be scarce.
C. Investments
C. The price of limes will stay the same D. Student Loans
because there will be more limes avail-
able. 1224. If the collateral for your secured loan
D. The price of limes will decrease be- can be taken away, why get a secured loan
cause they will not taste the same. at all?
1219. Income before taxes are deducted

A. Net Income
B. Payroll tax
C. Gross Income
D. Check A. Because they usually have a higher in-
terest rate
1220. The extra fee you pay to the bank when
you borrow money from them is called B. Because they usually have a lower in-
terest rate
A. Interest Fee
C. Banks give you an extra 90 days to
B. Credit card fee make a missed payment
C. loaner fee D. Banks typically don’t charge interest
D. money fee for the first 12 months

1225. put into an investment C. Gross income

A. principal D. Wages
B. simple interest 1231. Debit and credit cards, as well as elec-
C. compound interest tronic transfers, are forms of
D. rule of 72 A. currency
B. net income
1226. Spending money, time or items towards
C. cash
NARAYAN CHANGDER
making more money
D. gross income
A. Investing
B. Saving 1232. Simple Interest
A. the interest rate paid on the principal
C. Spending
amount, plus all previously accumulated
D. Borrowing interest payments
1227. Financial experts suggest that, due to B. used for depositing money at a bank
the dynamic of paying your expenses, it’s or other financial institution, with low in-
best to track them terest rates
A. weekly C. The ability to borrow money now with
the agreement to pay it (the principal
B. quarterly amount) back later, plus interest
C. annually D. the interest rate is paid only on the
D. monthly principal amount
1228. WHICH OF THE FOLLOWING IS AN EX- 1233. collateral

AMPLE OF A WANT FOR MOST PEOPLE? A. it is forfeited to the lender if person
A. warm jacket cannot repay loan
B. cash or coin
B. Transportation
C. credit
C. Ice cream
D. none of above
D. none of above
1234. When deciding what to purchase the
1229. Interest best deal is the one that costs the
A. payment made for the use of borrowed amount.
money A. Least
B. show attention B. Most
C. financial plan of revenue and expendti- 1235. Georgia farms a lot of peaches. Peaches
tures do not grow well in Hawaii. Hawaii grows
D. total amount of money owed pineapples, but Georgia does not. How do
the two states meet their needs?
1230. Total money you earn before taxes and
A. The two states consume each other’s
other deductions.
fruits.
A. Salary B. The two states trade fruits with each
B. Net income other.

C. The two states donate their fruits to 1239. What is an interest-bearing deposit ac-
each other. count held at a bank or other financial in-
stitution?

D. The two states tax the fruits to make
more money. A. Savings account
B. Checking account
a variable expense? C. Debit account
A. Rent D. Credit account
B. Groceries 1240. What is the purpose of retirement plan-

ning in personal finance?
C. Health Insurance
A. To retire as early as possible
D. Car Payment
B. To increase debt after retirement
1237. Bill wants to plan a budget so he can pur- C. To ensure a financially secure retire-
chase a new Nintendo switch, which costs ment and future
$300. Bill earns $75 dollars per week
D. To continue working indefinitely
sweeping the streets in his neighborhood
and picking up trash. He spends $15 per 1241. VAT is a tax on
week on trash bags. He also spends $20
A. Income
per week on Taco Bell and KFC.How many
weeks will it take for Bill to save enough B. Company profit
money to purchase the Nintendo Switch? C. Death
A. 5 weeks D. Spending
B. 8 weeks 1242. True or False:People only save money in
C. 7 weeks order to build wealth.
D. 9 weeks A. True
B. False
1238. Which act of congress most directly con-
tributed to the situation shown in the 1243. Sara worked 45 hours last week. If her
photo? hourly wage is $12, find her total wages
for the week.
A. $570
B. $540
C. $810
D. none of above
1244. This is the cost of using some other per-

son’s or bank’s money.
A. the Homestead Act A. Interest
B. the Sherman Antitrust Act B. Bill
C. the purchase of Alaska C. Principal
D. the Interstate Commerce Act D. Credit

1245. What is the formula for finding your Net C. Advantage:Higher Coverage limit; Dis-
Worth? advantage:Higher Premium
A. Bonds-Stocks= Net Worth D. Advantage:Lower Premium; Disadvan-
B. Stocks-Bonds=Net Worth tage:Lower coverage limit
C. Asset-Liabilities= Net Worth 1251. A savings account pays an interest rate

D. Liabilities-Assets=Net Worth of 0.2% per month. What is the nominal
interest rate?
NARAYAN CHANGDER
1246. Interest is the additional charge you get A. 0.2%
for borrowing money
B. 2.4%
A. True
C. 0.6%
B. False
D. 2%
1247. A written financial plan can also be
1252. an unplanned, often emotional, decision
called
to buy
A. Personal Finance
A. impulse buying
B. Budget
B. discretionary speding
C. Envelope System
C. disposable income
D. reconcile
D. deliberate buying
1248. The four types of insurance
1253. A police officer helps people. They pro-
A. Home, dental, vision, life vide a
B. Car, dental, life, health A. good
C. Home, dental, life, health B. service
D. Home, car, life, health C. want
1249. Provides resources in the form of labor, D. none of above
then turns around and uses the money re- 1254. Which of these is a characteristic of
ceived from the labor to consume goods money?
and services
A. divisibility
A. private business
B. Portability
B. banks
C. Durability
C. government
D. All of the Above
D. households
1255. Applies to the amount of protection you
1250. Which choice describes the advantage have through an insurance company in the
and disadvantage of choosing an insurance event of a loss
policy with a high deductable
A. Coverage
A. Advantage:Lower Premium:Disadvantage:Higher
out of pocket costs for claims B. Policy
B. Advantage:Lower out of pocket costs C. Claim

for claims; disadvantage:Higher Premium D. Liability

1256. Money set aside now in order to grow A. union men and factory owners
money for the future
B. science and religion

A. Investment
C. nativists and immigrants
B. Interest
C. Philanthropy D. censorship and free press
D. Personal Finance
1262. shares of a company held by an investor
1257. The amount of income left after taxes
and other deductions are taken out. A. stock
A. Gross Pay B. bond
B. Surplus C. certificate
C. Deficit
D. loan
D. Net Pay
1258. Which of the following will require Jes- 1263. a card like a credit card by which money
sica, a hairdresser, to save her money in may be withdrawn or the cost of pur-
order to buy? chases paid directly from the holder’s bank
account without the payment of interest
A. shampoo and conditioner
B. a building for her hair salon A. credit card
C. hair dryer B. bank card
D. scissors
C. debit card
1259. a loan of money D. none of above
A. Investment
B. Credit 1264. What does APR stand for in the context
C. Interest of loans and credit cards?
D. Liquid A. Annual Percentage Rate
1260. Money set aside for the future B. Average Personal Return
A. Budget C. Annual Payment Requirement
B. Savings
D. Account Payment Ratio
C. Expenses
D. none of above 1265. An investment strategy where you are
not actively engaged in trading stocks.
1261. This photograph shows one side of the
You make regular monthly investments
1920s conflict between
over a long period of time.
A. Passive Investing
B. Active Investing
C. Super Investing
D. none of above

1266. Payment made for the use of borrowed 1272. Which of the following is not a volun-
money is called tary deduction from your paycheck?
A. Financial Institution A. Union Dues
B. Creditors B. Savings / Retirement Contributions
C. Interest C. Social Security / Medicare
D. Secured D. Health Insurance
NARAYAN CHANGDER
1267. Your creditworthiness is based on , 1273. What is a non profit financial coopera-
, tive owned by its members that provides
A. how much in loans you already have credit and other financial services?
B. how much income you have A. Schools
C. what your payment history is like B. Credit Unions
D. All answers are correct C. Banks
1268. Which of the following is an example of D. Insurance

an entrepreneur?
1274. When developing a savings plan, what
A. a person who works at a grocery store should you remember?
B. a person who works for the federal A. wait until I’m older
government
B. pay myself first
C. a person who starts their own cake
decorating business C. pay off debt first
D. a person who drives a school bus for a D. invest in high risk

school district
1275. In finance, an amount paid or charged
1269. The lower the risk, the lower the ex- because one borrowed money.
pected return A. supply
A. True B. interest
B. False C. investing
1270. Income is money received from working D. budget
or investments.
1276. Always void checks that have a mistake
A. True on it.
B. False A. True
1271. A fixed amount that you are paid over B. False
a period of time, regardless of how many
hours you work 1277. Made with currency
A. budget A. Debit Card
B. revenue B. Credit Card
C. wage C. Income
D. salary D. Cash

1278. The replacement cost minus depreciation C. a fixed regular payment, typically paid
is known as on a daily or weekly basis, made by an
employer to an employee, especially to a

A. Actual Cost Value
manual or unskilled worker:Compare with
B. Replacement Value salary.
C. Depreciable Inferred Cost D. A small sum of money given to some-
D. Rental Cost one for performing a service; a gratuity.
1279. True or False:You should put your wants 1284. Using the picture above, which invest-
into your budget before adding your ment option provides the least amount of
needs. return?
A. True
B. False
1280. What if I have bad credit?
A. High interest rates on loans
B. You can easily be approved for a loan
C. You have a high credit score
A. Money Market Accounts/Savings
D. You may have to live with Mr. Trump.
B. Mutual Funds
1281. Offers Savings and Checking Accounts C. Bonds
A. Bank D. Stocks
B. Credit Union
1285. When income and expenses are equal
C. Both A. Budget
D. none of above B. Income
1282. In terms of inflation, people repaying a C. Balanced Budget
loan with fixed interest D. Check
A. are unaffected because the terms of
1286. If you are buying groceries at the store
the loan have not changed
and want to use the cash in your bank ac-
B. lose because the loan must still be re- count, you should pay with your
paid with inflated money
A. Debit Card
C. often adjust the payments to match the B. Cash
inflation rate
C. Credit Card
D. benefit because they can repay the
loan with money that is worth less D. Gift Card
1287. In general, the higher the , the lower
1283. monetary employee benefits
the premium.
A. financial incentives often used by em-
A. Deductible
ployers to encourage workers to meet
their goals. B. Risk
B. any benefits that do not directly put C. Value
money into an employee’s bank account D. Cost

1288. What is income? 1292. A card that uses money directly from
A. The money you receive from doing your bank account (a)
work.
B. The money you owe someone else.
C. The money you get back when some-
one repays a debt.
D. The amount you’re allowed to borrow.
NARAYAN CHANGDER
1289. Spencer has been so happy this week
because he was able to buy a new A. a Debit Card
bike.Which of the following BEST describes
B. Credit Card
why Spencer is so happy?
C. Pokemon Card
A. ) Spencer had a cost for his new bike.
D. Baseball Card
B. ) Spencer is benefiting from spending
his money. 1293. Which of the following is NOT a common
C. ) Spencer is benefiting by making feature of a financial institution?
someone else happy. A. Access to ATMS
D. none of above B. Direct deposit
1290. Debit card C. Investment products
A. A machine where individuals can de- D. Paper checks
posit and withdraw funds any time of the
day 1294. Liability Coverage covers which of the
following people in case of an accident?
B. A card that is used to make purchases
that are charged against a checking ac- A. you, the policy holder
count B. another driver
C. A box at a financial institution where C. passengers in the other drivers car
a customer can store documents, jewelry, D. none of above
or other valuables
D. An instrument that is issued by a de- 1295. Every week John pays $2.00 for boy
pository institution and specifies a mini- scout dues. Which part of his personal bud-
mum investment, an interest rate, and a get should he record this information?
maturity A. income
1291. When looking to determine your credit- B. savings

worthiness, this is the biggest thing banks C. expenses
look for. D. net income
A. How many credit cards you have al-
ready 1296. What are services?
B. How old you are A. money earned
C. How consistently you pay your bills on B. forms of work people do for others
time C. products people buy and sell
D. The type of credit you already have D. none of above

1297. Getting off the Hedonic Treadmill will C. making a sacrifice

take all of the following except: D. a trade off

1302. How do wages and salary differ?
A. losing the herd mentality

B. delaying gratification
C. demonstrating gratitude
A. Wages describe what you earn on an
D. FOMO annual basis
1298. Rent is a: B. Salary describes what you earn on an
annual basis
A. Fixed Expense
B. Discretionary Expense C. Wages mean you have a standard
amount in each paycheck
C. Variable Expense
D. Salaried employees are likely to be
D. All of the Above paid for overtime
1299. The first 10 amendments to the Consti-
1303. SAVINGS PLANS CAN BE USED TO HELP
tution, written to protect people’s rights
PEOPLE ACHIEVE SHORT-TERM MONEY
are known as the
GOALS.
A. Amendments
A. True
B. Articles
B. False
C. Bill of Rights
D. Preamble 1304. The simple objective of financial plan-
ning is to make the best use of your re-
1300. the payment that people or institutions sources to achieve your financial goals.
receive when they lend money or allow A. True
someone else to use their money
B. False
A. interest
B. dividend 1305. Nondepository institutions
C. credit A. Nondepository institutions that spe-
cialize in providing personal loans to indi-
D. fee
viduals
1301. Borrowing $100, 000 to attend a col- B. Nonprofit depository institutions that
lege that will provide a degree in a field serve members who have a common affil-
earning $35, 000 per year would be an iation
example of what?
C. Financial institutions that do not offer
A. a rational decision federally insured deposit accounts, but
B. an irrational decision provide various other financial services.

D. Financial institutions that accept de- code and took cash out of the machine.
posits and use funds to provide commer- This is an example of a(n):
cial and personal loans
A. Deposit
1306. money spent on goods and services B. Transfer
A. expense C. Insufficient funds
B. income D. Withdrawal
C. taxes
NARAYAN CHANGDER
1311. a type of saving where money must be
D. dividend left in a place for the full time specified; it
1307. An accountant receives a yearly usually has a higher interest rate than a
salary of $72, 000. Find his monthly savings account
salary.(Hint:How many does ONE YEAR A. Trust Fund
have)
B. Certificate of Deposit
A. $6000.00
C. Credit
B. $864, 000.00
D. Hedge Fund
C. $600.00
D. none of above 1312. property owned by a person or company
A. debit
1308. Buy something now and pay for it later.
A. Credit B. assets
B. Debit C. escrow account
C. Investing D. credit
D. Spending 1313. Why must we file an income tax return
by April 15?
1309. Food, air conditioning, cable, internet,
and dog food are examples of what? A. because income taxes and paid by
with-holding from our pay check and we
may get a refund or have to pay more
B. W2 is always inaccurate
C. W4 don’t ever withhold enough
D. 1099’s led to refunds
1314. Concept that money you have now is

A. household assets worth more than the identical sum in the
B. household income future due to its potential earning capac-
ity.
C. household expenses
A. Time value of money
D. none of above
B. Time value of assets
1310. Debbie wanted cash to pay for the
C. Time value of liabilities
cost of a movie ticket and popcorn. She
stopped at an ATM machine, entered a D. Time value of investments

1315. Money spent on something with the C. debt

goal of making a profit D. income

A. investment
1321. A 529 plan can help you save more
B. credit score money than a traditional savings account
C. insurance because
D. expense A. it is tax free
B. it is given to you at a very young age.
1316. What is a Resume
C. the interest rates are considerably
A. To continue something. better.
B. A french roll D. it is linked to the stock market.
C. A statement that you deserve job 1322. What do we call a fee that is collected
D. A document that helps list your educa- for using someone’s money?
tion and experience in hopes of getting a A. Deposit
job.
B. Interest
1317. The amount you must pay before you C. Loan
begin receiving any benefits from your in- D. Check
surance company
1323. Sally owns a gas station. What type of
A. Premium
tax will she have to pay on the land that
B. Claim the gas station is on?
C. Coverage A. Property Tax
D. Deductible B. Payroll Tax
C. Income Tax
1318. An employee’s fixed agreed yearly in-
come. D. Sales tax
A. Salary 1324. Darin earns $52, 000 annually as a mar-
tial arts instructor. He contributes $125
B. Deductions
each month for insurance and $50 per
C. Wages month for retirement. Calculate his Social
D. Commission Security contribution. He is married and
claims 2 allowances.
1319. A card that lets you buy goods and ser- A. $3216.25
vices based on a promise to pay later.
B. $260 92
A. budget
C. $257.82
B. debit card
D. $126.58
C. credit card
1325. What is bartering?
D. checking account
A. giving a gift
1320. Money that is received is called B. trading goods or services
A. spending C. paying with money
B. saving D. none of above

1326. An example of a fixed expense is C. annualcreditreport.com

A. Concert Tickets D. creditfree.com
B. Rent and Car Payments
1333. Value of what must be given up in order
C. Clothing and Magazines
to produce a certain good
D. Medical Costs
A. opportunity cost
1327. A typical overdraft fee is how much?
B. savings
NARAYAN CHANGDER
A. $5
C. profit
B. $25
D. consumer
C. $40
D. $60 1334. Why do you think the cost of personal
computers has changed so much through
1328. A budget is the years?
A. The same thing as a savings account
A. The cost to produce them has become
B. A sum of money to be used for a par- less expensive.
ticular purpose
B. It is hard to find places to purchase
C. A list of things you want them.
D. none of above
1335. A basic household budget includes which
1329. Which best describes an investor’s pri- two categories?
mary goal?
A. Income and expenses
A. to earn a profit
B. Imports and exports
B. to lose money
C. Debt and Credit
1330. What does getting jiggly with it mean?
D. Wants and needs
A. Hip
B. Dorky 1336. When saving you should consider
C. Sad A. future expenses
D. Happy
B. future needs
1331. Which of the following is NOT included C. future wants
in an individual’s credit report?
D. all of these
A. Bankruptcies and foreclosures
B. Account balances 1337. The money earned, if a company you’re
C. Medical information invested in makes money
D. Current and past addresses A. Mutual Funds
1332. How do you access your credit report? B. Dividends
A. freeworthinesscheck.com C. Stocks
B. creditreportcard.com D. Pie

1338. Which of the following concepts about D. A stock represents ownership, and
Fixed Costs is correct? bonds represents a loan.

A. Is an alternative that is best ignored
1342. Nora just purchased a financial asset
when the decision is made.
from the Department of Treasury. She
B. Is an expense that does not change by paid $10, 000 and every quarter she will
month (for example:rent, electricity and receive a check for 2% and in 20 years she
water bills, wifi internet fee, ) can get her $10, 000 back. Based solely
C. Expenses that change each month (en- on this description, what type of asset has
tertainment, car repair, medical examina- Nora purchased?
tion, etc.) A. Mutual Fund
D. It is a money management spending B. Stock
plan over a set period of time.
C. bond
1339. spending plan D. Certificate of Deposit
A. required to pay expense for a specific
amount of time; not easy to reduce or 1343. An overdraft occurs:
eliminate; rent, internet, cellphone A. *When you write more than the al-
B. 3 control systems: lowed number of checks during a single
C. an income and expense statement month.
sometimes referred to as a budget which B. *When your savings account balance
records both planned and actual income falls below the minimum amount required
and expenses over a period of time by the rules of the account
D. step 4 C. *When a check is cashed or a debit is
processed against an account that does
1340. Need or want not have sufficient funds to cover the
transaction.
D. none of above
1344. The percentage you earn on your money

in the banks
A. Savings
A. Need B. Credit Score
B. Want C. Interest
D. Creditworthiness
1341. What is the differences between stocks
and bonds? 1345. When it comes to saving money, the
A. They are both investments. amount you save is determined by how
much you have left at the end of the month
B. A stock is what corn grows on, and a
once all of your spending is done.
bond gets you out of jail.
A. True
C. Stock represents ownership, and
bonds represents your word. B. False

1346. Prepaid card, prepaid phone card or mer- C. staying the same
chant gift card are example of
D. none of above
A. Debit cards
1352. currency
B. Smart cards
C. Gift or stored value cards A. coins and paper money
D. none of above B. checks

C. credit cards
NARAYAN CHANGDER
1347. A person who uses resources to start a
business. D. debt
A. Consumer 1353. Credit helps the economy by keeping
B. Producer money
C. Profit A. safe
D. Entrepreneurs B. insured
1348. The value of all assets minus the value C. circulating

of all liabilities. D. tightly controllled
A. Financial obligations
1354. List three costs of renting
B. Assets
A. helping society, you feel good, tax de-
C. Net Worth ductions
D. Liabilities
1349. A is when you compare how much capital gains at time of sale, tax deduc-
you earn with how much you spend. tions for mortgage interest and property
A. Expense your own likes and needs
B. Income C. must follow lease requirements, no eq-
C. Investment uity build up, subject to possible rent in-
D. Budget creases
1350. The is the amount the insured pays easier mobility, indirect payment of prop-
for insurance coverage, usually monthly. erty taxes
A. Premium
1355. What does the expenses section of a
B. Deductible
budget show?
C. Policy
A. if income is greater than expenses
D. Coverage
B. shows how much money is spent each
1351. If the current price of a stock is 29.07 month
and the closing price from the day before C. includes the amount someone has
was 28.36, then the stock is saved
A. going down D. should be a greater amount than the
B. going up income portion of the budget

1356. Buying movie tickets

A. Joseph did not plan to spend money re-
pairing his heater.
A. neither B. Joseph is not responsible for any

charges he makes on his credit card.
B. both
C. The temperature in the house will be
C. Flexible variable expense
too cold without a working heater.
D. fixed expense
D. Joseph knows he will be able to pay
1357. Under a tax system, individuals and the credit card balance quickly with little
entities with low incomes pay a higher or no interest.
amount of that income in taxes compared
to high-income earners. 1361. Possibility of loss, damage, or injury.
A. Regressive A. Risk
B. Progressive B. Damage Control
C. Proportional
C. Inclusion Management
D. Flat
D. Endorsement
1358. The money you earn from working
A. spending 1362. Time frame for achieving goals
B. credit A. Short, Medium & Long planned plans

for success
C. income
D. wants B. Short-term goals, Intermediate goals,
& Long-Term Goals
1359. Prices go up and down based on the
C. One Year, three years & five years suc-
of something and the for it.
cession
A. demand; supply
D. Six months, one year & permanently
B. supply; demand goals for life
C. need; percentage
D. demand; call 1363. Gross income is:
A. the total amount of money you earn
1360. It is winter and the heater in Joseph’s
house is not working. The cost to repair B. the amount of money you receive after
the heater is more than Joseph has in his decuctions are subtracted
bank account. Which statement does NOT
C. the total amount of money you spend
describe why Joseph may decide to use his
credit card to pay for his heater repair? D. sales taxes on items you buy

1364. Someone who makes goods or offers C. economics

services that will be sold. D. scarcity
A. Consumer
1368. A card that lets you borrow money and
B. Profit purchase items, but you have to pay it
C. Producer back and you get charged a fee to use it.
D. Scarcity A. Debit Card
B. Credit Card
NARAYAN CHANGDER
1365. Margaret has just received a $500
bonus from work. Being practical, she 1369. A tax paid to a government based on
does some research and notices that in- earnings.
terest rates are currently very high. She A. Income Tax
wants to get the most from her money, so B. Sales Tax
what will she MOST LIKELY do?
C. Check
A. She will save her money in a safe at
home. D. Debit Card
B. She will save her money in a bank or 1370. When it comes to managing money, suc-
investment account. cess is about % knowledge and %
behavior.
C. She will spend her money while she
has enough to pay cash rather than use A. 20, 80
a credit card. B. 60, 40
D. She will spend her money and borrow C. 50, 50
more before the interest rates drop. D. 80, 20
1366. A federal law that requires an employer 1371. Personal financial planning involves all
to withhold taxes from the wages they except:
pay their employees; the funds go toward A. Create, implement, review and revis-
Social Security and Medicare ing a financial plan
A. Federal Insurance Contributions Act B. Determine financial situation and de-
(FICA) velop financial goals
B. Federal Income Contributions Act C. Identify alternative courses of action
(FICA) & evaluate alternatives
C. Federal Invalid Contributions Act D. Measuring the improvements of
(FICA) growth in Timberland LCC
D. Federal Internal Contributions Act 1372. a small, specially coded plastic card is-
(FICA) sued by a bank; allows the cardholder to
transfer funds electronically and immedi-
1367. is a system of economics based on
ately from his or her checking account
the private ownership of business and the
products (goods and services) made and A. credit report
sold. B. credit score
A. capitalism C. debit card
B. socialism D. credit card

1373. Choose the correct option C. 28 square inches

D. 185 square inches

1377. Money in a checking account is consid-
ered
A. rigid
A. $245.62 B. liquid
B. $342.40 C. the banks
C. $165.62 D. none of above
D. $284.28 1378. People who take out a student loan only
have a deduction for this when
1374. A card, issued by a financial institution,
that allows people to withdraw money or A. They earn over a certain amount
to pay for purchases from their checking or B. When they turn 21
savings accounts. In addition, the card al-
C. When they are unemployed
lows access to an automatic teller machine
for other purposes; also known as a cash D. When they have savings of more than
card. £2, 000 per annum
A. Debit card 1379. What does “expenditure” mean?
B. ATM card
C. MasterCard
D. Visa
1375. How does inflation impact purchasing

power?
A. Increases purchasing power
B. No impact on purchasing power A. money used in hopes of gaining more
C. Stabilizes purchasing power in the future
D. Decreases purchasing power B. money set aside for future use

C. money spent on a particular item
1376. The base of a rectangular prism has a
D. money a person earns in a year
length of 15 inches and a width of 13
inches.What is the area of this base of the 1380. David purchased a brand-new television
prism in square inches? six years ago for $1, 200. This year, a
fire occurred in his house and damaged his
television. IF Davis’ property is insured
for replacement value, what will he likely
receive?
A. A check for $500, which is the depreci-
ated value.
A. 195 square inches B. A check for the amount of a television
B. 56 square inches of comparable quality.

C. Nothing. C. castle
D. An exact replacement TV from the D. want
same manufacturer.
1386. Agreement to receive goods, services,
1381. Nook will pay for products in other or cash now and pay later
provinces. What type of service is most A. Credit
appropriate?
B. Debit
A. cashier check
NARAYAN CHANGDER
C. Cash
B. Draft
D. Check
C. check gift
D. traveler’s check 1387. Which is not a step to financial wealth?
A. Set money goals
Opportunity Cost is correct? B. Personal finance is 80% behavior and
20% knowledge.
A. Is an alternative that is best ignored
when the decision is made. C. Execute your plan! This involves disci-
pline and perseverance.
B. Is the amount of money that must be
D. Assess your financial situation ( your
paid for the use of a certain loan.
income, assets and liabilities).
C. Is the amount of money that must be
E. You must write out a detailed plan for
accomplishing your goals.
D. It is a money management spending
plan over a set period of time. 1388. Define profit
A. Income-expenses=Profit
1383. What is one consequence of not being
able to pay off your credit? B. The money left over from your income
after paying all your expenses.
A. going to jail
C. The difference between what is
B. repossession of your things
earned and what is spent.
C. higher credit score
D. All of the above
D. increased overdraft fees
1389. Coach Queen offered to make his classes
1384. Globalization describes different coun- BBQ if the class average on a test was an
tries around the world with each 80. What is this an example of?
other.
A. Positive Incentive
A. balancing
B. Negative Incentive
B. interacting
C. Expectations
C. reverberating
D. Opportunity Cost
D. recycling
1390. In filling out an application always fol-
1385. something we would like to have low
A. needs A. the right path
B. phone B. instructions

1391. a home loan 1397. Unwritten rules at work are extremely

A. Mortgage important for all employees, including new
workers.

B. expenses
A. T
C. Bills
B. F
D. Credit
1392. What does FDIC stand for? 1398. Short-term notes of debt issued by the
federal government, with maturities rang-
A. Fellow Democrats Independent ing from 4 weeks to 12 months.
B. Federal Deposit Insurance Corpora-
A. US Treasury Bill
tion
B. US Savings bond
C. Federal Deposit Institution Corporta-
tion 1399. A policy to protect you against loss of
D. First Deposit Insurance Corporation life, property, and finances.
1393. True or False:A mortgage is a long term A. interest
loan for purchasing property B. premium
A. True C. insurance
B. False D. investing
1394. Deductible can best be defined as
1400. You borrowed money from a bank to
A. the monthly payment to the insurance pay for school, would you rather the bank
company used a simple interest formula or a com-
B. the amount you pay out of pocket be- pound interest formula to calculate how
fore insurance kicks in much you owe?
C. the total amount that insurance will A. Simple
pay. B. Compound
D. none of above
1401. Individuals with more formal educa-
1395. Any debts that you owe for a tangible tional training usually have:
item that must be repaid.
A. higher estimated lifetime earnings
A. Liabilities
B. lower personal satisfaction
B. Inflation
C. greater amounts of leisure time
C. Assets
D. more comfortable work environments
D. Budget
1396. the net amount of cash or cash equiv- 1402. The availability of money; how quickly
alents moving in or out of a personal ac- you can convert it into cash in your hand
count is its
A. Personal cash flow A. diversity
B. Dual Cash flow B. liquidity
C. Intermediate Cash Flow C. yield
D. Maximum Cash Flow D. gratuity

1403. Which item number has an issue? C. Comparing the proces and quality of
goods and services in order to get the best
deal
D. A record of all the money you earn
and spend, it tells you exactly where your
money goes
A. 1 1408. Loans that are obtained by offering an
NARAYAN CHANGDER
B. 2 asset to guarantee repayment of the loan
are considered (a)
C. 3
A. a secured loans
D. 4
B. repossession loans
1404. A tax credit for low-income individuals
C. unsecured loans
A. social security
D. default loans
B. earned income tax credit
C. federal income tax 1409. What is Income?
D. medicaid A. Money given to you by your parents

B. Money you borrowed from a bank
1405. property or other valuable item that a
borrower pledges as security for a loan C. Money you worked for
A. expenses D. Money you found
B. income 1410. Your credit score falls between what

C. collateral range?
D. charge A. 300-800
E. surplus B. 300-850
C. 350-800
1406. It is a unique series of letters assigned
to a security for trading purposes. These D. 350-850
symbols are just a way of describing a
1411. Deductible is the money paid out of
company’s stock.
pocket before insurance covers the remain-
A. Diversification ing costs.
B. Stock Quote A. True
C. Portfolio B. False
D. Ticker Symbol
1412. In financial terms a “Want” is
1407. Consumerism is A. Something needed for survival
A. A movement to educate buyers about B. Clothes, place to live, food
the purchases they make and to deman
better and safer products C. Something you can live without
B. Someone who buys a product or ser- D. A nice thing to have

vice E. None of the above

1413. You have a choice between two credit C. net worth

cards:American Express 8.99% or Chase D. expenses
Sapphire 12.99%. Which card offers the

better rate? 1418. Which of the following is an example of
economics?
A. American Express
A. The United States buys oil for use at
B. Chase Sapphire
home from other countries.
C. Neither
B. The government of the United States is
D. All of the above divided into three branches.
1414. T or F = You should print when filling out C. The United States declared its inde-
your check. pendence from Great Britain.
A. True D. The people of the United States come

from many different places.
B. False
1419. WHAT IS THE BEST REASON TO BUY
1415. Which of the following statements BEST SOMETHING?
describes the operation of banks? SSEPF2
A. Because you want it
DOK2
B. Because it’s in style
A. Banks take in deposits, for which they
pay a relatively small rate of interes they C. Because you need it
then hold a small amount aside and loan D. none of above
out the rest at higher rate of interest
1420. You and your friends go out to eat at
B. Banks borrow money form the govern- the Olive Garden. You want to pay for
ment at low interest rates, and they loan everyone, but your food jar doesn’t have
that money to customers at higher inter- enough money in it to cover the meals.
est rates What do you do?
C. Banks, under license from the govern- A. Take all the money from your food jar
ment, print money that they then loan out and take the rest out of your vacation jar.
to businesses and households
B. Take all the money from your food jar
D. Banks take in deposits, which they use and take the rest out of your car payment
to pay their employees and other costs jar.
1416. From which sector of the economy do C. Take all the money from your food jar
private businesses find the MOST work- and take the rest out of your rent jar.
ers? D. Don’t buy the food for everyone this
A. Banks time, plan for the future.
B. Households 1421. This is both the cost of borrowing funds

and the profit that accrues to those who
C. Government
deposit funds in a savings account.
D. Other private businesses
A. interest
1417. debts and financial obligations B. karma
A. assets C. credit
B. liabilities D. investments

1422. A debit card has late fees if you don’t 1428. Farmers in a town grew more corn this
pay back the money on your monthly state- year than last year. Which statement best
ment by its due date. describes how this will affect the price
A. True that people pay for corn this year?
B. False
1423. Money you put into your account (a)
NARAYAN CHANGDER
A. The price will be lower than last year’s
price, because there is more corn avail-
A. a Deposit
able to buy.
B. Balance
B. The price will be higher than last year’s
C. Income price, because there is less corn available
D. Expense to buy.
C. The price will be lower than last year’s
1424. If you are being audited, the IRS is ex-
price, because there is less corn available
amining your financial situation.
to buy.
A. True
D. The price will be higher than last year’s
B. False price, because there is more cornavail-
able to buy.
1425. Listening and hearing are basically the
same thing. 1429. What is a bad reason to borrow money
A. T A. to pay a bill
B. F B. to buy a new game
1426. True or False:National Insurance is an C. to pay for groceries
amount paid to the government from D. none of above
wages to pay for any future employment
benefits needed such as sick pay. 1430. What happened on 7/5?
A. True
B. False
1427. Rob owns his own small business and

employs people. Steve is a product devel-
oper of the business. Who took the risk in
starting the business?
A. Rob
B. Steve
C. the bank A. a paycheck was deposited
D. all the employees B. check #164 was written

C. nothing 1435. If someone is saving money for less

D. the balance went up than two months, it is considered what
type of goal?

1431. What is a key component of debt man-
A. short-term
agement in personal finance?
B. long-term
A. Accumulating credit card debt
B. Paying off debts on time and minimiz- C. medium-term
ing interest charges D. terminal
C. Taking out multiple loans simultane- 1436. Which performs better over the long
ously term?
D. Ignoring debt and avoiding payment
A. Index Funds
1432. If we’re trying to fund an expense B. Managed Funds
that’s 2 years away (FEWER than 3-5
years), should we save or invest? 1437. A financial plan that estimates expendi-
tures for a certain period of time
A. income
B. property tax
C. budget
D. expense
1438. Income is money that earn from work-

A. SAVE ing or gain from investments.
B. INVEST
A. True
1433. The record of a person’s payments on B. False
loans
A. Bill 1439. A plan of your expected income and how
you will use it to meet your expected ex-
B. C-Notes penses over a period of time (a)
C. Investments
A. a Budget
D. Credit History
B. Plan
1434. How much was check# 1292 for the in- C. Statement
surance bill?
D. Income
1440. Disadvantages of using credit cards
A. $104.81
B. $647.07
C. $155.09?
D. $96.79

A. Fees mat be assessed, mat not be ac- 1444. Which of the following would be the
cepted in some stores, overspending best example of a monthly variable ex-
B. Convenience of not carrying cash, pense?
counting change, quick form of payment
1441. Buying stock through mutual funds is
less risky than buying individual small
pieces of many companies at a time be-
cause
NARAYAN CHANGDER
A. you diversify your risk by buying small
pieces of many companies at a time
A. Car Payment
B. inflation is less likely to erode your in-
vestment B. Rent on an apartment
C. Groceries
1442. You would like to buy an exercise tread-
mill. You haveidentifiedthe options shown D. Movie Ticket
in the table. What are the advantages of
1445. Provides money to pay for health care
buying the treadmill offered by the second-
for illness, injury, or, in some cases, pre-
hand store over the one offered by the dis-
ventative care
count store?
A. automobile insurance
B. disability insurance
C. health insurance
A. Price and evaluation in a consumer D. personal insurance
magazine
1446. What is the difference between gross
B. Price and quality income and net income?
C. Price, quality, and evaluation in a con-
A. Gross income is earned on your own;
sumer magazine
net income is earned from your full-time
D. Price, quality, and warranty job
1443. Which of the following are characteris- B. Gross income is before tax deductions;
tics of money used as savings, including net income is the amount you actually
emergency funds? bring home
C. Gross income is exempt from personal
income taxes; net income is taxable in-
come
D. Gross income is already committed to
future expenditures; net income is discre-
tionary
A. Safe 1447. Which of the following is a great credit
B. Accessible score?
C. Liquid (in the form of money) A. 5
D. Invested in risky business ventures B. 540

C. 805 C. Garnishment
D. 2999 D. Foreclosure

1448. In order to qualify for financial aid, 1454. What is the purpose of income tax?
prospective college students must file their A. To fund public goods and services
B. Receive a refund
A. Financial Aid Letter
C. To get money back for working
B. SAT or ACT D. None of the above
C. Parent tax return
1455. is the money you earn during a pe-
D. FAFSA riod of time.
1449. A home loan is also referred to as a A. Income
A. pay-day loan B. Balanced budget
B. personal loan C. Expenses
C. debit D. none of above
D. mortgage 1456. Which is the best credit score?
A. 500
1450. A specialized computer that allows you
to take out cash, make deposits, or trans- B. 850
fer money between accounts. C. 300
A. ATM D. 700
B. IBM 1457. When you spend your income, you are
C. EYEIO trading your money in exchange for goods
D. none of above or services.
A. True
1451. School supplies are a
B. False
A. flexible variable expense
1458. The extra fee you pay to the bank when
B. fixed expense
you borrow money from them is called
1452. What is the absence of consumption A. budget
called? B. savings
A. Saving C. taxes
B. Investment D. interest
C. Stocks
1459. What percent of your monthly income
D. Bonds should your monthly mortgage payment
be?
1453. A legal proceeding a creditor can use
when a borrower does not make mortgage A. 80%
payments is called? B. Less than 40%
A. Repossession C. Less than 60%
B. Credit Card Fraud D. Less than 30%

1460. Which of the following is a spending 1465. an estimate of expected income and ex-
plan for your money? penses (like a plan).
A. Savings A. Savings
B. Deposit B. Spendings
C. Budget C. Budget
D. Investment D. none of above
1461. Marty’s parents give him $10 each 1466. Your bank statement arrived. You had
NARAYAN CHANGDER
week for his chores. He saves $5 every a balance of-$52.79. After the $307.74
week out of that money?How much total deposit from Rolands Bookstore, what is
money he will have saved after 4 weeks? your new account balance?
A. 19 A. $316.95
B. 40 B. $256.92
C. 20 C. $265.29
D. none of above D. $254.95
1462. What does the acronym “SMART” 1467. What are some smart ways to earn
stand for money?
A. Smart A. start a lemonade stand
B. Measurable B. steal it
C. Achievable C. save your allowance
D. Relevant & Time-bound D. mow the neighbor’s lawn
E. borrow it from a friend
1463. Ms. Stender has a credit card bill she
pays every month. What form of credit is 1468. What do human resources provide to
that? businesses?
A. Loan A. land
B. House Loan B. labor
C. Car Loan C. capital
D. Personal Loan D. income
E. Credit Card 1469. You can access the money in your check-
1464. Eve earns $30 per hour and works 50 ing account by
hours per week. On her weekly paycheck,
she pays $93 for Social Security, $22 for
Medicare, $150 for federal tax, and $75
for state tax. What is Eve’s net pay?
A. $340
B. $1, 160
C. $1, 500 A. Using the cash grandma gave you to
D. $1, 235 pay at the grocery store

B. Paying bills with a pre-paid debit card B. Mutual Fund

C. Transferring money though your online C. Bond

account
D. Money Market Account
D. Using your credit card to Venmo a
friend 1474. When you are ‘in the red’, you have
spent more than you have in your account.
1470. On January 8th your account was
charged $30.00 for an overdraft fee. A. TRUE
What is an overdraft fee? B. FALSE
A. A fee for maintaining your account.
1475. Rolando is participating in a fundraiser
B. A state tax. to earn money for soccer equipment. He
C. A fee for overspending. collected $250 from selling stickers. After
calculating the expenses, he found that he
D. none of above
made a profit of $175. How much were
1471. Adam is working at Foot-Locker for an his expenses?
hourly wage of $15. If he worked 38 A. $39
hours last week, what is his gross pay?
B. $44
A. $399
C. $75
B. $427.50
D. $76
C. $570
D. none of above 1476. What do you WANT but do not NEED to
live?
1472. is the money you spend during a pe-
A. bike
riod of time.
A. Income B. food
B. Balanced budget C. home
C. Expenses D. none of above

D. none of above 1477. What is a 401(k)?
1473. Which would be considered the highest A. Health insurance plan
risk investment type? B. Retirement savings plan
C. Education savings account
D. Emergency fund
1478. The amount of money you have avail-

able in your account to spend
A. deposit
B. debt
C. balance
A. Stock D. withdrawal

1479. Fiat means that money is valuable be- 1484. Income before taxes and deductions
cause who says it is?
A. Net income
A. The Government B. Gross income/pay
B. The People C. Disposable income
C. The Banks D. Adjusted gross income
D. none of above
1485. The amount of money borrowed by one
NARAYAN CHANGDER
1480. Between 1881 and 1921, one major party from another party?
cause of the increasing number of immi-
grants to the United States was the
A. availability of free land in the South-
east
B. increased job opportunities industry
C. increased need for military personnel
D. federal aid to pay the housing costs of A. bankruptcy
new arrivals
B. interest
1481. a fixed expense is C. credit
A. Car payment D. debt
B. credit card bill
1486. To build a positive credit history, I
C. phone bill should pay cash for all purchases.
D. none of above A. True
B. False
1482. This person is providing a good or ser-
vice? 1487. Merchandise and skills offered in mar-
kets for a price.
A. Profit
B. Citizen
C. Goods and Services
D. Entrepreneurs
A. goods 1488. Which of the following items would

someone MOST LIKELY need to save
B. service money in order to purchase?
1483. Expense vacations, cell phones, new A. a sweater

clothing are B. a trip to Paris
A. needs C. going out to eat at Chili’s
B. wants D. shampoo and conditioner

1489. An important consideration to exam- C. deposit

ine when deciding to declare personal D. finance
bankruptcy is the

A. impact it has on future credit options 1494. What are four benefits of buying insur-
ance?
B. number of investments made in the
last year A. risk of decline in value of investment,
risk of lost of purchasing power, risk of
C. cost of using a collection agency
failure or default, risk of illiquidity
D. amount of interest paid on credit cards
B. it’s a legal requirement, coverage of
1490. Which tax structure increases as income unexpected expenses, some life insur-
increases? ance plans build equity to borrow against,
possible tax credit to cover insurance pre-
A. Proportional
mium
B. Regressive
C. set goals, study income and expendi-
C. Progressive tures compared to goals, investigate in-
D. Excise vestment opportunities, create a plan to
achieve those goals
1491. Companies that give out small loans in
D. huge drop in credit score, lack of fu-
return for a portion of an upcoming pay-
ture credit options, could loan personal
check. They generally charge much higher
property
interest on loans than other institutions.
A. title loan 1495. What encourages businesses to offer
customers low prices and better quality
B. pay day lender
products?
C. credit union
D. mortgage broker
1492. is money owed from a loan or credit

card.
A. Debt
B. Sales
C. Borrow A. market
D. Debit Card B. competition
1493. To use money to pay for something. C. checking account
D. savings account
1496. money earned as a percentage of a sale

or service
A. Income
B. Interest
A. spending C. Commission
B. cost D. Wage

1497. The Annual Percentage Rate on a loan 1503. things that are produced and used
MOST directly affects which item? A. interest
A. The total amount owed to a lender B. credit
B. The length of the loan C. lend
C. The minimum owed to the lender D. resources
D. the credit worthiness of the borrower
1504. Which of these is not a market for finan-
NARAYAN CHANGDER
1498. The cost a borrower pays to use some- cial assets?
one else’s money. A. Primary Market
A. Interest B. Capital Market
B. Loan C. Money Market
C. Credit D. Buyers Market
D. Asset
1505. What are the two main parts of a bud-
1499. House Cleaner get?
A. goods A. the list and the spending
B. service B. income and expenses
C. savings and lending
1500. Will spends $8.00 on what he needs to
make hot dogs. If he sells 20 hot dogs for D. borrowing and spending
$1.00 each, how much is his profit? 1506. When you combine Medicare and Social
A. $20.00 Security what Tax do you have?
B. $12.00 A. FICO
C. $10.00 B. FICE
D. $11.00 C. FACE
D. FICA
1501. Revolving credit result in payments that
are 1507. is an interest rate paid only on the
A. paid monthly with an end date amount of money you deposit.
B. require collateral A. Simple
C. require a down payment B. Compound
D. paid monthly with no end date C. Leveled
D. Concave
1502. Which type of insurance provides in-
come to people who cannot work due to 1508. Which one of the following are financial
injury or illness? institutions?
A. Life Insurance A. bank and credit union
B. Health Insurance B. library and hospital
C. Liability Insurance C. school and museum
D. Disability Insurance D. Starbucks and Wal-Mart

1509. Represents part ownership in a com- 1513. Using your money to make more money
pany is called

A. Diversification A. goods
B. Risk B. budget
C. Inflation C. investing
D. Stock D. credit card
E. Bonds
1514. What is sales tax?
1510. Charis wants to decrease the risk of
fraudulent use of her credit cards. Which A. Money subtracted from all income
strategy would be the most effective? B. Tax from what you own, such as land,
A. Carrying all credit cards in her wallet homes, or vehicles
so they do not get lost C. Tax on the time spent in education
B. Signing the back of her card with her D. Paid by the consumer when buying
signature and “Please see picture ID” goods or services
C. Giving account numbers over the Inter-
net rather than over the phone 1515. A monthly plan for how you are going
to save and spend your income.
D. Using credit cards for all her pur-
chases so she only needs to pay one bill A. expenses
each month B. credit
1511. What is the additional amount you pay C. budget
to use borrowed money?
D. liability
1516. What is a reasonable expense to cover

using a loan from a bank?
A. a new car
B. a concert ticket
C. a restaurant bill
A. bankruptcy D. a parking ticket fee
B. credit 1517. A savings account is a way of spending
C. interest money right away.
D. debt A. True
1512. Used to purchase large items that are B. False
paid off over a period with a charged in-
terest. 1518. List 5 costs of buying a home.
A. Atm A. annual property taxes and insurance,
B. risk long term mortgage payment, costs of re-
pairs and maintenance, potential home-
C. saving owner association fees, large capital out-
D. loan lay to obtain a loan

B. it’s a legal requirement, coverage of 1523. Matt borrowed $400 from the bank to
unexpected expenses, some life insur- buy a new television. When the bill came,
ance plans build equity to borrow against, Matt did not have $400 in his bank ac-
possible tax credit to cover insurance pre- count, so Matt only paid the minimum pay-
mium ment. When the second bill came Matt
C. can help with problems due to unex- had his remaining balance plus a 7% fee.
pected catastrophic expenses, can lower What is the 7% that Matt had to pay?
debt payments, can stop collection effort A. Investment
NARAYAN CHANGDER
D. huge drop in credit score, lack of fu- B. Interest
ture credit options, could loan personal
property C. Saving
D. Credit
1519. HOW CAN SOMEONE YOUR AGE EARN
MONEY? 1524. To measure the stock market as a whole
A. Shoveling snow for neighbors people look to
B. Washing cars A. Dow Jones
C. Walking dogs B. Stockbrokers
D. All of the above C. Individual stocks
1520. money received, especially on a regular D. Unemployment rate
basis
1525. the profit earned by an investor
A. savings
A. return
B. expense
B. interest
C. income
C. redress
D. budget
D. credit
1521. A checking account is
A. A sum of money to be used for a par- 1526. Which of the following is NOT like the
ticular purpose. others?
B. A share in a corporation that gives you A. income
a stake in the company and its profits. B. salary
C. An account where the depositor can
C. wage
write checks.
D. expense
D. none of above
1522. A loan from an investor to a company or 1527. What is the relationship between risk
the government is known as a and return when it comes to investments?
A. stock A. Lower Risk = Higher Reward

B. Savings Account B. Higher Risk = Lower Reward
C. Certificate of deposit C. Lower Risk = Lower Reward
D. bond D. none of above

1528. Which of the following is a BENEFIT? B. money that is paid by the bank to the
A. Vacation time account holder for money being saved

C. money that is borrowed from the bank
B. Social Security
and used to make big purchases
C. Salary
D. money that is charged to an account
D. Private insurance holder when he or she uses more money
than is in the bank account
1529. Why is food from grocery stores not
subject to the same rate of sales tax as 1533. What is the difference between a stock
other goods and services? and a bond?
A. Food is already taxed when it is pro- A. Stocks represent ownership, while
duced, therefore we need no additional bonds represent debt
tax on it B. Stocks pay fixed interest, while bonds
B. Since all consumers purchase essen- offer ownership stakes
tial goods like food, a high sales tax on C. Both are synonyms for the same finan-
food would affect poor people more than cial instrument
wealthy people
D. Bonds are riskier than stocks
C. Food is heavily subsidized and free for
people who need it 1534. What is a business owned by stockhold-
ers/investors but operated by others?
D. Sales taxes don’t apply to eating out at
restaurants.
1530. When there is a problem with a product

or service, what should you do first?
A. Contact the seller or service provider.
B. Write a letter of complaint to the boss
of the seller or service. A. Sole Proprietorship
C. Write a letter of complaint to the orga- B. Partnership
nization’s top executive. C. Corporation
D. Contact the Consumer Protection D. none of above
Board
1535. Gifts, prizes, money earned, allowance
1531. One of the financial institutions that op-
erates by collecting premiums from clients A. expenses
is called
B. income
A. brokerage
C. credit
B. credit union
D. insurance
C. investment banks
1536. is the total income before income
D. insurance companies
taxes are taken out of a paycheck.
1532. What is interest? A. Gross income
A. money that is earned for doing work B. Net Income

1537. What is employee contribution? 1543. Which of the following is an ADVAN-

A. State tax and parks TAGE of credit?
B. Retirement and social A. No need for carrying cash
C. FICA and medicare B. Annual Fees
D. 401k and healthcare C. Interest Rates
1538. The memo box on a check is optional. D. none of above
NARAYAN CHANGDER
A. True
1544. What is real investment?
B. False
A. putting money into stocks and bonds
1539. The primary purpose of a check or debit
card is to B. putting money into something physical
A. encourage people to spend more C. putting money into banks
money. D. stealing banks
B. replace cash so the government has a
record of your activities. 1545. A bill you pay that is always the same
C. replace cash so the government does amount is called
not have to pay to print bills or make coins. A. fixed income
D. make it easier for people to buy goods B. fixed expense
and services, pay bills, and make other fi-
nancial transactions. C. variable income
1540. Your emergency savings fund should D. variable expense

have how many months worth of income?
1546. Another name for a budget is
A. 1-2 months
A. A Punishment
B. 10 months
C. It doesn’t matter B. A Bank Account
D. 3-6 months C. Insurance
1541. the promise made by a manufacturer D. A plan

or a seller to repair or replace a product
within a certain time period if it is faulty 1547. Depending on the credit terms, if a per-
son has a late payment, consequences in-
A. warranty cluding higher interest rates, may occur.
B. guarantee
A. True
C. loan
B. False
D. interest
1542. Hearing is little more than a natural pro- 1548. I gave my sister my fruit for her potato
cess by which sound registers in the brain; chips. Did I buy them from her or barter
and requires little or no effort. with her?
A. T A. barter
B. F B. buy

1549. A tax system that uses tax brackets to 1554. GE classes are described as all of the fol-
collect a larger percentage from the income lowing except
of high-income earners than it does from

low-income earners
A. Payroll Tax
B. Sales Tax
C. Progressive Tax
D. Income Tax
1550. An example of a need is

A. Food A. taken for the first 1 1/2-2 years of col-
lege
B. And BMW
C. A mansion B. required for all majors
D. Nike shoes C. are similar to A-G requirements in high

school
1551. Ray bought a television on credit. He
paid back a total of $376. That amount in- D. differ depending on the major a stu-
cluded $46 in interest. What was the price dent has
of the television without the interest?
A. $330 1555. The expense can fluctuate from month
to month.
B. $321
A. fixed income
C. #346
D. $270 B. insurance
C. mortgage
1552. Define Income
A. The amount of money that a person D. variable expense
finds in their pocket
1556. Which statement is true about gross in-
B. The money that a person stores in the
come?
bank
C. The money that a person has to pay A. Gross income is the amount of money
back to the bank you take home after taxes and insurance
D. The money that an individual obtains B. Gross income is the amount of taxes
taken out of your paycheck
1553. This is what lenders charge for the priv-
ilege of borrowing money. C. Gross income is what your earn before
taxes
A. rate of return
D. None of the above
B. insurance
C. interest
1557. What is meant by money being LIQUID?
D. overdraft (select all that apply)

1560. The overall management of money.

Which includes how you save, budget, and
invest your money.
A. Investing
B. Savings Account
C. Personal Finance
D. Credit Card
NARAYAN CHANGDER
A. It’s stored in the form of physical 1561. Who should not be asked to be a refer-
money ence?
A. Relatives
B. It’s stored in the form of electronic
money B. Teacher
C. It’s invested in something that must be C. Coach
sold to obtain money D. Youth Pastor
D. It’s invested in something that’s valu-
able, but not money 1562. What credit channels do we have?
A. Mortgage loan, Unsecured loan, Loan
1558. contractual expenses from parents, Loan from friends, Hot loan.
A. manage money, increase networth, B. Buying in installments, Pawnshops,
reach goals, increase financial well-being Ghost financial companies.
B. an income and expense statement C. Mortgage loan, Unsecured loan, Loan
sometimes referred to as a budget which from parents, Loan from friends, Hot loan,
records both planned and actual income Installment purchase.
and expenses over a period of time
D. Mortgage loans, Unsecured loans,
C. required to pay expense for a specific Loans from parents, Loans from friends,
amount of time; not easy to reduce or Hot loans, Installment purchases, Pawn-
eliminate; rent, internet, cellphone shops, Ghost financial companies.
D. envelope, check register, depository
1563. A contract that covers a business or a
institution
person against possible financial losses.
1559. Arnold is buying football gear priced at A. Employment contract
$316. The gear can be paid for with $316 B. Insurance contract
in cash or in 3 payments of $118. How
much less does the football gear cost if 1564. Lucy makes 9% commission on car sales.
Arnold pays with cash than with 3 pay- Her average bi-weekly sales are $32,
ments of $118? 500. Find her gross monthly income.
A. $38 A. $6337.50
B. $22 B. $633, 750
C. $2 C. $5850
D. $6 D. $11, 700

1565. Edward wants to develop a positive 1570. A federally recognized, tax-exempt or-
credit history. How should he do this? ganizations such as a church, hospital,
charity, or school that serves the public in

A. maintain reasonable amounts of avail-
some capacity.
able credit
B. Open credit accounts in his parents’ A. consumer
names B. scarcity
C. Have one type of credit account C. profitable organization
D. Pay cash for the majority of purchases D. nonprofit organization
1566. A cost that can be expected at regular in- 1571. The relationship between risk and re-
tervals and that remains the same amount turn can be stated as
A. Revenue
B. Variable Expense
C. Cost of Living
D. Fixed Expense
1567. Which of the following is NOT some-

thing a financial institution can do?
A. Keep your money safe
B. Provide a small percent of interest for
your savings account A. Higher risk indicates higher return
C. Tell you how you have to spend your B. Higher risk indicates lower return
money C. Lower risk indicates higher return
D. Loan money to be repaid with interest
D. No relationship exists between risk
1568. a tax that includes Social Security and and return
Medicare taxes and is paid by an employer
1572. This allows you to withdraw cash from
A. Income tax your account or make payments electroni-
B. payroll tax cally.
C. sales tax A. Debit Card
D. property tax B. Loan Account

C. Signature Card
1569. A balance sheet is a financial statement
that takes a of the financial state of a D. Payday card
company or individual.
1573. If my credit card allows me to charge up
A. exclusively financial overview to $1, 000, I should charge the maximum
B. long-term analysis amount to build my credit history.
C. point-in-time picture A. True
D. detailed understanding B. False

1574. It is best to pay more than the minimum A. Credit Card Credit Card.
due on your credit card.
C. Both Credit Card and Debit Card.
D. Visa card
1578. A measurement of your assets minus

your liabilities is
NARAYAN CHANGDER
A. spending money
B. net worth
C. liabilities
D. payments
1579. Which is the “T” in SMART Goal?

A. True
A. True
B. Time Bound
B. False
1575. Depository institutions 1580. An example of a good co signer is:

A. Financial institutions that accept de- A. A Spouse
posits from individuals and provide loans B. A Parent
B. Financial institutions that do not offer C. Mr. Michael
federally insured deposit accounts, but
provide various other financial services D. An Acquaintance
C. Nondepository institutions that spe- 1581. Your mom takes you shopping for gro-
cialize in providing personal loans to indi- ceries and toiletries for your dorm room.
viduals She pays for the purchase with a card, en-
D. Financial institutions that offer a di- ters her PIN and gets $20 in cash back
verse set of financial services to individ- from her checking account.
uals or firms.

a variable expense?
A. Food
B. Entertainment
C. Tranportation
D. Savings A. Debit
1577. Read the following information to B. Credit
choose the type of card:“If you do not pay
in full and on time, interest will be charged 1582. What is using money in hopes of gaining
on the remaining debt and is often very more in the future by lending to businesses
high.” in exchange for a share of profits?

1587. Paycheck
A. Income

B. Expense
1588. the total amount of money you earn

A. gross income
B. net income
A. saving 1589. Which of the following assets offers the

B. investing MOST liquidity?
C. income A. A velvet painting of Elvis Presley
D. expenditure B. A diamond jewelry set
1583. Ways to send a letter of application? C. U.S. savings bonds

A. letter carried by pigeon D. A rare coin collection
B. By email or mail
1590. The movement of all the different goods
C. smoke signals and services is called the of production.
D. magic A. alleviation
1584. Money that you receive for working is B. chain
called
C. product
A. debt
D. finances
B. expense
C. income 1591. Felipe earns 5% commission on his
sales at Best Buy. One week his sales to-
D. none of above
taled $9, 650. What was his commission
1585. Generally lower savings rates and for the week?
higher fees A. $9, 167.50
A. Banks B. $482.50
B. Credit Cards
C. $965
C. Both
D. $487.50
D. none of above
1592. What does the FDIC do?
1586. requires a larger amount of money,
earns higher interest, limited amount at A. Insurances your paycheck if it is lost of
withdrawals allowed. stolen
A. mutual funds B. Insures the money you have in the
B. individual retirement bank
C. risk C. Insures your credit card
D. Money market deposit account D. Insures your savings account

1593. Read the following information to C. A kind of car.

choose a card type:“This type of card usu- D. The job openings that are available
ally has no incentives and only costs a when you are ready to go to work.
small fee when withdrawing cash.”
A. Credit Card Credit Card. 1599. This type of retirement account offered
by employers to their employees allows
B. Debit Card Debit Card. them to set aside tax-deferred income.
C. Both Credit Card and Debit Card. Sometimes employers will even match
the employee contribution up to a certain
NARAYAN CHANGDER
D. Visa card
amount.
1594. Which branch of government ENFORCES A. mutual fund
or CARRIES OUT the laws?
B. 401(k)
A. Legislative
C. Roth IRA
B. Executive
D. savings
C. Judicial
1600. What should be written on line 6?
D. Memorial
1595. Why is it important to have an emer-

gency fund?
A. To buy anything you want
B. To pay back money you owe
A. the date
C. To pay for things you didn’t plan for
B. the amount of the check
D. none of above
C. who the check is going to
1596. amount paid for expenses before insur-
D. your signature
ance covers the remaining
A. credit 1601. Liability insurance covers accidental
harm that may be caused to other people
B. deductible
or property.
C. budget
A. True
D. insurance
B. False
1597. A expense can change from month 1602. Collateral
to month such as car repairs or doctors
bills. A. a numerical rating of your credit his-
tory
A. Variable
B. government pays the interest on the
B. Fixed loan while you’re in college
C. Flux Capacitor C. the interest rate paid on the principal
D. Fluctuating amount, plus all previously accumulated
interest payments
1598. What is job market?
D. something of value used to secure a
A. the job that you are looking for. loan; must be surrendered if the loan is
B. The numbers of works that you have. not paid back

1603. The maximum amount you may borrow B. Pay with a credit card.
on a credit card is known as:
C. Take out a loan and pay the minimum

A. creditworthiness payment.
B. credit report D. Keep borrowing from friends to pay off
C. credit limit debts.
D. variable rate of credit
1608. protects specific, tangible, assets like a
1604. Plan for dividing up your income among home, jewelry, music equipment, etc
saving and spending options. A. Auto Insurance
A. HMO
B. Property Insurance
B. Premium
C. Health Insurance
C. Net Worth
D. Life Insurance
D. Budget
1605. When you buy something you WANT, 1609. WHY IS IT IMPORTANT TO SPEND
what should you consider before buying? MONEY ON THINGS YOU NEED BEFORE
SPENDING MONEY ON THINGS YOU
A. where it will look best in my house WANT?
B. will my friends like it as much as I do
A. Because buying things you want is
C. you might not have enough money for more fun
necessary spending (emergencies)
B. Because you can live without wants,
D. none of above but you can’t live without needs
1606. The federal agency that oversees insur- C. Because only adults can spend money
ance companies is on things they want
D. none of above
1610. workers who do manual labor

A. white collar
B. blue collar
C. management
D. none of above
A. The Federal Trade Commission
B. The Department of Transportation 1611. You have $100 in your account and you
write a check for $70. Your new balance
C. The Consumers Union
is:
D. Insurance companies are regulated on
A. $30
a state-by-state basis
B. $50
1607. It is always less expensive in the long
term to C. $120
A. Pay with cash, check, or debit card. D. $170

1612. The real reason why you should start 1617. Which of the following accrue interest?
investing early is because: A. Student Loans
A. Compound interest allows your money B. Gift Aid
to grow exponentially
C. Work Study
B. You get to make deposits more fre-
D. none of above
quently
C. Inflation eats away your purchasing 1618. a person or company to whom money is
owed
NARAYAN CHANGDER
power in the long run
D. When you’re older, you have much A. credit
more responsibilities B. credit card
1613. Which section of a company handles C. exemption

things like hiring, firing, and benefits? D. creditor
A. Human Resources 1619. One negative to using credit for pur-
B. Marketing chases is that it can lead to unnecessary
debt.
C. Sales
A. True
D. Information Technology (IT)
B. False
1614. a plan for spending one’s money
1620. What is the definition of taxes?
A. income
A. Optional payments made to the govern-
B. personal money management ment
C. debit B. Money paid to politicians
D. budget C. Required payments to the government
for roads, military, and local community
1615. Which of the following sources of in- benefit
come would NOT be counted as part of an
individual’s gross income? D. The government taking money for
themselves
A. child support payments received
1621. Which is not a source of income from
B. tips
work?
C. sales of assets A. salary
D. revenue from rental properties B. Commission
1616. is the study of business and con- C. Land and house for sale
sumers, while is the study of the econ- D. Doing personal business
omy as a whole.
1622. Which sentence describes the risk and
A. Consumer economics; macroeco-
returns of investing in stocks?
nomics
A. They offer the lowest risks and the low-
B. Microeconomics; inflation
est potential returns
C. Macroeconomics; microeconomics B. They offer the highest risks and the
D. Microeconomics; macroeconomics highest potential

C. They offer the lowest risks, but the C. Insurance

highest potential returns
D. Hazard

D. They offer the highest risks, but the
lowest potential returns. 1628. The S in SMART goals stands for
1623. Getting a pet hamster A. Scheduled
A. goods B. Supportive
B. services C. Specific
1624. What term means to spend money now D. Sensible
in hopes that you make more money in the
future? 1629. What is the primary function of the Fed-
eral Reserve?
A. interest
A. conducting the nation’s monetary pol-
B. debt
icy and supervision of banks.
C. loan
B. it is a bank for the rich.
D. investment
C. it is a big bank.
1625. The money you have left to spend
D. none of above
or save after taxes and other deduc-
tions(required and optional) are taken.
1630. are retirement accounts that are not
A. budget deficit taxed until the money is taken out
B. disposable income A. IRAs
C. savings B. Roth IRAs
D. liability
C. Social Security
1626. Groups of companies that are related D. 401ks
based on their primary products or ser-
vices. 1631. The total interest earned on $100 for
three years at 10% (compounded annu-
ally) would be roughly
A. $21
B. $131
C. $31
A. industry
D. $41
B. stock
C. index 1632. The police force, fire department, parks,
elementary schools, and roads are all
D. public company
goods and services the government pro-
1627. The possibility of a loss is called vides for its citizens.
A. Risk A. False
B. Liability B. True

1633. To take money out of the bank to use. 1638. A bad credit report cannot affect my
chances of getting a job.
A. True
B. False
1639. lenders use this to determine your cred-

itworthiness
A. credit score
NARAYAN CHANGDER
A. said
B. deposit B. ACT score
C. cost C. IQ
D. withdrawal D. The Turing Test
1634. This statement was made by a customer. 1640. Dawn graduated from high school and
Were they referring to a credit card, debit wants to get a credit card. How can Dawn
card, or both? “I had to pay an extra $80 establish credit-worthiness?
for this television because I didn’t pay my A. Opening a checking account, making
entire bill right away.” regular deposits, and avoiding penalties
A. Debit for insufficient funds
B. Credit B. Be extremely careful about disclosing
C. Both account information
D. none of above C. The Truth in Lending Act of 1968
1635. Food, clothing, homes are all D. none of above

A. needs 1641. Coupons, “buy one get one free” deals,
B. wants sales, and discounts are
1636. Complimentary close contains what? A. positive incentives encouraging peo-

(more than 1 answer) ple to spend money
A. goodbye B. negative incentives encouraging peo-

ple to spend money
B. sincerely
C. positive incentive discouraging people
C. cordially
from spending money
D. hasta manana
D. negative incentives discouraging peo-
1637. taxable income ple from spending money
A. the portion of your gross income that 1642. When using a credit card, you will even-
the IRS deems subject to taxes tually have to do the following:
B. income remaining after deduction of
A. pay for the item and/or pay interest
taxes and other mandatory charges, avail-
able to be spent or saved as one wishes B. never pay for the item
C. expenses that are required for living. C. buy everything you have ever wanted
(childcare, healthcare, etc.) D. explain to your friends that it did not
D. money derived from paid work cost anything

1643. A credit report contains my personal in- A. a Interest

formation such as my address and social B. Maintenance
security.

C. Annual Percentage
A. True
D. Insurance
B. False
1649. A plan for spending
1644. Which answer choice BEST describes
A. income
credit?
B. expenses
A. money received in exchange for labor
C. sales tax
B. money loaned to a person to make pur-
chases D. budget
C. money earned as income on a savings 1650. What is a budget
account
A. A plan to manage income and ex-
D. money set aside in case of emergen- penses
cies
B. average monthly income
1645. Which retirement account is usually of- C. average yearly income
fered by your employer? D. a plan that poor people need to use
A. credit cards
1651. Banks help the US economy by
B. Tax
A. Keeping people out of debt
C. 401k
B. Preventing economic opportunity
D. IRA costs
1646. What two things are needed for a mar- C. Loaning money to consumers and busi-
ketplace to work? nesses
A. goods and services D. Letting people and businesses borrow
moneywithout having to pay interest
B. stores and factories
C. consumers and producers 1652. money you earn at work after taxes are
taken out
D. employees and employers
A. escrow account
1647. Billy is physically injured when he gets
B. gross pay
into a car accident and cannot work for
6 weeks. Which type of insurance would C. net pay/ take-home
most likely not be used in this scenario? D. annual percentage rate
A. Health
1653. A fee that a credit card company charges
B. Auto a customer to use their credit card services
C. Disability for one year.
D. Homeowners A. Bad Credit
B. Annual Fee
1648. A fee paid to you for keeping your
money in an account OR a fee charged to C. Bank
you for a loan or credit card (a) D. none of above

1654. Credit score is based on 1659. As your income goes up, the percent-
A. Number of credit cards open age of income spent of taxes goes down.
(Some consider this a “poor” tax”
B. Late payments
A. Progressive Tax
C. Total percent borrowed
B. Proportional Tax
D. Your education
C. Regressive Tax
1655. What are the benefits of attending a lo-
D. None of the Above
NARAYAN CHANGDER
cal community college?
A. Choosing a local community college 1660. The amount to which a current saving
within closer driving range saves on trans- will increase based on a certain interest
portation costs. rate a certain time period is?
B. It is cheaper to earn an Associate’s A. Future Value
degree at a community college and then B. Compounding
transfer to a four-yearcollege to finish.
C. You can live at home and save dorm 1661. Which is the most correct?
fees while earning an Associate’s degree. A. Every time you buy a product, you
D. You get more specialized training for should ask the salesperson as much as
your specific degree possible without needing to look at the
product label.
1656. What is a stock symbol? B. in ordering goods by mail If you are not
A. The company’s logo satisfied with the product, you can return
B. An abbreviation of the company the product and receive a full refund.
C. The companies partnerships C. Investing in stocks is risk-free and

earns higher returns than bank deposits.
D. The uniforms worn by companies
D. The seller and buyer can agree on a de-
1657. Benefits should be considered as: livery time for the product, not necessarily
A. Free things you are entitled to. as advertised.
B. Part of the total salary package. 1662. A standardized dollar amount that re-
C. Perks of the company which you get to duces your taxable income, specifically for
select from. individuals who do not receive additional
benefit by itemizing their deductions into
D. Perks which you have to pay towards.
medical expenses, donations, etc.
1658. In which of the following situations is it A. Pay
wisest to use a credit card if needed?
B. Standard Deduction
A. You want to buy the PS5
C. Salary
B. Your car broke down and will require
D. Tax
expensive repairs.
C. You want to go on vacation to Disney 1663. Starting money = $350. Interest rate
World = 2.5% TIme = 3 years. How much inter-
D. You want to get the newest pair of Air est?
Jordans when they come out A. $7.50

B. $26.25 1669. Becoming an astronaut or physicist is an

C. $87.5 example of what type of goal?

D. $262.50 A. Short Term Goal
B. Long Term Goal
1664. Plan of income and expenses to make
sure one has money to save and spend. 1670. The amount of money an employee re-
A. Budget ceives after taxes and other deductions
are taken from a paycheck.
B. Investment
A. Net Pay
C. Loan
B. Total Pay
D. Expense Report
C. Gross Pay
1665. the money in your account D. Minimum Wage
1671. People are motivated by what?

A. money
B. power
C. incentives
D. fame
A. debit
B. deposit 1672. Which of the following words is not re-
lated to economy?
C. balance
A. Production
D. none of above
B. Buying and Selling Things
1666. What are the benefits of buying a C. Court System
house?
D. Money
A. you do not pay utilities
B. no upkeep of the property 1673. The amount paid for insurance is the
C. it is a good investment A. closing cost
D. no commitment B. premium
C. deductible
1667. Which of the following would be consid-
ered fixed expenses? D. assessed value
A. Car payment 1674. Which type of insurance pays an insured

B. Groceries person an income when that person is un-
able to work because of accident or ill-
C. Water bill ness?
D. Electric bill A. Life Insurance
1668. Anyone can join? B. Health Insurance
A. Credit Union C. Property Insurance
B. Bank D. Disability Insurance

1675. An economic system based on public or B. fixed expenses

collective (such as government) ownership C. irrational pricing
of resources and production.
D. variable expenses
A. communism
B. democracy 1680. a type of bank account that allows you
to safely keep your money with a bank
C. socialism and even earn interest
D. rationing A. cashier’s check
NARAYAN CHANGDER
1676. What is the Market Place? B. savings account
A. Financial tool established by money C. credit
collected from several investors that can D. 401k
rities. 1681. What is it called when you put money
B. Security that represents the owner- into an account?
ship of a “part” of a corporation. Financial A. Deposit
Assetex. Amazon, Nike, Pfizer, Facebook,
B. Withdrawal
etc.
C. Balance
C. The largest stock market in the world
and also the first in number of affiliated D. Grant
companies.
1682. a person’s knowledge and work skills
(stock, bond, mutual fund) can be bought
or sold.
1677. If you can’t pay back the money on your

monthly credit card statement by its due
date, the credit card company won’t care
and there will be no penalty.
A. credit
A. True
B. resources
B. False
C. human capital
1678. Which two of the following cards below D. savings
is the same as using paper currency, or
cash? 1683. By investing you are
A. health savings card A. Making your money grow
B. credit card B. Advancing in the stock market
C. AAA card C. Adulting
D. debit card D. Building your credit
1679. Expenses that change from month to 1684. What is an OVERDRAFT FEE?
month A. A fee you pay to see Mr. French’s three
A. stable pricing legged horse

B. A charge when more money is spent 1690. The cost of borrowed money, usually ex-
than what it is in the account. pressed as a percentage.

C. moving a balance from one account to A. interest
another B. savings plan
D. none of above C. scarce
1685. a plan to manage income, spending and D. purchase
saving
1691. Which of the following should Alex con-
A. budget
sider when planning his monthly personal
B. debt budget?
C. loan A. How much tv he will watch this week
D. borrow B. How many books he will read at school
1686. Simon’s bank pays him 0.2% each C. How much ice cream he will buy at
month on all of the money that he deposits school
plus interest. What type of interest is Si- D. none of above
mon earning?
A. Saving 1692. Mint is an app that helps you to
B. Simple Interest A. Buy and sell stocks
C. Compound Interest B. Track your budget
D. Real Investment C. Send money to friends

D. Find new cooking recipes
1687. Paying less than the minimum payment
on your credit card bill doesn’t count as a 1693. Maya grows and sells fruit from her
missed payment. farm. Maya is a
A. True A. producer
B. False B. consumer
1688. Which example shows an advantages of 1694. Why should you pay a loan back
owning a car over leasing one? quickly?
A. discount on auto insurance A. You will owe less interest.
B. no restrictions on the number of miles B. You will earn more interest.
to drive and the ability to customize, or
C. You will owe more interest.
make changes to the car.
D. You may lose your job.
C. smaller monthly payments and good
warranty to cover repairs 1695. If you own this financial investment,
D. you will drive a fairly new car for a lim- you actually own a portion of a public com-
ited period of time. pany.
1689. If you have a loan and pay your bills in A. bond

full, your credit score will go up. B. stock
A. True C. Certificate of Deposit (CD)
B. False D. Real Estate

1696. William works 80 hours and makes C. entrepreneur

$24.00 an hour. What is his gross in- D. new employee
come?
1702. What is the rate of return if a $80 in-
A. 192.00
vestment becomes $100 in a year?
B. 1, 920.00
A. 25%
C. 19.20 B. 20%
D. 2, 080.00 C. 15%
NARAYAN CHANGDER
1697. A tax, also referred to as a flat D. 10%
tax, impacts low-, middle-and high-income
1703. Jaleigh is going shopping with her Aunt
earners relatively equally.
and has $20. She wants to buy a pair of
A. regressive jeans and a shirt. The jeans are $15 and
B. proportional the shirt is $20. Jaleigh decides to buy the
jeans, what is her opportunity cost?
C. income
A. jeans
D. none of above
B. shirt
1698. Credit cards that are offered to teens
1704. An account where money is kept for fu-
often
ture use.
A. have excellent annual rates. A. Income Tax
B. are popular across the nation. B. Overdraft Fees
C. have low minimums. C. Savings Account
D. have high minimums. D. Checking Account
1699. How many weeks are there in a year? 1705. A tax on real estate or personal prop-
A. 12 erty
A. Sales Tax
B. 52
B. Property Tax
C. 24
C. Income Tax
D. 26
D. Payroll Tax
1700. What can we buy that will protect us
1706. This type of insurance provides money
from loss?
to pay for health care
A. Mortgage
A. health
B. Insurance
B. disability
C. Stocks C. long term care
D. Bonds D. homeowners
1701. Risk TakerHard WorkerAttitude of Suc- 1707. A written budget is not needed for good
cessAll of these describe who money management
A. banker A. True
B. consumer B. False

1708. Someone who makes a product to sell is C. Expenses that put people in debt
a D. Expenses that make people rich

A. maker
1714. How many months of expenses should
B. consumer be set aside for an emergency fund?
C. producer
D. trader
1709. What is a deficit?

A. A negative balance
B. Money left over
A. 3-6 months
C. A positive balance
B. 6-12 months
D. none of above C. 12-18 months
1710. Define Credit D. 1-3 months
A. An arrangement by which a buyer can 1715. The amount of money a person makes
take possession of something now and after taxes and other deductions are taken
pay for it in the future. out.
B. A number assigned to a person that in- A. Gross Income
dicates his or her capacity to repay a loan B. Net Income
C. Money paid regularly by the bank to
the account holder 1716. IDENTIFY all the most common kinds of
debt below.
D. The money spent on something with a
A. Auto Loans
goal of making profit
B. Mortgages
1711. When you use a credit card, you are C. Student Loans
A. making a commercial loan D. Credit Card Debt
B. borrowing money from a bank
1717. Which of the following is the most liquid
C. promising to pay the store later asset?
D. withdrawing from your account A. Stocks
1712. Unpredicted, unforseen, or unexpected B. Savings Bonds

expenditures are known as C. Checking Account
A. basic needs D. Certificate of Deposit (CD)
B. flexible expenses 1718. What is the soft skills?
C. short term expenses A. Skills soft like a pillow.
D. emergency expenses B. Nontechnical skills needed by most
workers for success on the job.
1713. What are variable expenses?
C. Skills non-needed.
A. Expenses that do not change D. Nontechnical skills, you don’t needed
B. Expenses that can change in your life.

1719. Which card takes the money out of your 1724. What is the purpose of a budget?
account immediately?
A. To help people drive safer
A. Credit
B. To lead a healthier life and become
B. Debit rich
C. To help people work more productively
1720. wage/wages
D. To help people plan their spending and
A. a fixed regular payment, typically paid
saving decisions
NARAYAN CHANGDER
on a daily or weekly basis, made by an
employer to an employee, especially to a 1725. Why do entrepreneurs take risks?
salary. A. to pay taxes
B. A small sum of money given to some- B. to get elected

one for performing a service; a gratuity. C. to make a profit
C. Cash or a cash equivalent that an in- D. to gain knowledge
while neither receiving nor expecting any- 1726. A long-term investment usually means
thing in return. an investment period of one to three
D. An individual or company’s income be- months
fore taxes and deductions. A. True
B. False
1721. This form of payment is more like a loan,
not your money.
A. debit card
B. check
C. credit card
D. gift card
1722. an estimate of income and expenditures A. Payee

A. Career B. memo
B. Credit Score C. date
C. Budget D. signature line-of account holder
D. Interest Rate E. written amount
1723. What do lenders use to help them deter- 1728. A set amount of income determined on
mine who gets a loan? how many hours an employee works
A. Insurance rates A. Income
B. age B. Salary
C. gender C. Hourly Pay
D. Credit report D. Deposit

1729. Shane had $400 in his account. He made 1735. Which of the following involves borrow-
a withdrawal and his new balance was ing money from a bank when used?
$175. How much money did he take out

A. a debit card
of the bank?
A. $225 B. a credit card
B. $175 C. a checking account
C. $575 D. a withdraw
D. $325
1736. What will most likely help someone in-
1730. Which is a good people can buy? crease the amount of money in their check-
A. shoes ing account?
B. dentist A. create a budget
C. haircut B. work on commission
D. none of above C. take out more loans
1731. Example of a Liability: D. none of above
A. Boat
1737. items/activities that add money to your
B. Insurance Payment
account
C. Electric Bill
A. debit
D. Snowmobile Loan
B. credit
1732. The cost of goods or services.
C. interest
A. liability
D. savings
B. expense
C. consumer 1738. Which of the following is considered an
D. budget advantage to using a debit card to make
purchases?
1733. Is the most common depository institu-
tion that offers financial services to both A. Debit cards are convenient and easy to
consumers and businesses carry around.
A. commercial bank B. Purchases can be made quickly and
B. credit union easily.
C. post office C. You can use many ATMs to get cash.

D. none of above D. All of the above.
1734. Deposit-Type Financial Institutions are 1739. Why do people save money?
as follows EXCEPT
A. to buy things they want later
A. Commercial banks
B. Stockbrokerage firms B. to give it away to other people
C. Savings Banks C. to sell things they don’t need

D. Credit Unions D. to have a big bank account

1740. Which of the following is NOT a good C. Budget

way to maximize a budget? D. Deposit
A. Make a list
1746. Which of the following scenarios demon-
B. Buy items on sale strates a good budgeting practice?
C. Buy everything you want A. Julie’s monthly income is less than her
D. none of above monthly expenses.
B. Carly’s monthly taxes are more than
1741. Which of the following is NOT an advan-
NARAYAN CHANGDER
her monthly expenses.
tage of online banking?
C. Rico spends less money each month
A. It makes it easier to track spending
than he earns at his job.
B. It means you can access your money
D. Sam spends more money each month
24 hours a day
than he earns at his job.
C. You must remember your username
and password 1747. the use of assets
D. It means you can access your money A. interest rate
from the convenience of your own home B. principal
1742. Which type of insurance protects C. simple interest

against loss due to death? D. compound interest
A. Life 1748. the recipient of a loan
B. Health A. borrower
C. Disability B. loaner
D. Long-Term Care C. depositor
1743. the cost of a service D. lender
A. fee 1749. Fixed amount of pay for a certain period
B. income of time, usually a month or a year.
C. debit A. Salary
D. credit B. Real Investment

C. Financial investments
1744. The total market value of all the goods
D. none of above
and services produced by a country during
a specified period. 1750. Money that is not spent but instead
A. GDP/Gross Domestic Product kept for use in the future; this money is
usually kept in certain bank accounts or in-
B. interdependence
vested.
C. scarcity
A. Saving
D. globalization
B. Credit
1745. To put money into an account. C. Profit
A. Career D. Investing
B. Credit Score E. Entrepreneurship

1751. the price associated with using someone 1756. A mutual fund allows investments to be
else’s money

A. stocks
B. interest
C. taxes
D. fees
1752. A business that provides money-related
services.
A. Financial Institution
B. Credit Union
C. Bank A. Secured
D. Insurance Company B. Guaranteed
1753. ? is an online scam using pop-up mes- C. Diversified
saging or email to deceive someone into
disclosing personal information D. Minimal
A. Spamming 1757. Which is a person who provides a ser-

B. Phishing vice?
C. Fracking A. candy maker
D. Lifting B. dentist
1754. Down payment C. toy maker
A. a partial cash payment paid at the time D. none of above
of sale
B. benefits such as cash back and air- 1758. What happens if you don’t pay the en-
line miles given to the cardholder for pur- tire credit card bill?
chases A. 1. Since you are borrowing money, you
C. government pays the interest on the can have an extra month to pay it.
B. 2 You are now in debt.
D. agreement where a lessee pays the
lessor to use the car for a fixed amount C. 3. You begin accruing interest.
of time D. Answers 2 and 3
1755. Ray’s rent is $500 per month. He 1759. A person’s is a measure of the
would list this as a expense in his amount of money coming in versus the
monthly budget amount going out.
A. variable
A. cash flow
B. fixed
B. allowance
C. Income
C. income statement
D. This would not be included in the bud-
get D. debt ratio

1760. The total amount of a persons earnings. 1764. money owed by one person to a lender
A. bank
B. debt
C. income
D. insurance
1765. If you make $7.00 a week for 6 weeks,
NARAYAN CHANGDER
how much money will you have.
A. Credit History
A. $71.00
B. Credit
B. $17.00
C. Expenses
C. $42.00
D. Income
D. $56.00
1761. Buy something now and pay later
A. insurance 1766. Which is the correct type of insurance
that would be used:David’s mother is
B. credit killed in an automobile accident. What
C. debit type of insurance would provide his fam-
D. repossession ily financial support to cover the paid and
unpaid work his mother performed?
1762. money that you earn from working A. Property and liability
A. interest B. Health
B. occupation
C. Life
C. wage
D. Disability
D. income
E. Workers’ compensation
1763. Jorge and Jose are young men with
good credit reports. They work at the 1767. What is interest
same company and make the same amount A. Something you like to do
of salary. Scott borrowed $6, 000 to take B. Excessive borrowing
an oversees vacation and Eric borrowed
$6, 000 to buy a truck. Who is likely to C. A fee paid for the use of someone
pay the lowest finance charge? else’s money
A. Eric will pay less because the truck is D. used to buy something now and pay it
collateral for the loan for later
B. Scott will pay less because people who 1768. What is the amount of money you have
travel oversees are less risky to lenders. left over after you subtract your expenses
C. They will both pay the same because from your income?
the rate of interest on the loans is set by A. Income
law
B. Expenses
D. They will both pay the same because
they are borrowing the same amount of C. Balance
money D. none of above

1769. Assets-Liabilities = 1773. Julio had 20, 000 in his savings account
when his bank declared bankruptcy. Which
A. Insolvency
of the following is true?

B. Your Valuables A. Julio got all of his savings back.
C. Dependence B. Julio lost all of his savings
D. Net Worth C. Julio lost half of his savings
D. Julio may get some of his money back
1770. a required contribution to the state and
after the bank sells its assets
federal government; money paid to the
government 1774. If you do not have access to money to
A. tax cover cash needs, you may have insuffi-
cient liquidity.
B. donate
A. True
C. spend B. False
D. loan
1775. Savings, Property, investments are all
1771. Coca Cola and Pepsi produce a similar examples of
product. How could competition between A. Assets on Hand
the two companies MOST LIKELY affect B. Budget
consumers?
C. Inflation
A. The companies will each try to raise D. Value
the price of the product in order to drive
up demand. 1776. *When you your income, you are
trading your money in exchange for goods
B. The companies will each try to produce
or services.
a better version of the product and sell it
at a lower cost to consumers. A. Save
C. The companies will each try to reduce B. Spend

production costs, lowering the quality of 1777. Bill earns $13.75 an hour at the day-
the product available to consumers. care. How much will Bill earn this week if
D. The companies will each try to make he works 40 hours?
less of the product, which will result in in- A. $550
creases in consumer demand and price. B. $22, 000
1772. Complete the statement means to C. $27, 500
put money in the bank, while means D. none of above
to take money out is the current to-
tal amount of money you have in your ac- 1778. Aside from private banks, what’s a dif-
count. ferent option you can use for banking?
A. Withdraw, Deposit, Balance

B. Balance, Deposit, Withdraw
C. Deposit, Withdraw, Balance
D. Deposit, Balance, Withdraw

A. credit union 1784. Security seeker

B. loan sharks
A. individual who likes to save money
C. there are not other options rather than spend money
D. burying your money in the back yard
1779. You find out that you are going to have on himself/herself or others
to purchase your first car. You need to
start using which of the following personal C. individual who enjoys investing money
NARAYAN CHANGDER
finance terms? into high-risk ventures
A. savings D. individual who plans for the future and
B. budget is prepared for any type of financial situa-
C. credit tions
D. you would need to use all 3 of these

1785. What factors impact the cost of your
1780. If the card is lost or stolen, report it im- auto insurance premium? (hint:choose 3
mediately. What type of card is this? correct answers)
A. Credit Card
B. Debit Card
C. Credit Card & Debit Card
D. none of above
1781. An unlimited amount of wants but lim-
ited resources.
A. bankruptcy
A. Deductible amount
B. consumer
C. banker B. The vehicle you are insuring
D. scarcity C. Your credit score
1782. What are examples of Real investment?
D. Your income
A. Houses
B. trees 1786. Deposits at commercial banks are in-
C. Cars sured by a government-owned insurance
D. Stocks agency called the
1783. When borrowing money, the longer A. Federal Deposit Insurance Corpora-
your term length, the your monthly tion
payments and the the total interest
you will pay. B. National Credit Union Share Insurance
Fund
A. lower, higher
B. lower, lower C. Federal Deposit Interest Company
C. higher, lower D. Insurance Regulatory and Develop-
D. higher, higher ment Authority

1787. Expense
A. Personal property that was purchased

to create a lifestyle or improve your life
B. A debt or obligation owed to others
C. Money spent
A. The money you spend on the video
D. A financial statement that describes game
an individual or family’s financial condition
on a specified date by showing assets, li- B. The video game
abilities, and net worth C. The sneakers
D. none of above
1788. Lucy decides to open a florist shop. She
is using her own money to open the shop. 1791. Enclose what with your letter of appli-
What should Lucy expect? cation?
A. She should expect to fire most of the A. Gifts and bribes
employees she hires during training. B. your resume
B. She should expect to have to work long C. information regarding your medical
hours making plans for the business. history
C. She should expect to be given the D. none of above
space for her shop from the local govern-
ment for free. 1792. Credit
D. She should expect to receive all of the A. the ability of a customer to obtain
money she needs to open the shop from goods or services before payment, based
the government. on the trust that payment will be made in
the future
1789. Jane is trying to buy a book from an on- B. a small plastic card issued by a bank,
line store. Why should she be very careful business, etc., allowing the holder to pur-
when making her purchase? chase goods or services on credit:
A. Because she should check the site for C. the maximum amount of credit offered
hidden fees like delivery charges. to a customer
B. Because she should check that there D. a score or grade that a company or or-
aren’t any membership fees that she ganization gives to a possible borrower
would have to pay and that indicates how likely the borrower
C. Because she should avoid providing is to repay a loan
personal information if she isn’t certain 1793. iphone
about the security of the site.
A. a “want”
D. All of the answers are correct
B. a “need”
1790. You want to buy a new video game and 1794. When you are planning a monthly bud-
a new pair of sneakers. You only have get, a few things you might consider are:
enough money to buy one of them. If you
buy the video game, what is your trade- A. preparing for unexpected expenses
off? B. buying a new house

C. paying for college A. Premium

D. all of the above B. Deductible
1795. To pay out, or use money, wealth, re- C. Out-Of-Pocket Expenses
sources, etc.
A. savings D. Liability
B. credit
1800. Evan’s brother Ivan wants to start a
NARAYAN CHANGDER
C. income sports marketing business. He needs $10,
D. spending 000 to start the company. If Evan gives
Ivan money to start the company, what
1796. Used to spend money from your check- would he be doing?
ing account or withdraw money from an
ATM machine. A. Income
A. Flexible expenses B. Investing
B. Debit card
C. Building his credit
C. Credit cars
D. Stock D. Going into debt
1797. You your account when you write 1801. Which of the following is NOT a benefit
checks for more money than you ahve in of having good credit?
the bank.
A. Not Required to Pay Taxes
A. debit card
B. service fee B. Lower Interest Rates
C. overdraw C. Better Insurance Rates
D. deposit
D. Look Financially Responsible
1798. What should an entrepreneur do if the
demand for the new product began to rise 1802. The financial benefit when the revenue
quickly? of a company exceeds expenses, costs,
A. Raise the price and taxes.
B. Lower the price
C. Maintain the price
D. none of above
1799. Amount you pay monthly, quarterly,

semiannually or annually to purchasedif-
ferent types of insurance
A. loss
B. profit
C. volume
D. portfolio

1803. Using the picture above, which invest- 1807. the money left in your account after
ment allows for the highest return spending is called
A. saving

B. credit
C. balance
D. none of above
1808. Which is considered an investment prop-

erty?
A. Money Market Accounts/Savings A. Building held for lease under an oper-
B. Mutual Funds ating lease
C. Bonds B. Building held for sale in the normal
course of business
D. Stocks
C. Building under construction
1804. It is generally better for a person to buy
a home that one can afford than to rent an D. Building used in business
apartment because they will (a) 1809. This account allows you to deposit
A. a build equity money at a bank for safekeeping. It also
B. have fixed insurance needs earns a small amount of interest over
time.
C. have a lower debt to credit ratio
A. Saving Account
D. avoid bankruptcy
B. Bill Account
1805. If you put $200 on a credit card, you
will have to pay the credit card company C. Checking Account
more than $200 for the purchase you D. Casino Account
made. Why?
1810. Economics is the study of how people
A. The government taxes money bor- seek to satisfy their needs and wants by
rowed using a credit card making choices.
B. Businesses require extra money since
A. True
they have to wait to get paid.
B. False
C. You must pay back the principle and
the interest 1811. Offers an ATM
D. The bank requires you to pay part of A. Bank
your other loans when borrowing more
money. B. Credit Union
C. Both
1806. Giving your time and services to an em-
ployer in an exchange for money is what? D. none of above
A. Money Management 1812. There is a limit to how much you can put
B. Spending into a brokerage account.
C. Budget A. True
D. Income B. False

1813. Currency (cash) is a form of money. 1818. What is a budget?

A. True
B. False
1814. These pictures show some ways that
people spend money as buyers in the com-
munity. Identify the example that is NOT
a buyer in the community.
NARAYAN CHANGDER
A. A type of savings account
B. A way to invest for retirement
C. A fund for emergencies
D. A financial plan that defines expenses
A. p person buys a new car or bike for a period of time.
B. a person buys food for their family
1819. Mr. Scheevel offers Mr. Lee a loan for
C. a person buys a new outfit for a party $2000. This is most likely a what loan?
D. a person sells cotton candy at a carni- A. Credit Card
val
B. House Loan
1815. Which of the following investments
C. Personal Loan
would offer the most risk but also the high-
est possible rate of return? D. Car Loan
A. Mutual Fund
1820. Which bank is better for me? I pay for
B. Certificate of Deposit lunch 20 times a month with my debit card.
C. Savings Account I do not write checks or use the ATM.
D. US Treasury Bill
1816. In the 1920s, authors such as F. Scott
Fitzgerald, Ernest Hemingway, and Sin-
clair Lewis wrote primarly about
A. the intolerance of the Ku Klux Klan
B. post-World War 1 disillusionment and
materialism A. State Bank
C. the failure of culture pluralism B. Bank of Texas
D. the lack of educational opportunities 1821. Maya wants to buy a new air condi-
for younger Americans tioner. She could pay $149 in cash or
1817. Online Banks can be great because make 4 payments of $39 each. How much
would she save if she paid cash?
A. Their savings accounts give higher in-
terest rates A. $9
B. They offer better credit card deals. B. $10
C. They help you trade cryptocurrencies C. $5
D. Brick and mortar banks are boring D. $7

1822. Which of the following are reasons to

open a Checking Account? (Check all that
apply)

A. It’s a way to keep your money safe
B. Paying bills is a breeze
A. Policyholder and the injured person
C. Member-specific benefits
B. Driver and the government
D. none of above
C. Consumer and the insurance company
1823. An increase in the value of a stock over D. Consumer and the insurance agent
time is called a(n)
1828. A balanced budget is when income is
A. dividend equal to or greater than expenses.
B. yield A. True
C. capital gain B. False
D. investment 1829. What are possible red flags or signs of
a scam when buying a car?
1824. the maximum amount of credit a lender
will extend to a customer A. being told your financing fell through
A. credit limit B. lengthy negotiations

C. charging of excessive fees
B. deductible
D. lower internet price than offered on
C. annual fee the lot
D. debt
1830. (a) is used to give an annual equivalence
1825. arriving on time and ready to work, as rate for the interest you pay on a loan. (b)
well as meeting deadlines is used to give an annual equivalence per-
centage rate for the interest you accumu-
A. Work Ethic late on savings per annum.A (c) does not
B. Teamwork take into account the compounding effect
of interest. For example, if interest was
C. Punctuality quoted at 2% per quarter, it would be 8%
D. Time management per annum.
A. a APR (Annual Percentage Rate)
1826. Which of the following best describes
what dividends are? B. bAER (Annual Equivalent Rate)
C. c nominal interest rate
A. The increased value of a stock.
D. none of above
B. A share of corporation profits paid to
the owners of a stock. 1831. What is the main way that most house-
C. A reward for selecting good stocks. holds and private businesses support the
government economically?
D. none of above
A. They pay taxes to the government.
1827. A policy is a contract between the B. They provide loans to the government.

C. They perform services for the govern- 1836. What is an entrepreneur?

ment.
D. They purchase services from the gov-
ernment.
1832. Most millionaires inherited their money
A. True
B. False
NARAYAN CHANGDER
1833. The amount of money a policyholder
A. Someone who is employed
must pay for an automobile repairs before
the insurance company pays for the auto- B. Someone who doesn’t work
mobile repairs is called a B
C. Someone who has set up their own
business
D. Someone who works from home
1837. DEFINE debt.

A. Money invested into an asset.
B. Money lost in an investment.
A. Deductible C. Money owed to another person or com-
B. Bond pany.
C. Writ D. Late credit card payments.
D. Waiver
1838. Select the following items if they are
1834. Wells Fargo offer free checking and sav- considered investing tools.
ings accounts to students (which earn a
small amount of interest), so how do they A. Stocks
make money? B. Groceries
A. The do it for free so they don’t make
money C. Real Estate
B. They loan out a portion of the deposits D. 401k/403b

to others at a higher interest rate E. T-shirts
C. They gamble the money in Las Vegas
D. none of the above 1839. If you get a mortgage, what happens
to the loan amount when you put down a
1835. :an estimate or plan for income and larger down payment?
expenditure over a set period of time
A. Decreases
A. Personal Finance
B. Increases
B. Fiscal policy
C. monetary policy C. No change
D. budget D. none of above

1840. How are grants and scholarships simi- 1845. You can improve your relationships with
lar? others by?

A. Financial assistance to help pay for col- A. accepting differences
lege expenses
B. using email
B. Scholarships are merit based grants
are need based C. speaking more often than listening
C. Federal government loans D. ignoring unwritten work rules
D. you don’t have to carry around cash
1846. Which feature of a debit card is differ-
1841. Net Income ent from a credit card?
A. A payment, usually monthly, applied to A. It is a card issued by the bank.
the balance of a home loan used when pur-
chasing housing. B. Have a savings account linked to the
card.
B. When expenses are greater than in-
come C. Facilitate cash withdrawals at all
C. An individual’s income earned as times
salary or wages before taxes and other D. There is a credit limit for paying for
deductions products as specified by the bank.
D. Take home pay
1847. a part of your income that is not taxed
1842. In the financial record shown, what is
the balance on 11/25, after the debit? A. premium
B. creditors
C. Social Security Tax
D. exemption
A. $91.58 1848. Which of the following is provided by

B. $106.86 the government?
C. $119.88 A. police force
D. $135.16 B. barber shop
1843. What does APR mean? C. grocery store
A. Average Person Ratio D. clothing store
B. Annual Percentage Rate
C. Always Poke Robots 1849. What does it mean to spend money?
D. Apples Peas & Rice A. To put money in a savings account.
1844. The goal of a budget is to SAVE more B. To use the money you’ve earned to pur-
than you SPEND. chase things.
A. True C. To make a budget each month.

B. False D. To work a job to get money.

1850. What is a good way for making sure you 1855. a bank account that allows you to de-
have enough money to spend and save? posit your money and earn a modest
A. Spend on variable expenses before amount of interest
fixed expenses. A. checking
B. Buy the most expensive and safest B. debit
items. C. credit
C. Have a budget for your income and ex- D. savings
NARAYAN CHANGDER
penses.
1856. During the 1920s, which development
D. Buy on credit and make the minimum was most closely associated with this
payment. poem?
1851. How can a cardholder avoid paying in- A. growth of the motion-picture industry
terest on a credit card? B. emergence of an antiwar party
A. Do not pay anything C. blossoming of African American cul-
B. Pay the minimum payment after its due ture
date D. expansion of mass consumption
C. Pay the minimum balance every month 1857. The most effective way to get started
D. Pay the balance in full every month with a budget is to track all of your
for a week or more.
1852. Which is not a proper endorsement for
A. Income
checks?
B. tips and wages
A. Blank
C. transactions
B. Restrictive
D. Expenses
C. Complete
1858. earnings from work or investments
D. Full
A. credit
1853. The charge for borrowed money gen- B. insurance
erally defined as a percentage; also, the
earned interest on money you save or in- C. income
vest. D. budget
A. principal 1859. Buying fruit that is “in season” is a
B. time way to save money due to which of
the following?Aexpensive fruit tastes bet-
C. interest
terBthe price being low and being more
D. balance availableCmany fruits do not have a grow-
ing season
1854. What is an example of an expense?
A. expensive fruit tastes better
A. Babysitting
B. the price being low and more available
B. Mowing the lawn
C. many fruits do not have a growing sea-
C. Buying a new shirt son

1860. What are some major financial choices C. Traditional

that you might face? D. none of above

A. Buying a used versus new car
1866. Overtime
B. Deciding between college and working
A. time in excess of a set limit:such as
C. Whether to rent or purchase a home working time in excess of a standard day
D. None of the Above or week
B. the list of employees of some com-
1861. Which of the following might lower your
credit score?
as well as other work benefits and the
A. Having worked at the same job for amounts that each should receive.
three years
C. the pay received by an employee after
B. Having paid all your bills on time the deduction of taxes and other obliga-
C. Never having applied for credit before tions.
D. Never having bounced a check before D. An individual or company’s income be-
1862. Interest of P10, 000 with simple inter-
est rate of 5% in 6 months 1867. Check all that apply:Where can I get in-
formation about a bank account?
A. P250.00
A. Internet
B. P0.25
B. Bank
C. Ba.50
C. Letters
D. Bakh.00
D. none of above
1863. What is interest?
1868. A flat tax is one that takes a fixed
A. money paid by other people percentage of every taxpayer’s income.
B. money robbed by the bank Which type of tax would BEST describe
C. money paid regularly by the bank on such a tax?
the account A. proportional
D. money paid by the U.S B. progressive
C. regressive
1864. are taxes that are paid by busi-
nesses. D. invasive
A. Property Taxes 1869. A is an IOU for specified amount of
B. Income Taxes time (can be from the government or com-
panies to finance projects), during which
C. Sales Taxes
the issuer makes regular interest pay-
D. Payroll Taxes ments and the investor receives regular in-
terest payments.
1865. A type of economic system where busi-
ness is privately owned and run by the A. budget
people, rather than by the government. B. bond
A. Capitalism C. copay
B. Command D. stock

1870. Endorsing a Check 1874. What type of expense is insurance?

A. When someone pays you with a check, A. Fixed
you’ll usually have to sign the back of it B. Variable
C. Discretionary
upon what you want to do with the check D. All of the above
1875. What expense would you categorize
B. a retirement account to which em- gas for your vehicle under?
NARAYAN CHANGDER
ployee and employer contribute, on which
A. Fixed
taxes are deferred until withdrawal, and
for which the employee usually selects the B. Variable
types of investments C. Dicretionary
C. annual or annualized percentage rate, D. All of the above
typically of interest on loans or credit.
1876. What percent of income should be set
D. the real rate of return earned on an in- aside for “savings and debt repayment”?
vestment, taking into account the effect of
A. 10%
compounding interest.
B. 30%
1871. Donations can help individuals have C. 20%
what?
D. 15%
A. what they need to travel
1877. Check the following:Which accounts are
B. what they need to do secured loans?
C. what they need to read A. House
D. what they need to be successful B. Credit Card
C. College Education
1872. True or False:A good is something you
buy and consume. They are things you can D. Car
keep, eat, or use.
1878. Discretionary Income is
A. True A. Property or other valuable items that a
B. False borrower pledges as security for a loan
B. Money left over after all taces have
1873. The out-of-pocket money paid by the been paid
policyholder before aninsurance company
will cover the remaining costs attributed C. Money left over after paying for neces-
to the loss sities
D. Money paid at a certain rate in ex-
A. Premium
change for borrowing money
B. Policy
1879. When you file your taxes, the filing sta-
C. Insurance tus that you will choose will be based on,
D. Risk A. your occupation
E. Deductible B. your age

C. your income A. rent

D. your marital status B. fancy shoes

1880. Roger owns a house worth $200, 000. C. eating at restaurants
Carlton owns a house worth $150, 000. D. jewelry
They both live in the same county and
receive tax bills from the same tax of- 1884. What is one risk of using credit cards/
fice. Roger learns that he will have to pay
A. getting into too much debt
$2000 in taxes for the year, while Carlton
learns that he will have to pay $1500 in B. earning less on investments
taxes. It appears that property taxes on C. reducing earned each month
homes in Carlton and Roger’s county are
D. increasing the amount of taxes owed
A. Progressive
B. Regressive 1885. Adding a step-by-step plan to show
how your goal will be reached creates a(n)
C. Proportional
SMART Goal.
D. Retroactive taxes
A. Time-Bound
1881. A company that lends customers small B. Attainable
amounts of money at high interest rates,
on the agreement that the loan will be C. Measurable
repaid when the borrower receives their D. Specific
next paycheck:
A. finance company 1886. What is interest?
B. pawnshop A. Money paid by other people
C. commercial bank B. Money robbed by the bank
D. payday lender C. Money paid regularly by the bank on
the account
1882. A is an amount of money placed into
a savings or checking account. D. none of above
A. Overdraft 1887. Income tax is-
B. Statement A. Money your employer pays to you
C. Cleared Check B. Money you earn and put into the bank
D. Withdrawal
C. Tax paid on the money you earn annu-
E. Deposit ally
1883. Which is an example of a need? D. Money you pay to your employee
1888. Rent on a house is a expense

A. flexible
B. fixed
C. petty
D. major

1889. What do you call an account that is de- B. angry

signed to hold money for future purchases C. punctual
or emergencies?
D. honest
A. Checking
B. Money market 1893. Your account statement arrived. You
had a balance of-$52.79. You get paid
C. Savings
$307.74 from your job at Roland’s Book-
D. Piggy Bank store and deposit it into your account.
NARAYAN CHANGDER
What is your new account balance?
1890. “I turned 16 this past November. I
am getting a job at the shoe store at the A. $316.95
mall.”-Pedro Garcia, High School Studen- B. $256.92
tWhich of the following BEST describes
what Pedro can expect at his new job? C. $265.29
A. The shoe store will receive taxes from D. $254.95
Pedro, which the owners can use to pur-
1894. allocate money to each category
chase more shoes.
B. The shoe store will receive income A. easy to reduce or eliminate; food or en-
from Pedro, which will allow the owners tertainment
to earn greater profits. B. an income and expense statement
C. Pedro will receive income in exchange sometimes referred to as a budget which
for his labor, which he can use to pur- records both planned and actual income
chase goods he wants. and expenses over a period of time
D. Pedro will receive income in exchange C. step 3

for his labor, which will allow him to quit D. step 1
and never have to work again.
1895. a long-term loan extended to someone
1891. I am writing a $30 check to Fiesta for who buys property
groceries. Where do I write out thirty
xx/100? A. premium
B. mortgage
C. insurance
D. gross pay
1896. Why is investing in a mutual fund consid-

ered to be a higher risk investment than a
A. 3
money market fund?
B. 6
A. Higher potential rate of return
C. 2
B. A mutual fund is not insured
D. 4
C. increases financial resources for busi-
1892. Arriving to work on time is an example ness investment
of being D. provide access to capital for people
A. compassionate and businesses

1897. A system by which goods and services 1903. Less than 50 percent of all job activities
are produced and distributed is the: include communication in one form or an-
other.

A. economy
A. T
B. consumer
B. F
C. interest
D. debt 1904. A personal finance plan specifies finan-
cial goals and describes
1898. Is money a scarce resource for most peo- A. saving, investing, and asset valuation.
ple?
B. spending, saving, and credit card fi-
A. Yes nancing.
B. No C. spending, financing, and investment
plans.
1899. What is a tax? D. saving and spending only.
A. A tax is a service the government pro-
vides to its citizens. 1905. What is credit?
A. when you purchase items with cash
B. A tax is money people have leftover af-
ter purchasing goods. B. when you use a check to buy groceries
C. A tax is money that people pay to help C. when you deposit money in your check-
support the government. ing account
D. A tax is a service that people provide D. when you buy something and pay for it
by working for the government. later
1906. What is an amount of money spent, as
1900. Earnings paid to an employee based on
a whole or on a particular thing?
an hourly rate.
A. Commission
B. Wages
C. Salary
D. Deductions
1901. Future Value Equals:

A. expenditure
A. Future amount plus weekly deposits
B. saving
B. Original amount plus interest earned
C. income
C. Future amount plus interest earned
D. investing
D. Original amount minus interest earned
1907. Dale has a 4 year degree and a Mas-
1902. Loyalty is an example of an unwritten ter’s degree. Olivia has a 4 year degree.
work rule. Brendan has completed 2 years of college.
Nicolette has only a high school diploma.
A. T
Which of the following is MOST LIKELY
B. F true?

A. Olivia will likely not get a job. 1913. What are you not allowed to pay the
B. Brendan and Nicolette have no earning IRS with
potential. A. Apple
C. Dale has greater earning potential
B. Cashapp
than Olivia.
D. Dale and Olivia will likely earn less 1914. Which type of bank account typically of-
than Nicolette. fers no interest?
NARAYAN CHANGDER
1908. It’s important to spend money on things A. Savings Account
you need before spending money on things
you want. B. Money Market Account
A. True C. Certificate of Deposit (CD)
B. False D. Checking Account
1909. What is debt utilization?
1915. earnings from work or investment
A. Your debt to credit ratio
B. How much of your credit you actually A. credit
use B. mortgage
C. both of these
C. insurance
D. none of above
D. income
1910. What do people earn for doing a job?
A. praise 1916. Keaton’s bank pays him 5% monthly
B. goods interest on all deposits If Keaton de-
posits $200 one month, what type of in-
C. candy terest is Keaton earning?
D. money
A. Real Investment
1911. Which is a type of earned income
B. Financial Investment
A. Bonuses
C. Simple Interest
B. Paycheck
C. Paid vacation D. Compound Interest
D. Payroll card
1917. A is a debt or investment instru-
1912. Andrew works at a comic book store ment that acts like an IOU for specified
making $7.25 an hour. He works 8 hours amount of time, during which the issuer
a day and 5 days a week. What is makes regular interest payments/the in-
Andrew’s monthly income if there are 4 vestor receives regular interest payments.
weeks in a month?
A. budget
A. 1, 160
B. bond
B. 1, 882
C. 2, 353 C. copay
D. 1, 500 D. none of above

1918. Economic stimulus 1923. Which element of a personal budget

A. Goods and services purchased and is the money that a person earns or re-
ceives?

B. Tax on purchased goods and services A. income
used by customers at retail locations B. savings
C. Strategy by government to influence in- C. expenses
dividuals and businesses to spend money
D. investments
D. A person who pays a tax to national
state county or city town governments 1924. A person who is not necessarily the
owner of the business but has a stake on
1919. Assets how the business is performing is called
A. individual’s belongings which have
value A. stakeholder
B. goals set to be achieved in less than a B. stockholder
year of time
C. partners
C. goals set to be achieved in about 10 or
more years D. manager
D. categories in which people can be put 1925. Fred receives a loan for $10, 000, at
based off of their spending and saving 5% interest, and must be repaid in 3
habits years. If the amount of interest that must
be repaid is greater than $1, 500, what
1920. Which answer choice is an example of a
type of interest is Fred paying?
fixed expense?
A. simple
A. The grocery bill
B. usury
B. Your car note
C. compound
C. Your light bill/ Electricity bill
D. articulated
D. none of above
1921. What does it mean to “keep up with the 1926. There are three parts to the equation to
Jones”’ calculate Net Worth
A. Live within your means. A. Assets, Interest and Net Worth
B. Spend money you don’t have. B. Assets, Liabilities and Expenses

C. Keep a monthly budget. C. Assets, Liabilities and Interest
D. Drive a reliable used car. D. Assets, Liabilities and Net Worth
1922. How many times do you get paid in a 1927. Which account type allows you to earn
year if you get paid weekly? interest?
A. 12 A. checking account
B. 52 B. credit card
C. 26 C. mortgage
D. none of above D. certificate of deposit

1928. Shareholder Owned B. Add your expenses and income

A. Credit Union C. Multiply all of the numbers
B. Bank D. none of above
1929. Besides the tally system, what is an- 1935. Which of these examples is a service?
other method to track cash flow and spend-
ing?
A. Calendar system
NARAYAN CHANGDER
B. Envelope System
C. Balance Sheet
D. Monthly Budget
A. Mr. Farr sells guitars.
1930. The money or payment received for
B. Mr. Swenson gives art supplies to con-
goods or services is called
sumers.
A. Credit
C. Coach provides lessons for different
B. Saving sports.
C. Income D. Ms. Miller writes books.
D. Spending 1936. The amount of money you actually get
1931. How do banks help businesses? after taxes are taken out
A. making loans A. Net Income

B. Gross Income
B. issuing credit cards
C. Disposable Income
C. sharing profits
D. Unearned Income
D. issuing insurance
1937. What is an entrepreneur?
1932. Money taken from your income and paid
to the government to help your community A. Someone who has set up their own
or country business
A. Taxes B. Someone who is employed
B. Expenses C. Someone who doesn’t work
C. Wages D. Someone who works from home
D. Income 1938. A business formed by two or more peo-

ple to carry on a business together, with
1933. An impulse purchase is shared capital investment and, usually,
A. Planned shared responsibilities.
B. Not Planned
1934. How do you find the balance when mak-

ing a budget?
A. Subtract your expenses from your in-
come

A. Sole trader B. balance

B. Partnership C. credit card

1939. Another name for a full endorsement is D. mortgage
a special endorsement.
1945. Costs that vary in the amount and type,
A. True depending on the choices you make
B. False
A. assets
1940. What is included in a budget? B. liabilities
A. Sales tax C. fixed expenses
B. Candy and video games D. variable expenses
C. Income and expenses
1946. Which are affected by a poor credit
D. none of above
score
1941. Individuals can access their bank ac- A. insurance
counts worldwide using e-banking.
B. groceries
A. True
C. job availability
B. False
D. buying a house
1942. In the financial record shown, what is
the balance on 6/8, after the debit? 1947. During the 1960s, the escalation of the
United States’ involvement in the Vietnam
War was based on the belief that
A. restoring French colonial power was
necessary for political stability in South-
east Asia
A. $46.55
B. a strong military presence would limit
B. $47.55
Japanese trade with Vietnam
C. $47.65
C. a North Vietnamese victory would lead
D. $65.13 to further losses as predicted by the
domino theory
1943. a percentage of a borrowed sum of
money which must be paid in addition to D. a cease-fire agreement would in-
the repayment of the loan itself crease college protests
A. Savings 1948. A budget is a
B. Interest
A. plan on how to save for college and
C. Commission other emergencies
D. Investment B. money borrowed to pay bills
1944. Which is a payment type that is paid for C. a plan to help manage a family’s in-
upfront? come and expenses.
A. money order D. wages paid to people unable to work

1949. Which of the following is not true about 1955. What is an annual fee?
the difference between credit cards and
A. The act of transferring money
debit cards?
B. A fee charged by a card issuer for be-
A. purchases made with a debit card
ing a card holder.
come directly out of your bank account
B. you must pay off your credit card bill C. The days between the last statement
monthly or there will be penalties and the current statement.
D. A fee charged to a cardholder’s ac-
NARAYAN CHANGDER
C. you must have a bank/checking ac-
count to use a debit card count once a payment is late.
D. credit cards use money from your sav-
1956. is extra money that the bank gives
ings account
you for saving your money at the bank.
1950. refers to planning your future in- A. interest
come and expenses to ensure they bal-
ance. B. dividend
A. Debt C. collateral
B. Budgeting D. principal
C. Cash Flow
1957. A person or organization that purchases
D. Investing a product or service.
1951. A member of a town, city, county, state, A. purchaser
or country.
B. buyer
A. consumer
C. consumer
B. producer
D. manager
C. to undertake
D. citizen 1958. A store sells you a new book for $8.00.
A used bookstore sells it for $5.00. How
1952. What to AVOID on a scannable resume? much would you save if you bought the
A. fancy fonts used book?
B. type size of 11 or 12 A. $8.00
C. simple, standard fonts B. $6.00
D. none of above C. $4.00
1953. Comparison shopping helps consumers D. $3.00
make informed decisions.
A. True 1959. A model or sample of a good to be pro-
duced.
B. False
A. consumer
1954. The failure to take reasonable care to
prevent an accident from happening. B. prototype
A. negligence C. producer
B. hazard D. scarcity

1960. The earliest stage in an investor’s life D. An income is money that give to you
cycle where the investor is growing the by your parents; an expenditure is money
number of assets he/she has. that is received from another person.

A. Speculation 1965. What is debt?
B. Consolidation
C. Spending
D. Accumulating
1961. Dentist:Goods or Service?
A. Money you have borrowed and need to

pay back
B. Money you make from working at a job
A. Goods C. Money you make from the government
B. Service D. Taxes that you pay when you buy some-
thing
1962. evaluate and make adjustments
1966. How does a warranty protect a con-
A. Step 1
sumer?
B. Step 5
A. It contains information that allows con-
C. step 3 sumers to comparison shop.
D. Step 2 B. It guarantees that a product has been
tested.
1963. Tammy works as a dog trainer. She is
paid $2000 per month. The $2000 is C. It lists the rights that all consumers
have.
A. her credit
D. It promises to replace or repair a
B. her income faulty product.
C. her savings
1967. No-fault insurance plans pays for claims
D. her debt up to a set amount, called a(n)
1964. What is the difference between an in- A. Threshold
come and an expenditure? B. Limited Return
A. An expenditure is money that is saved; C. Risk Assessed
income is money spent. D. Risk Inferred
B. An income is money that is received;
an expenditure is money that is spent. 1968. A plan for saving and spending income.
C. An expenditure is money that is A. credit

earned; income is given to everyone. B. budget

C. saving B. had declared major New Deal laws un-

D. investing constitutional
C. had little judicial experience
D. supported a loose interpretation of the
Constitution
1974. The salary advertised on a job advert is

the (a) . Before you are paid, (b) will be
NARAYAN CHANGDER
taken from your pay. The amount will de-
pend on how much money you earn, if you
A. Date check was written
have a student loan and if you pay into a
B. signature line-account holders pension. The final salary that is paid into
C. memo-why the check was written your account is your (c) .
D. Payee-person the check is written to A. a gross salary
E. written amount of the check B. b deductions
1970. Student loans can be subsidized (by the C. c net pay

government) or unsubsidized, and cannot D. none of above
be discharged with bankruptcy.
A. true 1975. A US government agency that protects
customers by insuring their deposits. It
B. false also supervises financial institutions.
1971. What is the significance of the debt-to- A. aflac
income ratio?
B. ATM
A. Evaluates the amount of debt relative
C. FDIC
to income
B. Measures how much money is saved D. EFT
C. Calculates investment returns 1976. the income for providing human re-
D. Determines credit card limits sources (labor)
A. Income
1972. the value of the next best alternative
that is given up to obtain a preferred one B. Wages
A. trade off C. Salary
B. opportunity cost D. Investment
C. immediate gratification
1977. It is safer to keep your money here than
D. none of above at home under your mattress.
1973. President Franklin D. Roosevelt pro- A. Balance
posed a plan in 1937 to add justics to the
B. Want
Supreme Court primarily because the Court
C. Inflation
A. lacked representation from minority
groups D. Bank

1978. setting money aside to increase wealth Megan paid the credit card account $158
over time and accumulate funds for long- more than the actual cost of the furniture?
term financial goals

A. saving
B. investing
C. borrowing
D. lending
1979. Medicare is provided by the federal gov- A. Megan had to pay interest on the
ernment for individuals in specified circum- amount of money charged to her credit
stances. In which of the situations below card account.
would the individual most likely be receiv-
ing Medicare funds? B. Megan made a mistake calculating the
amount of money she needed to pay back
A. Jim is a 37-year-old man who lost his to her credit card account.
job and is unable to afford health insur-
C. The store raised the price of the furni-
ance for himself or his children.
ture 6 months after Megan purchased it.
B. Ivan is 60 years old and was injured at
D. Megan also wanted to purchase some
work. His employer needs to provide tem-
other decorations for her apartment.
porary income for him.
C. Rachel is a seventeen-year-old high 1982. If you put $100 in a savings account
school student who is pregnant and needs that has a 2% interest rate, how much
assistance with her medical expenses. money will you have at the end of 1 year
if you never touch the money?
D. Rosie is 67 years old and in need of a
health insurance program. A. Less than 100
B. More than $100
1980. Which type of bond is the safest invest-
ment? C. $100, 000
D. It will still only be $100
A. Junk Bond
B. Corporate Bond 1983. What is a credit card?
C. Municipal Bond
D. Treasury Bond
1981. Megan charged $790 to her credit card

account to purchase some new furniture
for her apartment.The balance on the
credit card account was $0 before purchas- A. The ace of diamonds
ing the furniture. Megan made 6 monthly B. A large plastic card designed to ruin
payments to pay off the balance on her consumer’s finances
credit card account. Megan did not make
any additional charges on the credit card C. A small plastic card issued by the gov-
account. Megan calculated that she actu- ernment attached to a line of credit
ally paid $948 to pay off the credit card ac- D. A small plastic card issued by a bank
count.What is the most likely reason that and attached to a line of credit

1984. The science that deals with the pro- and that indicates how likely the borrower
duction, distribution, and consumption of is to repay a loan
goods and services. B. the amount of money present in a fi-
A. economics nancial repository, such as a savings or
B. government checking account, at any given moment.
C. finances C. an act of taking money out of an ac-

count
D. none of above
NARAYAN CHANGDER
D. a sum of money placed or kept in a
1985. What is the purpose of insurance? bank account, usually to gain interest:
A. Generate income 1990. What are fixed expenses?
B. Protect against financial losses A. Expenses that put people in debt
C. Build wealth B. Expenses that can change
D. Increase credit score C. Expenses that do not change
1986. Which of the following is NOT a common D. Expenses that make people rich
type of retirement account/investment?
1991. Contract that defines the type of losses
A. Roth IRA that are covered, amount of coverage in
B. Traditional IRA dollars, and other conditions to which the
two parties agree.
C. W4
A. Insurance Policy
D. 401K
B. Insurance Settlement
1987. a sum of money (taken from one’s pay- C. Umbrella Policy
check) that people and businesses must
pay the government in return for public D. Automobile Insurance
services
1992. Government subsidized insurance for se-
A. income nior citizens
B. insurance A. medicare
C. income tax B. medicaid
D. budget C. Obamacare
1988. covers the cost of replacing what D. none of above

you lose without deducting depreciation.
1993. A is a buy now, pay later payment
A. Replacement Value option.
B. Depreciable Plus Value A. Debit Card
C. Actual Value B. Credit Card
D. Time Sensitive Value 1994. Payroll tax
1989. Credit Rating/ Credit score A. Movement of money by government
A. a score or grade that a company or or- B. When the government spends less
ganization gives to a possible borrower than it collects in taxes

C. Tax on earned income that supports 1998. You want to treat your BFF to some
the Social Security and Medicare pro- sushi. The total comes to $15.41. If you
grams add on a 20 percent tip, what’s lunch going

D. When the government spends more to cost you?
than it collects in taxes A. $18.49
1995. a long term rental of a car. you need B. $19.00
to pay monthly payments for the vehicle C. $17.43
and it must be returned at the end of the D. $15.41-you don’t leave a tip.
contract.
A. seller 1999. Sue borrows $ 8, 000 from the bank,
she will later repay the loan at $9, 000.
B. lemon
She must pay on the loan
C. lease
A. a penalty
D. downpayment
B. a surcharge
1996. All of the following are good rules of C. interest
thumb for loans except:
D. none of these
2000. the process of spreading one’s assets

among several different types of invest-
ments to lessen risk.
A. Investments
B. Rule of 72
C. Diversification
A. 10 years
D. Stock
B. low interest
C. subsidized loans 2001. What is a budget?
D. 30 years A. A tool used to calculate taxes.
B. A tool used to track and plan for in-
1997. Debit Card
come and spending (expenses).
A. a card by which money may be with-
C. A tool used to plan for building a
drawn or the cost of purchases paid di-
house.
rectly from the holder’s bank account with-
out the payment of interest D. A tool used for calculating how much
savings interest can be earned
B. the ability of a customer to obtain
goods or services before payment, based 2002. According to the Pain of Paying YouTube
on the trust that payment will be made in video, which method of paying feels
the future worse?
C. a small plastic card issued by a bank, A. Credit Card
chase goods or services on credit: B. Cash
D. the maximum amount of credit offered C. Spare Change

to a customer D. Check

2003. Which is an asset? B. giving up one thing for another

A. Mortgage C. the amount of money paid for some-
B. Balance on a credit card or loan thing
C. Boat loan D. none of above

D. Stocks you own 2008. Which government action was a re-
sponse to the Japanese attack on Pearl
2004. Scarcity
Harbor?
NARAYAN CHANGDER
A. the principle that limited amounts of
A. drafting all Japanese American men
goods and services are available to meet
into the United States Army
unlimited wants
B. passing labor laws banning the em-
B. the principle that unlimited amounts of
ployment of immigrants
goods and services are available to meet
unlimited wants C. ending all oil sales to Japan
C. the principle that limited amounts of D. forcing the relocation and interment of
goods and services are available to meet Japanese Americans
limited wants
2009. Pension contributions are taken from
D. the principle that all amounts of goods
your gross pay (a) other deductions are
and services are available to meet unlim-
calculated.
ited wants
A. a before
2005. What is a savings tool with a fixed in-
trest rate and maturity date? B. after
A. Checking Account 2010. This type of insurance provides payment

B. Certificate of Deposit (CD) to replace earnings during times when
workers cannot work due to illness or in-
C. Money Market Account jury.
D. Savings Account
A. health
2006. A budget is a saving-spending plan that B. disability
is based on how much money you can bor-
C. long term care
row from a bank.
A. True D. homeowners
B. False E. automobile
2007. What is a trade-off? 2011. Coinsurance

A. amount that insured must pay before
insurance
B. max amount insured must pay
C. monthly payments to get an insurance
plan
D. percentage of bill the insured is re-
A. the item you receive after you pay sponsible for

2012. The amount of money put in originally 2018. How should you end a letter of com-
plaint?
A. Interest

A. Thanks
B. Principal
B. Sincerely
C. Savings
C. Just your signature
D. Checking
D. Nothing, just end the letter
2013. What do you need in order to fill out 2019. A bank account where the depositor can
your 1040? write checks.
A. Your W-2 A. budget
B. Your routing and bank account number B. debit card
C. A record of any other supplemental in- C. credit card
come D. checking account
D. Your employer benefits documentation 2020. A debit card is different than a credit
card in that
2014. The government does not use tax
money to pay for goods and services it pro- A. A debit card needs paid off each
vides to citizens. month.
B. You can spend unlimited amounts of
A. False
money your debit card
B. True C. the money on your debit card is your
own
2015. You only are required to pay the mini-
mum payment on a credit card each month. D. A debit card gives you points
A. True 2021. money spent

B. False A. budget
B. income
2016. Andrea has planned a trip to the beach
C. savings
for her family on Labor Day. Her daugh-
ter has been invited to the mountains by a D. expense
friend. Her daughter decides to go to the 2022. Which of the following best describes
beach. What is her opportunity cost? the difference between a debut and a
A. a trip to the beach credit card?
B. a trip to the mountains A. There is no difference because both re-
quire a credit card check to establish
2017. When you are making payments on a car B. Unlike a credit card, a debit card is an
and/or house you have a alternative to carrying cash
A. Withdraw C. Unlike a debit card, your credit card us
B. Bankruptcy linked directly to your checking’s account
where you get paid
C. Debt
D. Unlike a credit card, the money in your
D. Overdraw credit card is money you own

2023. What is this? 2027. An account that usually earns interest

and is often used to hold money that is
not needed right away.
A. Savings Account
B. Checking Account
C. Investment Account
D. Retirement Account
A. A Bond
NARAYAN CHANGDER
2028. What should be written on line 2?
B. Credit Card
C. Debit Card
D. none of above
2024. The primary role of the Federal Reserve

Bank is to steer the economy by
A. the date
A. controlling the budget B. the amount of the check
B. setting spending levels. C. who the check is going to
C. controlling the money supply. D. your signature
D. loaning out money.
2029. Gus bought a new sweater for $18.
2025. The agencies who provide free credit re- Sales tax is 8%, or 0.08 times the pur-
ports for consumers are chase price. How much did the sweater
cost with sales tax?
A. TransUnion, FTC, FDIC
A. $16.56
B. Equifax, TransUnion, Experian
B. $18.64
C. SEC, FTC, FCRA
C. $19.44
D. Equifax, TransUnion, Exposure D. $26.00
2026. What is the best way to avoid credit 2030. What are goals?
card debt? Choose the best answer.
A. Things you want to accomplish
B. Items that you like
C. Things that you do not want to do
D. Ideas that help you create things
2031. Why do most people work?
A. They want to live in big cities.
A. Use several credit cards to avoid
B. They want earn money and supply
putting too much money on one card.
themselves with food, clothing, and shel-
B. Don’t spend more money than you ter.
have.
C. They want to ride on buses or trains.
C. Only use credit cards to by D. They want dress in fancy clothes every
D. none of above day.

2032. Money taken out of your checking ac- 2037. A holder or owner of stock in a company
count. or corporation.

A. withdrawal
B. stop payment
C. endorsement
D. outstanding
2033. What is the best definition of scarcity
A. A resource that is plentiful A. stock market
B. A resource that is in high demand B. shareholder
C. A resource that has a limited availabil- C. portfolio
ity D. industry
D. An undiscovered resource 2038. aka net pay, the amount of income left
after taxes and other deductions are taken
2034. There are different types of taxes, such
out of your gross pay.
as income tax and sales tax. What is tax?
A. take-home pay
A. Money collected by the government
B. demographic trends
B. A plan for using money
C. down payment
C. A car that carries passengers for
money D. none of above
D. The buying and selling of products 2039. A line of credit that can be used repeat-
edly within a certain credit limit is called
2035. Only making the minimum payment on
ended credit.
a credit card every month will:
A. high
B. closed
C. open
D. low
2040. Charlie’s net worth is-$35, 354. Which
A. lower the amount total paid for the pur- of the following is true?
chase A. He has a positive net worth which
B. make you independently wealthy means his assets are greater than his li-
abilities.
C. take longer to pay off which will result
B. He has a positive net worth which
in paying more interest, more money!
means his liabilities are greater than his
D. pay off the credit card faster assets.
2036. What is an expense? C. He has a negative net worth which
A. resources not necessary to survive means his liabilities are greater than his
assets.
B. resources necessary to survive
D. He has a negative net worth which
C. money used on needs and wants means his assets are greater than his li-
D. none of above abilities

2041. A spending or savings plan for an indi- C. 5

vidual or company
D. 6
A. Budget
B. Saving 2046. Which financial institution provides a
safe means to store money?
C. Investing
D. Spending A. Bank
B. Credit Union
NARAYAN CHANGDER
2042. Cash that flow from another source to
you. C. Payday Loan
A. Salaries D. Title Pawn
B. Debt
2047. There are 2 savings accounts. Both
C. Liabilities
have 3% interest. Account X has com-
D. Mortgage pound interest and account Y has simple
interest. You choose account X because
2043. Which of the following is not a good
way to get a higher credit score? A. the interest would be tax free
A. Closing a card you don’t use anymore B. it would pay interest on interest
B. Increasing the credit limit of your C. the interest rate would increase over
credit card time
C. Limiting the number of credit cards you D. the interest rate would decrease over
apply for time
D. Paying the full balance of your credit
card 2048. Which of the following will a bank con-
sider in its decision to approve you for a
2044. The amount of money you make per mortgage?
year
A. Your ethnic background
A. Monthly income
B. Annual income B. Your religion
C. Monetary C. Your salary

D. none of above D. Your hobbies
2045. I am writing a $30 check to Fiesta for 2049. insurance pays you for a loss or
groceries. Where do I write Fiesta on the damage to your car resulting from crashes,
check? fire, theft, falling objects, explosions,
flood, riots, and collisions with a bird or
animal.
A. Liability
B. Premium
A. 4 C. Comprehensive
B. 2 D. Threshold

2050. Which of the following is a service pro- C. Liability

vided by the government? D. Credit

A. A national chain of fast food restau-
rants 2055. The possibility of losing some or all of a
particiular investment.
B. An interstate highway
C. cable and satellite tv
D. The internet
2051. This month Mando’s expenses are

greater than his income. What are two ac-
tions Mando can take in order to balance
his budget?
A. Increase expenses and decrease in-
A. risk
come
B. index
B. Decrease expenses and decrease in-
come C. industry
C. Decrease expenses and increase in- D. profit
come
2056. High rates of absenteeism have a finan-
D. Increase expenses and increase in- cial impact on companies.
come
A. T
2052. The amount of money I was loaned is B. F
$1, 000 and the interest rate is 15%.
What is the total of the loan? 2057. You have a surplus when
A. $150 A. Your income is higher than your ex-
penses
B. $1, 150
B. Your expenses are higher than your in-
C. $1, 015
come
D. $15
C. You don’t make enough money
2053. What is repossess? D. A check payment is declined
A. To not take back an item
2058. While credit is all or part of an amount
B. To take back possession of something a borrower may use, debt is
C. To share a company A. the unused portion of credit
D. none of above B. the amount of credit that is used
2054. A(n)? is a resource with economic value C. repaid before credit is extended
that an individual, corporation or country D. added to the credit amount
owns or controls with the expectation that
it will provide a future benefit. 2059. A legal procedure for dealing with debt
when and individual cannot repay what
A. Capital they own. It is the worst financial thing
B. Asset that can happen to a person. (a)

A. a Bankruptcy 2065. what is this?

B. Loan
C. Forclosure
D. Rent To Own
2060. A is used to add funds to a bank ac-

count
NARAYAN CHANGDER
A. deposit slip
A. Real Investment
B. signature card
B. Real Estate
C. check
C. Financial Investment
D. check register
D. Benjamin Franklin
2061. What is a credit score?
2066. Round to the nearest dollar:$86.68
A. Your social security number
A. $86.00
B. Your age and your birth year
B. $85.00
C. Your license tag number C. $87.00
D. a numerical summary of your credit D. none of above
history
2067. the annual cost of credit expressed as a
2062. When preparing a budget, you need to percentage of the amount borrowed
focus mostly on your
A. annual percentage rate (APR)
A. net income
B. annual interest rate (AIR)
B. gross income
C. annual dividend rate (ADR)
C. disposable income D. annual gross rate (AGR)
D. taxable income
2068. What does ROI stand for?
2063. What is the first foundation?
A. Save a $500 emergency fund.
B. Save a $600 emergency fund.
C. Save a $400 emergency fund.
D. Save a $1000 emergency fund.
2064. INCOME IS
A. disposable A. Racing On Internet
B. limited B. Rate of Investment
C. expensive C. Return On Investment
D. none of above D. I need to look this up

2069. Find the tip amount only. $20 lunch; A. 2024

20% tip B. 22000

A. $.40 C. 20240
B. $ 2.00 D. 2000
C. $ 4
2074. An interest earning checking account
D. $ 24 does earn a small amount of interest.
2070. Jim is 23 and has 1 credit card. What A. True
would be the best way to improve his B. False
credit score? (TWO answers)
2075. John borrows $100 from Ed and they
agree that he will pay it back in 2 months
at a rate of 10% monthly. If John pays
back exactly $120, then the interest was
A. compounded
B. simple
A. Get 4 more credit cards in the next 3 C. usurious
months
D. impounded
B. Diversify his credit-get an loan for the
car he needs 2076. Amount you pay before the insurance
pays
C. Make sure he makes his payments in
full on time A. copay
D. Increase his credit utilization rate B. deductible
C. premium
2071. Andrew works at a comic book store
D. none of above
making $7.25 an hour. He works 8 hours
a day and 5 days a week. What is 2077. John borrows $100 from Ed. They
Andrew’s monthly income if there are 4 agree that John will pay back the loan
weeks in a month? in two months with a rate of 10 percent
A. $1, 160 monthly. If John pays back exactly $120,
then the interest was
B. $1450
A. Compounded
C. $580
B. Simple
D. $290
C. Usurious
2072. A want is something you MUST have to D. Impounded
live.
2078. What is the best reason for why some-
A. True
one would want to lease a house instead
B. False of buy one?
2073. Noah is a lawyer. Last year he made A. They want full responsibility of all re-
$92, 000. If he has to pay 22% in income pairs.
tax what is the amount of income tax he B. They want to be able to hopefully make
has to pay? money when they sell the place.

C. They are planning on living there for a 2084. A budget deficit means that you
short period of time. A. have more income than expenses
D. They want to avoid rent increases and B. are making money on investments
dealing with a landlord.
C. failed to repay a loan
2079. When saving money for emergency situ- D. have more expenses than income
ations, families should try to save at least
amount of income 2085. How much is the check worth?
NARAYAN CHANGDER
A. 1 month
B. 3 months
C. 6 months
D. 2 years
2080. The amount of money you have saved A. $5

A. savings B. $50
B. budget C. $500
C. investment D. $0
D. income 2086. What is an example of a utility cost?
2081. There are costs associated with using A. Your college savings fund.
credit. Which of these is an example of B. Your electric and heating bills.
this cost? C. Your grocery budget.
A. Interest D. Your cell phone.
B. Insurance
2087. Term that applies to the ability to buy
C. Extra Taxes something now and pay for it later over a
D. none of above period of time (usually with having to pay
a finance charge and/or addition of inter-
2082. The knowledge and skill set necessary est).
to be an informed consumer and manage
A. Credit
finances effectively.
B. Investing
A. Personal Finance
C. Profit
B. Economy
D. Budget
C. Financial Literacy
D. Creditor 2088. Conner is considering whether or not to
buy a car. If he is using rational decision
2083. implement and control making, he should primarily consider
A. Step 2 A. The Cost of the car
B. easy to reduce or eliminate; food or en- B. the marginal costs and marginal bene-
tertainment fits of her decision.
C. step 4 C. The color of the car.
D. Step 3 D. the mileage on the car.

2089. A person who creates, organizes, and D. Budget monthly, complete a compar-
manages a new business; usually involves ison analysis of actual income and ex-
the risk of invested money (capital) in or- penses, review any variances, and make

der to make money. adjustments for the next month
A. Investor 2093. Robert is working on his first budget
B. Entrepreneur with fixed and variable expenses and
wants to save 10% of his entire budget of
C. Banker $2500 for retirement. How much money
D. Stock Broker would he be saving each month if he saved
10%?
2090. The money that you receive for mow-
ing the lawn, babysitting or making good
grades is called
A. income
B. credit
C. debt A. $250
D. interest B. $25
C. $10
2091. The easiest way to protect yourself
from credit card debt is to SSEPF4 D. None-he won’t save anything
A. not use credit cards 2094. Who pays interest on a loan
B. use credit cards only for small pur- A. a lender
chases B. a borrower
C. get cards with 0% interest for a year C. a credit union
D. get credit cards with cash back re- D. a creditor
wards
2095. is paid when you own property, such as
2092. Which of the following represents the a home
correct conducting of the budgeting pro-
cess?
A. Create a general budget, review your
finances to find variances, decide on tac-
tical goals and then find ways to opera-
tionalize your tactical goals
B. Analyze your income, develop a bud-
get, explore revenue options and develop
a pension plan
C. Ask for a loan, analyze the finan- A. income tax
cial structure of your assets and liabili- B. sales tax
ties with a financial advisor and decide
whether or not you should increase invest- C. property tax
ments D. payroll tax

2096. When filling out the I-9 which of the 2101. What is bankruptcy?
following forms of identification can be A. a legal proceeding involving a person
used to prove your identity and eligibilty or business that is unable to repay out-
to work in the US? Check all that apply. standing debts
A. US Passport B. making money off of investments
B. Driver’s License C. saving money for a business when
C. Birth Certificate making purchases
NARAYAN CHANGDER
D. School ID with picture D. Getting an extremely high mortgage
E. Voter registration card 2102. What is opportunity cost?
2097. An obligation of repayment owed by A. the value of the next best option that
one party (the debtor/borrower) to a sec- is not selected when a choice is made.
ond party (the creditor/lender), in most B. there is not enough of it.
cases this includes repayment of the origi- C. things people make to earn money.
nal loan amount plus interest.
D. actions people do to earn money.
A. credit
2103. Amanda decides to work on her project
B. economy
instead of playing with friends outside.
C. loan This choice best describes a(n)
D. debt A. spending
2098. A measure of one’s money that is re- B. opportunity cost

ceived and spent is C. income
A. Cash Flow D. expenditure
B. Financial Planning 2104. Decisions individuals make in the man-
C. Budget agement of their money.
D. Income A. income
B. liabilities
2099. money in a bank account held in trust to
C. personal finance
pay taxes and insurance when due
D. personal goals
A. collateral
B. credit score/ FICO 2105. the amount of income left after taxes
have been paid
C. escrow account
A. deductions
D. Social Security Tax
B. net income
2100. interest you make on that money C. gross
A. compound interest D. income tax
B. rule of 72
2106. Sales tax is an example of what type of
C. time value of money tax?
D. interest A. progressive

B. flat A. set goals

C. regressive B. create a plan

D. proportional C. implement the plan
2107. Which one of these is level 4 of D. obtain a credit card
Maslow’s hierarchy of needs? E. monitor the plan
A. Self-esteem
2112. Cost of credit expressed in dollars and
B. safety and security cents
C. Food, shelter A. Finance charge
D. love and belonging B. Unsecured loan
2108. Which of the following would you count C. Collateral
as cash inflow? D. Interest
A. Finding $10 in the wash.
2113. What is a 401K?
B. Letting someone borrow $20 when
they say they will pay it back tomorrow. A. A savings plan offered by banks to help
you buy a home
C. Giving a cash tip.
B. A plan to help you save for college
D. $500 available credit on your credit
card. C. A retirement savings plan for self em-
ployed individuals
2109. What is the main purpose of insurance? D. A retirement savings plan usually of-
A. to follow the law fered by your employer
B. to get weathly 2114. Maria and Sara borrow $15, 000 from
C. For investment purposes the same bank to buy the same kind of
D. To reduce risk car. Maria’s credit score is 732 and Sara’s
credit score is 588. Who is likely to pay
2110. What is the advantage of getting a fed- the lower finance charge?
eral student loan as opposed to a private
A. They will pay the same because they
loan would be the
are borrowing from the same bank
A. Lower interest rate
B. Maria
B. Easier application process
C. Sara
C. Longer period of repayment
D. They will pay the same because they
D. Amount of money available for loan are buying the same kind of car
2111. Which of the following is NOT a step re- 2115. Which is NOT TRUE about a regressive
quired to create a financial plan tax
A. Everyone pays the same dollar amount
B. Sales tax is an example of a regressive
tax
C. It allows poor people to pay less in
taxes than wealthy

D. It hurts the poor more than the 2119. Want or need?

wealthy since ability to pay is not taken
into consideration.
2116. A bank account that allows you to de-

posit/withdraw money at any time and
earns interest is a
NARAYAN CHANGDER
A. Want
B. Need
2120. The FDIC insured deposit limit is
A. money market fund

B. money market deposit account
C. regular savings account
D. certificate of deposit
A. $150, 000
2117. Your computer is broken and you want B. $200, 000
to buy a new one. How can you offset C. $250, 000
the price of a new computer when using a
credit card?AFix the old computer, sell it, D. $300, 000
and use the money to pay the credit card 2121. My cousin wanted to borrow $300 from
balance.BUse the old computer as a paper me. I loaned him the money but I told him
weight.CFix the old computer and give it that he would have to pay me back $330.
to a friend. The money that was paid back to me on
A. fix the old computer, sell it, and use the top of the loan is known as
money to pay the credit card balance A. credit
B. use the old computer as a paper B. interest
weight
C. savings
C. fix the old computer and give it to a D. debt
friend
D. none of above 2122. Keep account balances at or below 25%
of credit limits
2118. Mr. Holbrook just bought a new car. A. Positive Effect
What is the collateral for the car loan? B. Negative Effect
A. His home.
2123. A sum of money deposited INTO an ac-
B. The money in his savings account. count
C. The car. A. Debit
D. His collection of antique stamps. B. Credit

C. Balance 2128. Leah goes to the store and buys items

to make dinner. Leah is a
D. Add

A. producer
2124. When taking advantage of the time
B. consumer
value of money, which of the following is
most likely to result in the largest return? 2129. The 8% sales tax we pay in Augusta
A. Invest a large principal amount of could be categorized as a
money and then make no additional invest- A. progressive tax
ments
B. regressive tax
B. Invest as long as possible and at the
C. proportional tax
highest interest rate possible.
C. Invest a small amount of money for a
short period of time at the highest interest 2130. You are purchasing a T.V for $990 T.V
rate possible. with 9% sales tax. What is the final price
D. Invest at a high interest rate because of the T.V.?
interest is the only factor that affects re- A. $ 1881.00
turn.
B. $ 1079.00
2125. Retirement means C. $ 1, 079.10
A. Insurance that covers fire, theft, and D. $ 1, 709.1
water damage.
B. The math term out of 100. a variable expense?
C. The period of time after you stop work- A. rent payment
ing.
B. mortgage
D. The value of your assets minus your
C. cable bill
debts.
D. groceries
2126. The best measure of a person’s or fam-
ily’s wealth is 2132. Which financial institution is owned and
controlled by its members?
A. the amount of salary earned annually.
A. Bank
B. net worth
B. Credit Union
C. the total dollar value of investment as-
sets. C. Payday Loan
D. Title Pawn
D. the market value of real estate includ-
ing the personal home. 2133. What is the total amount of money you
spend if you write a check for $400, with-
2127. A checking account is a very common
draw $20, write another check for $325,
type of account that offers safety and con-
another check for $25, get charged an
venience.
overdraft fee of $30, and then write one
A. True final check for $150?
B. False A. $629.95

B. $950.00 2139. What is the first step in setting your fi-

C. $750.00 nancial goals?
D. none of above A. Review how much money you have
now
2134. A personal check that’s been certified as
being good by the financial institution on B. Set a reasonable goal
which it’s drawn. C. Define what you want to accomplish
A. Cashier’s check D. Develop a plan of action
NARAYAN CHANGDER
B. Certified Check
C. Money Order 2140. When creating a budget. Always priori-
tize your first.
D. Traveler’s Checks
A. Needs
2135. A tax on purchased goods and services
B. Wants
A. community
C. Nothing
B. property tax
C. earned income D. none of above
D. Sales tax 2141. is an unplanned purchase of a prod-

2136. Why would you want to keep a monthly uct you do not really need.
budget? A. Comparison shopping
A. Without a plan, you could overspend B. impulse buying
B. Because you need to know how much C. deficit spending
money you have.
D. unfinished income
C. You need to be sure you can afford to
pay all your bills. 2142. Another name for money
D. Oh, just let somebody else do it for
A. per capita
you.
B. human capital
2137. is the want or need for a product.
C. currency
A. Demand
B. Income D. credit
C. Supply 2143. What does the income section of a per-
D. Unit Cost sonal budget show?
2138. What is debt consolidation? A. only includes income from a person’s
job
A. Putting all debt into one manageable
loan B. shows all of a person’s income from
B. Putting all your credit debt on one ALL sources
credit card C. is not important if income is greater
C. Taking all debt and declaring than expenses
bankruptcy D. is the total amount that will be left over
D. Paying it all back over time after expenses

2144. pay at the end of the month 2150. How much is each depositor insured for
A. credit card in a credit union or bank?

B. debit card A. $50, 000
B. $100, 000
2145. The amount of money you have after
taxes is C. $200, 000
A. gross income D. $250, 000
B. net income 2151. What is something you choose to give

C. petty cash up when you choose something over an-
other
D. all of these
A. scarcity
2146. What is considered tax season? (The B. checking account
time when you get taxes back from the
state and federal govt.) C. savings account
A. January-April D. opportunity cost
B. March-May 2152. Cash flows are affected by financial
C. September and October planning decisions. Which of the following
is correct?
D. December Only
A. Car payments you make are cash out-
2147. How can someone between ages 18-20 flows.
establish credit?
B. Investments you make in stock are
A. Checking/savings account cash inflows.
B. Debit card C. Your routine monthly expenses are
C. Paying with cash cash inflows.
D. having a parent pay D. Your income is a cash outflow.
2148. Which is better a Credit Union or a 2153. Interest earned on a deposit is

Bank? A. Interest banks charge on a loan
A. Credit Union B. interest banks pay on a deposit
B. Bank C. difference between interest paid and
C. Depends on your financial needs interest charged on a loan
D. none of above D. what the bank earns from the Federal
Reserve Bank
2149. Who is the number one target of credit
card companies? 2154. Dave says you should invest in
A. People without a high school diploma A. Single Stocks
B. Teenagers B. Money Market
C. The elderly C. Mutual Fund
D. Middle Aged Adults D. Bonds

2155. To use or take from someone if you do 2160. Which is an exceptional credit score?
not have it yourself. A. 672
A. finance B. 555
B. budget C. 713
C. borrow D. 813
D. withdrawal
2161. The US income tax charges higher rates
2156. What are basic needs? for those with higher incomes. Wealthy
NARAYAN CHANGDER
people are in higher tax brackets, while
poor people are in lower ones. This is an
example of
A. a regressive tax
B. a progressive tax
C. a proportional tax
A. ingredients necesary for maintaining
D. a user fee
physical life
B. ingredients necessary for making 2162. When you are deciding what to buy, you
cookies should always
C. ingredients necessary for maintaining A. compare the unit price of items similar
homiostatis to the one you want.
D. food, water, home, clothes B. pick the cheapest item to get the best
deal.
2157. If Martha puts $100 in the bank today
at 6%, how much will she have in three C. pick the most expensive item to get the
years? best quality.
A. $119.10 D. trust a friend or store employee to pick

the best items for you.
B. $124.10
C. $106.00 2163. The lowest hourly rate an employer may
legally pay most workers
D. $112.10
A. Tip
2158. Which is the most liquid bank account?
B. Benefits
A. checkings
C. Minimum wage
B. savings
D. Salary
2159. Premium
2164. Which of the following people has the
A. monthly payments to get an insurance highest opportunity cost of earning a col-
plan lege degree, if they must give up their
B. amount that insured must pay before present job?
insurance A. Larry, who is a Navy Seal earning $40,
C. percentage of bill the insured is re- 000
sponsible for B. Curly, who is a salesman earning $60,
D. max amount insured must pay 000

C. Moe, who is unemployed 2171. Which of the following items is some-

D. Sue, who is a chef earning $25, 000 thing that people must usually save their
money to purchase?

2165. True or False. Companies use lights, mu-
A. football
sic, and colors to increase your chances of
shopping. B. book bag
A. True C. dishwasher
B. False D. cookies
2166. Detect = monitor your accounts and
bank statements each month and check 2172. A sum of money to be used for a partic-
your credit report regularly ular purpose.
A. true A. budget
B. false B. debit card
2167. The cost required for something; money C. credit card
spent on something. D. checking account
A. income
B. expense 2173. Which action will raise your credit
score?
C. credit
A. Paying bills late
D. charity
B. Having LOTS of loans
2168. Typically expenses that are the same
month to month or week to week C. borrowing more money than what you
CAN repay
A. Variable Expense
B. Fixed Expense D. paying bills on time.
C. Net Income 2174. How many times a year do you receive
D. Real Expense a paycheck if you are paid biweekly?
2169. The process of projecting, organizing, A. 52
monitoring, and controlling future income B. 26
and expenses is known as
C. 24
A. Budgeting
B. Investing D. none of above
C. Personal Finance 2175. If your allowance is $10 a week and

D. Money Management you have to pay $1 a day for lunch, how
much money will you have left after 5
2170. What is an estimate of income and ex- days?
penditure for a set period of time.
A. $10
A. Mortgage
B. Debt B. $0
C. FICA C. $5
D. Budget D. $20

2176. Rent is a: A. income

A. Fixed expense B. expense
B. Discretionary Expense
2182. What’s the best way to save money
C. Variable expense when shopping?
D. Intermittent expense A. Buy it if you want it, no matter the price
2177. What is a loss leader? B. Asking your mom to give you moeny
NARAYAN CHANGDER
A. An item that a retailer buys and sells C. Looking for the best price at different
for more stores
B. An item that is sold for less because D. none of above
it’s damaged
2183. Savings
C. An item sold for less than the retailer
paid for it A. An individual’s income earned as
salary or wages before taxes and other
D. An item the retailer takes a loss on deductions
2178. cards that can only be used in a specific B. The portion of current income not
store spent on consumption
A. credit card C. A product that transfers risk from an
B. charge card individual to an insurance company or or-
ganization.
C. debit card
D. An individual’s income earned as
D. Gift Card salary or wages before taxes and other
2179. Which of the following should you con- deductions
sider when setting a budget? 2184. How does charging interest encourage
A. Your financial goals banks to make loans?
B. Your future pay A. It allows them to make profits by lend-
C. Needs and wants ing money
D. Savings B. It ensures borrowers will pay them
back
2180. Financial goals are having enough for
C. It discourages people from borrowing
short-term financial needs, planning for re-
money from their friends
tirement, or for your child’s college ed-
ucation. D. It allows banks to pay interests to peo-
ple with savings accounts
A. creating
B. saving 2185. What do people think about when they
set a budget?
C. making
A. supply and demand
D. donating
B. short and long-term goals
2181. Soccer season is starting. You spend
$17 on your new uniform. Is this an ex- C. goals and spending
ample of an income or expense? D. savings and wants

2186. What happens when goods are scarce? 2192. What animal represents a market that
A. the price goes up is doing badly?

A. Dog
B. the price goes down
B. Cat
C. the price stays the same
C. Bear
D. none of above
D. Bull
2187. What would be considered the ideal
debt-toavailable-credit ratio? 2193. Suppose your gross income and your de-
duction amounts to $250, 000 and $2,
A. 50% or more 000, respectively, and the flat rate will be
B. 33% or more applied. What amount will you have pay
as tax if the tax rate is 12%.
C. 50% or less
A. $39, 000
D. 33% or less
B. $30, 000
2188. Money earned before deductions C. $36, 000
A. Net Pay D. $38, 000
B. Gross Pay E. $48, 000
C. Net Tax
2194. Rent/House payment
D. Gross Tax
A. Income
2189. for-profit financial companies and can B. Expense
be large or small, national or local.
2195. financial obligations, such as bills
A. Credit Union
A. Savings
B. Bank
B. Expenses
2190. What is net worth? C. Wages
A. the total wealth of an individual, com- D. Investments
pany after liabilities
2196. the amount of interest charged on a
B. the value of the individual or company
debt but not yet collected; interest accu-
C. Assets minus liabilities mulates from the date a loan is issued
D. the value of the money made from a A. Accrued Interest
job. B. Compound Interest
2191. Sam bought an $85.00 jacket for 40% C. Interest Rate
off of the regular price. How much did he D. Compound Growth
pay for the jacket?
2197. What do we call the amount left over
A. 75
from your paycheck after taxes and deduc-
B. 51 tions?
C. 36 A. balance
D. 34 B. gross balance

C. transaction 2203. JAMIE IS AT THE STORE BUYING GRO-

D. net pay CERIES FOR HER FAMILY. SHE WANTS TO
USE ONLY THE CASH SHE HAS IN HER
2198. The amount of interest you must pay for BANK ACCOUNT. HOW SHOULD SHE PAY?
the credit you use in a given month
A. With a credit card
A. Interest Rate
B. With a debit card
B. Minimum Payment
C. Variable Expense C. With quarters and dimes
NARAYAN CHANGDER
D. Monetary Expense D. none of above
2199. A measure of a person’s ability and will- 2204. After you have identified the goal and
ingness to pay debts on time. the resources, your next step is to
A. credit rating (score)
A. Identify the goal and the resources
B. collateral
B. Identify the available alternatives to
C. credit limit
reach the goal
D. none of above
C. Make your choice and understand the
2200. something essential for survival opportunity cost of your choice.
A. wants D. none of above
B. needs
C. phone 2205. A policy that covers a renters personal
property against loss by theft, fire, or
D. car other hazards.
2201. Which of the following is a benefit of A. Security Deposit
having a personal savings plan?
B. Equity
A. Personal savings plans let people
spend more time doing activities they en- C. Renter’s Insurance
joy.
D. Principal
B. People who save money are able to
spend more money in the future and pay 2206. Which type of insurance does a person
for unexpected expenses. need if they wish to continue to receive a
C. People who save money are able to paycheck while they are out of work due
spend a lot of money right now. to an injury?
D. Personal savings plans help people A. property
have an unbalanced budget.
B. disability
2202. Expenses that can go up and down each
month. C. health
A. Inflation D. life
B. Unexpected Expenses
2207. According to a rule of thumb, rent
C. Inflation shouldn’t take up more than % of your
D. Variable Expenses take-home pay.

2212. Which of the following is one of the 3

nationally recognized credit bureaus?
A. Equifax

B. Federal Reserve
C. Postal Office
D. Grocery Store
2213. a movement to educate buyers about
A. 7-12%
the purchases they make and to demand
B. 10-15% better and safer products from manufac-
C. 15-20% turers
A. consumerism
D. 25-30%
B. economics
2208. Money invested in this financial instru- C. buyers’ rights
ment must be left in place for the full time D. consumer safety demand
specified. It is fully insured.
2214. Interest Paid Yearly
A. Mutual Fund
A. Annual Percentage Rate (APR)
B. Stock
B. Taxes
C. bond C. Earnings
D. Certificate of Deposit (CD) D. Gross Pay
2209. Where do many people put the money 2215. What kinds of accounts can people have
they save? at banks?
A. under their beds A. taxes and investments
B. checking and investing
B. in their closets
C. budgeting and savings
C. in their pockets
D. checking and savings
D. in a bank
2216. What is the average work week in the
2210. What is this? USA?
A. credit history A. 5 hours a week
B. 13 hours a week
B. credit score
C. 40 hours a week
C. credit card
D. 67 hours a week
2217. What kind of help can you get at UCI
2211. A financial institution owned by its Basic Needs?
members that provides many of the same A. Budget Template
services as a bank. B. Financial Consultation
A. Credit Union C. Free Groceries
B. Bank D. All of the above

2218. When do you collect on your 401k? 2224. The Compromise of 1850 was an at-
A. At Birth tempt to resolve issues related to
B. Midlife Crisis A. the protection and spread of slavery
C. Death B. boundary disputes between the United
States and Britain over the Oregon Coun-
D. Retirement
try
2219. Charge when you spend more money C. relations with the Native American In-
than you have in your account.
NARAYAN CHANGDER
dians of the Great Plains
A. Fixed expenses
D. the role of the federal government in
B. over draft industrial development
C. types of money
2225. Al has $36 to spend on toys that cost
D. retirement $3.20 each. If the tax on each toy is
2220. What % range of of your discretionary $0.20, how many packs can Al buy?
income do you pay with an income-driven A. 9
repayment plan?
B. 10
A. 31-40%
C. 11
B. 0-9%
D. 12
C. 10-20%
D. 21-30% 2226. I am the money you make from your job
or providing a service.
2221. The unpaid portion of a loan is called
A. income
A. rate
B. deduction
B. principal
C. taxes
C. equity
D. collateral D. all the above
2222. Which of the following is an advantage 2227. A check is a form of investing.

of a credit card? A. True
A. You can buy anything you want. B. False
B. You can spend more than you have.
2228. How is a post from a social media in-
C. You can buy something you need and
fluencer different than a comment from a
pay it back in payments.
regular consumer?
D. You can buy things you can’t afford.
A. It isn’t any different.
2223. A trade-off is
B. The post by the influencer is likely one-
A. a purchase in a marketplace. sided.
B. an alternative that we sacrifice when C. The post by the influencer may have
we make a decision. been posted by the seller.
C. any good or service a consumer needs. D. The influencer is paid to post the prod-
D. a factor of production. uct.

2229. Amounts of money taken from income D. She should expect to receive all of the
before you are paid. money she needs to open the shop from
the government.

A. Commission
B. Retainer 2233. What is Disposable Income?
C. Deductions A. Money left over after paying for neces-
sities
D. Rate
B. Money left over after all taces have
2230. The money you have to spend, for bills, been paid
etc C. Money you earn
A. Collateral D. Money you spend on everything
B. Loan
2234. Something a person intends to acquire,
C. Budget achieve, or accomplish that will be at-
D. Expenses tained in LESS than one year
A. Long-Term Goal
2231. According to the cartoonist, the inves-
tigation of intelligence failures related to B. Trade-Off
the 9/11 terrorist attacks resulted in C. Short-Term Goal
A. praise for government efforts to stop D. Financial Planing
intelligence leaks
2235. A bond is a
B. open immigration from all regions of
A. loan purchased by an individual from a
the world
business or the government
C. recommendations to limit dependence
B. an investment option that is extremely
on foreign intelligence
risky
D. various federal agencies attempting to
C. type of investment in which your
avoid criticism by shifting responsibility
money is automatically diversified
2232. “I am so nervous. I have quit my job D. very unstable investment option
to become an entrepreneur by opening my
own nail salon. I wonder what it will 2236. What is NOT a part of a budget?
be like to own my own business?”-Mary A. Income
Jo Shively, Nail TechnicianWhich of the B. Expenses
following BEST describes what Mary Jo
should expect to happen before opening C. Balance
her salon? D. Economy
A. She should expect to fire most of the 2237. Items purchased on the spur of the mo-
employees she hires during training. ment is referred to as
B. She should expect to have to work long A. impulse buying
hours making plans for the business.
B. sight buying
C. She should expect to be given the
space for her shop from the local govern- C. quick buying
ment for free. D. on-site buying

2238. What is the best way to pay for college? 2243. amount(s) of money laid away to be
SSEPF1a used at a later time.
A. scholarships, grants, financial aid A. spending
B. student loans B. savings
C. saving money C. credit
D. going into the military D. income
2244. Why is it important to think before mak-
NARAYAN CHANGDER
2239. Which of the following terms are not
types of income? ing a choice?
A. Wage A. ) Because choices never have costs.
B. Salary B. ) Because choices take a lot of time.
C. Interest C. ) Because choices always have costs.
2240. MSRP is 2245. Fixed or Variable?Office rent

A. Manufacturer’s Suggested Retail Price A. Fixed
B. Model Sales Receipt Page B. Variable
C. Car Insurance 2246. Cash set aside to cover the cost of un-
D. Car Interest Rate expected events
A. Time Value of Money
Variable Costs is correct? B. Emergency Savings
A. Is an alternative that is best ignored 2247. What is one benefit of using money in
when the decision is made. our economy?
B. Is an expense that does not change by A. ) Money stops us from spending.
month (for example:rent, electricity and
B. ) Money helps us barter with each
water bills, wifi internet fee, )
other.
C. Expenses that change each month (en-
C. ) Money lets us know how much items
tertainment, car repair, medical examina-
cost.
tion, etc.)
D. none of above
plan over a set period of time. 2248. Car Insurance
2242. How can you develop a positive credit A. Fixed Expense
history? B. Variable Expense
A. Use only one type of credit account 2249. When is a person considered to be in
B. Pay cash for almost everything debt?
C. Open credit cards in your parents A. When the person’s expenses are less
names than his or her income
D. Maintain a resonable amount of avail- B. When the person’s expenses are
able credit greater than $10, 000

C. When the person’s expenses are 2255. Fixed or variable expense:Rent?

greater than his or her income A. Fixed

D. When his or her expenses are $0 B. Variable
2250. On a pay stub, the contributions identi- 2256. Most checking accounts do not pay inter-
fied as FICA are paid toward est.
A. federal income tax A. True
B. health insurance and retirement B. False
C. Social Security and Medicare
2257. What is one advantage to placing sav-
D. state income tax ings in a high risk investment as opposed
to putting savings in a low risk invest-
2251. In case of emergency you should have
ment?
what
A. The amount of money needed to invest
A. Good Credit
is lower
B. Budget Plan
B. The money is more secure in a high
C. Money Saved risk investment
D. Credit Card C. The potential rate of return on invest-
ment is higher
2252. Dominic is traveling through the state of
Oregon. He drove 66.4 miles from Salem D. The tax rate on high risk investments
to Eugene and then continued to Medford. is lower
The total distance of his trip was 233.25 2258. money which one has on-hand that can
miles. What is the distance from Eugene be freely spent
to Medford?
A. Credit
A. 299.65 miles
B. Liquid
B. 3.5 miles
C. Debt
C. 166.85 mi
D. Mortgage
D. 22.661 mi
2259. Spending on travel and restaurants
2253. Adam borrows some money to buy a should be classified as
new camera at 11.8% APR. He pays back
A. Emergency
£50 at the end of year 1 and £60 at the
end of year How much is his loan for? an- B. Needs
swer C. Wants
A. 92.73 Mathematical Equivalence ON D. Savings
2254. the action of spending funds; an amount 2260. A(n) is an attachment to existing in-
of money spent surance coverage.
A. expenditures A. Endorsement
B. income B. Umbrella
C. budget C. Deductible
D. savings D. Depreciation

2261. All of the following are “Key Economic B. owning a bicycle

Questions”, CHOOSE **3** choose
C. riding a skateboard
THREE!!!
D. earning money in the future
A. What should we produce?
B. How should we produce it? 2266. What is a fixed expense?
C. Who will consume it? A. An expense that costs a different
D. When will it be consumed? amount of money each month
NARAYAN CHANGDER
E. When should we produce? B. An expense that costs the same
amount every month
2262. How do banks make MOST of their
money? 2267. You buy tickets to a Bruno Mars concert
A. Taking property from customers and using a card that pulls from your savings
selling it account. That amount shows up on your
monthly card statement with the rest of
B. Buying private businesses and selling your deposits and withdrawals.
the goods
A. Debit
C. Taxing citizens and using that money to
open more banks B. Credit
D. Charging interest on loans to to individ- 2268. What is an hourly wage?
uals and businesses
A. Money paid for time worked beyond a
2263. What is the purpose of an emergency worker’s regular schedule.
fund?
B. The amount of money paid by an em-
A. Funding vacations ployer per hour worked.
B. Covering unexpected expenses C. The amount of money deducted from a
C. Investing in stocks worker’s paycheck.
D. Paying off credit card debt D. A worker’s total annual income.
2264. You have a 7-year term loan of 1.5 mil- 2269. A sum of money deducted FROM your
lion Baht with a bank. The interest rate account
on the loan is 7.2%. How much is your
A. Credit
monthly payment?
A. 22, 786 B. Deposit
B. 17, 857 C. Asset

C. 26, 857 D. Debit
D. 24, 822 2270. When panning a simple budget, what
2265. Jewel wants to use her money to buy items would you recommend including?
a skateboard and a bicycle. She can only A. earnings
afford one of them. She decides to buy a
B. spending
skateboard. Which of the following is one
of Jewel’s opportunity costs? C. saving
A. spending money at the store D. all of the above

2271. What is the riskiest type of bond? B. 33, 600

A. Municipal C. 20, 000

B. Savings D. 21, 500
C. Corporate
2277. This is the price you pay for using some-
D. none of above one else’s money
2272. Check all of the following:Where could I A. compound
get a loan from for my college education?
B. interest
A. Bank
C. savings
B. Family Members
D. liquidity
C. Government
D. none of above 2278. Spreading your investments around to
inrease financial security
a fixed expense?
A. power bill
B. concert tickets
C. car loan payment
D. football cleats A. Risk assessment
2274. Fixed or Variable?Insurance B. Diversification
A. Fixed C. Stocks, bonds cash
B. Variable D. Liquidity trap
2275. a plan for using your money in a way 2279. A subsidized loan is when pays the
that best meets your needs and wants interest while you are in school, while an
A. personal financial statements unsubsidized loan is when pays the in-
terest while you are in school.
B. budget variance
A. the government; parents
C. budget
B. the borrower; parents
D. none of above
C. the borrower; the government
2276. A reverse mortgage is a loan secured by
real estate that allows you to withdraw D. the government; the borrower
money over time. Suppose your house is
2280. What is one result of having an over-
worth 8 million Baht. A bank is willing
draft?
to lend no more than 60% of your prop-
erty value at interest rate of 5.7%. If you A. an additional fee
want to withdraw money for 20 years (
B. increased interest
240 months), how much money can you
get per month? C. decreased interest
A. 10, 800 D. higher credit score

2281. Complete record of your borrowing and C. The US has a market economy
repayment performance.
D. The US has a command economy
A. Personal info
B. Personal history 2287. Which of the following would not be con-
C. Credit history sidered income?
D. Credit info A. Allowance
2282. When lenders take back assets to pay
NARAYAN CHANGDER
B. Gifts
off unpaid loans, those assets were used
C. paycheck
as
A. illegally bought D. loan payment
B. uninsured
2288. Form 1040
C. collateral
D. part of a surplus A. Movement of money by government
B. A tax on property such as land build-
2283. A government-run insurance program
ings and vehicles
that provides healthcare assistance to el-
derly and disabled Americans C. A person who pays a tax to national
A. Medicaid state county or city town governments
B. Medicare D. Individual tax return reporting form
C. Insurance filed by April 15th for previous calendar
year
D. Tax
2284. Which is a main goal of the Federal Re- 2289. Using cash for small to medium pur-
serve? chases is a good idea
A. Create a high level of inflation A. True
B. Create a stable, healthy economy
B. False
C. Print currency for American citizens
D. Develop new laws for the United 2290. Paying the minimum payment on a
States credit card every month will:
2285. Consumers can borrow money from A. pay a large percentage of the total bal-
banks to ance owed every month
A. get a credit card B. make the final amount paid substan-
B. raise capital tially higher than the amount initially
charged to the card
C. purchase a home or pay for college
D. save money C. help the cardholder create a plan for
paying of a credit card in a decent amount
2286. Why are taxes taken out of a paycheck? of time
A. The US has a mixed economy D. allow the cardholder to avoid paying
B. The US has a traditional economy any interest charges

2291. An example of FOMO is 2295. Statement of Financial Position

A. The amount you could realistically sell

an asset for today
B. A measure of financial wealth and in-
dicates the monetary value of all posses-
sions that a person or household owns, mi-
nus the total amounts owed to others.
C. Financial assets purchased with the
A. purchasing something when it is on hope that they will generate income and
sale appreciate in value to make it possible to
B. delaying gratification sell at a higher price in the future.
D. A financial statement that describes
C. scrolling on social media
D. giving to others on a specified date by showing assets, li-
abilities, and net worth
2292. Is the range of collection of assets (en-
tity where you can receive economical ben- 2296. Tammy never sees 10% of her check.
efits in future) an investors have. This as- That 10% is set aside in an account for
sets can include investment securities like her retirement. The 10% is
bonds, stocks, mutual funds; or physical A. her credit
assets like gold, infrastructure, etc. B. her debt
A. Diversification C. her income
B. Stock Quote D. her savings
C. Portfolio 2297. True or False?You can write a check or
D. Ticker Symbol use a debit card if you have a CHECKING
account.
2293. Brian wants to get a promotion at work. A. True
Which of the following is a step he can take B. False
to help him achieve his goal?
2298. What type of retirement account is con-
A. increase his capital investments sidered the most secure?
B. pay more subsidies A. credit cards
C. better assess his opportunity costs B. Tax
D. invest in additional training C. Cash
D. IRA (individual retirement account)
2294. An arrangement to buy now and pay
later. 2299. You are saving money for a pair of fancy
shoes. This is
A. credit
A. A need
B. investing B. A long term goal
C. debit C. An emergency purchase

2300. Data suggests that the more education 2306. A consumption tax levied on people
you have, the more money you will earn. when they make purchases
A. True A. Income Tax
B. False B. Excise Tax
C. Sales Tax
2301. An example of Social capital is
D. Property Tax
A. a desk
2307. Put down deposit and you have easy ac-
NARAYAN CHANGDER
B. water
cess to money
C. knowledge
A. checking account
D. cooperation
B. savings account
2302. Which one of the following terms is an C. standard saving account
organized spending plan for one’s money?
D. bonds
SSEPF1b
A. Cost System Analysis 2308. Something you give up to get something
else is called
B. Bankruptcy
A. benefit
C. Budget
B. opportunity cost
D. Profit and Loss Statement
C. scarcity
2303. The borrower gives the lender his/her D. bartering
automobile title in exchange for a set
amount of cash. 2309. Money and items of value that you own.
A. Title loan A. Value
B. Payday loan B. Liabilities
C. Closed-end credit C. Assets
D. Refund anticipation loan D. Budget

2310. When conducting a cost-benefit analy-
2304. stocks and bonds are examples of what
sis, people analyze where to spend their
type of investments
money to see what will give them the
A. real estate most
B. real investments A. Answers
C. financial investments B. Taxes
D. loans C. Benefits
D. Consequences
2305. The expense cost a different amount ev-
ery month (grocery bill) 2311. What are role of a consumer?
A. Fixed expenses A. Use money to gain profit
B. variable expense B. To spend money
C. Discretionary expense C. Required payment of money
D. credit D. none of above

2312. Measure of credit worthiness based on 2317. If you have 580-619 credit score, is it
your financial history.

A. Rating A. good
B. Credit rating B. average
C. Credit C. very poor
D. Report D. poor
2318. Austin wants to plan a budget so he

2313. A(n) is a record book used to keep
can purchase a new PlayStation 5, which
track of all transactions.
costs $500 dollars. Austin earns $100 dol-
A. Overdraft lars per week tutoring students at a lo-
cal school. He spends $10 per week on
B. Statement
gas driving to and from the school. He
C. Cleared Check also spends $30 per week on study mate-
D. Check Register rials and games to use during the tutoring
session.How many weeks will it take for
2314. TRUE or FALSEYour employer must auto- Austin to save enough money to purchase
matically enrol you into a pension scheme the PlayStation 5?
A. True A. 6 weeks
B. False B. 7 weeks
C. 8 weeks
2315. What is wrong with this check?
D. 9 weeks
2319. Which of the four major sectors in the

US economy provides checking accounts,
savings accounts, and loans?
A. banks
B. Households
A. Name is incomplete
C. private businesses
B. Date issues D. government
C. Money amount is written incorrectly
2320. In order to best control spending you
D. Signature issues should keep track of monthly expenses by
preparing a ?
2316. A group that provides information about
local businesses and warns consumers A. Budget
about dishonest business practices is the B. Deficit
C. Debt Plan
A. Consumer Rights Council D. Roth IRA
B. Consumer’s Voice
2321. People and things used to produce
C. Commission on Consumer Safety goods and services.
D. Better Business Bureau A. Resources

B. Profit 2327. A plastic payment card linked to a finan-

C. Consumer cial account and is used for transactions.
D. Citizen A. Debit Card
B. Credit Card
2322. If your debt far exceeds you ability to
pay it you should C. Checking Account
A. Get a better or second job. D. Savings Account
B. Sell your vehicles and replace them
NARAYAN CHANGDER
with cheap used ones. 2328. A card that allows the holder to make
purchases without cash by borrowing
C. Increase your income and decrease money
you debt anyway possible.
A. Credit Card
D. Sell your house and move into an apart-
ment. B. Debit Card
2323. is money that one person owes an- C. Apple Pay

other. D. Google Pay
A. income
2329. This type of insurance provides payment
B. debt for damage/loss of property in a rental
C. expenses unit in addition to liability losses
D. none of above A. automobile
2324. Scarcity is based on the fact that individ- B. homeowners
uals C. renters
A. Will continually buy and sell goods.
D. health
B. Use too many products, so those prod-
ucts are in short supply. E. disability
C. Have unlimited needs and there is not 2330. Your credit score can effect which of the
enough food, water and shelter to go following?
around.
A. buying a car
D. Individuals have unlimited wants.
B. getting a loan
2325. Handling debt correctly is being money
C. buying a house
smart
A. True D. all of these
B. False 2331. A contract between the insurance com-

pany and the insured that states the exact
2326. What is a tip to save money with elec-
terms of the agreement is?
tricity?
A. Save money A. policy
B. Turn off the lights when not in the room B. premium

C. Order cheaper food C. risk

2332. One disadvantage of a certificate of de- B. False

posit is that
2338. A key difference between saving and in-

A. it has a low interest rate. vesting is
B. it has a lot of risk.
C. it has a penalty for early withdrawal.
D. it pays a high dividend.
2333. This bank account allows you to with-

draw money, pay a bill, or make purchases
easily.
A. Checking Account A. Saving is for everyone, investing is for
B. Savings Account the wealthy
C. Market Money Account B. Your money is insured when investing,
D. Certificate of Deposit (CD) Account it is not in savings
C. Investing has a guaranteed return,
2334. Brianna and Jonathan give karate savings does not
lessons to kids in the neighborhood. They
are offering a D. Saving is for emergencies goals, in-
vesting is for long-term wealth
A. need
B. service 2339. A card used for payment that takes
money right out of your bank account.
C. good
A. credit card
D. barter
B. debit card
2335. On weekends, Josh pulls his lawn-
C. greeting card
mower behind his bike and mows people’s
lawns for a fee. Which of the following D. baseball card
BEST describes Josh?
2340. The process of documenting a loss
A. a natural resource against an insurance policy is called filing
B. a capital resource a(n)
C. an entrepreneur A. Claim
D. a competitor B. Premium
C. Policy
2336. Written work rules are for the protec-
tion of established workers but do little D. Minimum Liability Form
for newer workers.
2341. Jed said he has balanced his budget.
A. T What does Jed mean?
B. F A. His income is less than his expenses.
2337. To open a checking account, and individ- B. His donations to charity are included in
ual must complete a signature card and his expenditures.
make an initial deposit. C. His income is greater than his dona-
A. True tions to charity.

D. His income is equal to or more than his C. birthday card

expenditures. D. sympathy card
2342. government fees on business and indi- 2348. Dimitri’s counselor told him that post
vidual income, activities, products or prop- secondary education can be expensive but
erty can pay off in the long run, what does that
A. Gross pay mean?
B. Taxes A. The salary you will earn with a degree
NARAYAN CHANGDER
C. Net pay will pay back the cost of college over your
career.
D. Income Tax
B. You can get grants and scholarships
2343. If you have bad credit, would you pay to pay for post secondary education while
more or less interest on a loan? you are there.
A. more C. There are less expensive options for
B. less obtaining a post secondary education.
D. All of the above
2344. A tax in which the rate stays the same,
regardless of income is called a 2349. Interest on a loan or credit card can be
A. proportional tax described as
B. consumption tax A. The amount of money a business con-
tributes to an employee’s pension
C. regressive tax
B. The percentage of a loan that someone
D. progressive tax
has to pay back to the bank
2345. to take back possession of something C. The amount of money someone bor-
A. Steal rows
B. Theft D. A discount banks give people with
good credit scores
C. Repossess
D. Interest 2350. People paying for student loans are less
likely to:
2346. What is the demand?
A. Buy consumer goods
A. The willingness and ability of con-
B. Support a Democratic candidate
sumers to buy goods an services.
C. Accumulate debt
B. None of the above.
D. Receive food stamps
C. The willingness and ability of produc-
ers to buy goods an services. 2351. a person (such as a child) whose food,
D. The ability of consumers. clothing, etc., you are responsible for pro-
viding
2347. A card used for payment that borrows
money from the bank that must be paid A. expenditures
back, sometimes with interest B. creditors
A. debit card C. debit card
B. credit card D. dependents

2352. Credit is C. interest

A. money that is borrowed by a consumer D. lend

B. money that is borrowed by a producer 2357. following World War ll, the United
C. money that is borrowed to purchase States adopted the foreign policy of con-
things you can’t pay for up front tainment primarily to
D. money that is offered for free from fi- A. return to pre-war isolationism
nancial institutions B. limit the spread of communism
2353. Examples of Liabilities include which of C. force European nations to end colonial-
the following (read all options carefully!): ism
A. Loans, credit cards, and property D. support the work of the World Court
B. Loans, mortgage, and credit cards 2358. Donation is money given to:
C. Loans, Art collection, and savings ac- A. Charity
count
B. A Child
D. Mortgage, credit card, and property
C. A Parent
2354. The most common type of bank accounts D. A Store
A. CD’s and DDA’s
2359. Which of the following is a reason why
B. Mutual Funds most skilled workers are paid more than
C. Money market accounts unskilled workers?
D. Savings & Checking accounts A. skilled workers are in greater supply
B. skilled workers have more bills to pay
2355. A(n) is a change, or addition, to the con-
stitution. C. skilled workers have spent fewer
years in school
A. Preamble
D. skilled workers produce more than un-
B. Articles skilled workers
C. Amendments
2360. An object people want that they can
D. none of above touch or hold
2356. the amount of money a person can earn A. goods
by being self-employed or by doing a job B. services
for another person or business
C. savings
D. producers
2361. Kristi deposits, or invests, her paycheck

in a savings account. The bank can then
offer some of the money to a borrower in
the form of a loan. How can Kristi benefit
financially from this relationship?
A. salary A. Kristi can earn interest on her original
B. scarce deposit

B. Kristi can feel good that she supported 2366. Payments, withdrawals and Service
a borrower Charges are subtracted from your previous
balance to get your updated balance.
C. Kristi can choose to invest her money
in another bank that doesn’t make loans A. True
to borrowers B. False
D. Kristi can decide to take her money out 2367. Which of the following is a disadvan-
of the savings account before the loan is tage of email?
made to save money
NARAYAN CHANGDER
A. it is inexpensive
2362. A goal is best described as B. it results in lack of privacy
A. something basic for your survival C. messages can be sent to many people
B. something you desire to make your life at once
more comfortable D. it’s fast
C. a statement of something one wants 2368. allows you to buy something now
to achieve and paying for it (plus interest) later.
D. a belief or idea you consider important A. Invest
or desirable B. Save
2363. Why is figuring out the unit price of C. Income
something useful when shopping? D. Credit
A. It helps you check to see if the price is 2369. Which of the following is TRUE about a
correct. credit report?
B. It helps you locate items in the store.
C. It helps you determine the best deal.
D. It determines if a coupon is still us-
able.
2364. What kind of card deducts money di-

rectly from a consumer’s checking account
when it is used A. It is a complete history of one type of
credit you have
A. Debit Card
B. Credit reports are maintained by the 5
B. Credit Card main credit bureaus
C. You can get a copy of your credit report
2365. money that all people are required to
for free
pay to the government that is used to pro-
vide public support and services D. You can get a credit report only when
you’re 21 years old
A. welfare
2370. What is the difference between gross
B. support payments
and net pay?
C. taxes
A. Net pay describes your pay after de-
D. mad cash yo. ductions, gross pay is before.

B. Gross and net pay are the same. C. Store of Value

C. Gross pay describes your pay after de- D. Barter and Trade

ductions, net pay is before.
2375. The article says “after we spend money
D. I don’t know because I don’t have a to meet our needs, we can “
job.
A. buy things we want
2371. Celeste’s family has always struggled B. give things to other people
financially due to her parents’ leaving
high school before graduating and work- C. pay utilities and rent
ing lower-paying jobs to support the fam- D. hide it under our bed
ily. Her parents don’t want her to make
the same mistake and are encouraging her 2376. Arya has an unexpected expense of
to apply for scholarships and any type of $400 to fix his car. What category of his
student aid she might qualify for. Which monthly budget could he edit to cover his
application will determine which type of emergency cost?
need-based aid she will qualify for? A. Rent
A. Perkins Federal Loan Application B. Insurance
B. FAFSA (Free Application Federal Stu- C. Entertainment
dent Aid) D. Car Payment
C. Direct subsidizes Stafford Loan Appli-
cation 2377. A loan on property (ex. your home) is
called
D. Federal work-study Application
2372. the time of life when you no longer need

to work; retirement age is 65
A. resign
B. retire
C. quit
D. leave of absence A. auto loan
2373. A rating used by credit reporting com- B. mortgage

panies to help lenders decide whether C. property tax
and/or how much credit can be extended D. renter’s insurance
to a borrower.
A. Capital loss 2378. Which person is most likely to be of-
fered a loan, if the decision was solely
B. Federal income tax based on their credit scores?
C. credit limit
D. credit score
2374. What are the 3 roles of money?

A. Unit of Account
B. Medium of Exchange

A. M. Playing 2383. True or False:Many banks allow 11 year

B. B. Murphy olds and older to have a debit card with
their current account.
C. W. Myers
A. True
D. S. Thorne
B. False
2379. What is the range for credit scores? 2384. new product+low introductory
A. 300-850 price+successful advertising=?
NARAYAN CHANGDER
B. 200-900 A. shortage
C. 450-1200 B. surplus
C. rationing
D. There is not a range.
D. equilibrium
2380. Which of the following are TRUE about
gross income and net income? 2385. This is judged upon your character, ca-
pacity, and capital.
A. Your first loan
B. Credit worthiness
C. Character
D. Capacity
A. Gross income and net income are the 2386. This represents your personal and finan-
same cial goals at one point in time
B. Net income is sometimes called “take A. Financial Plan
home pay”
B. Budget
C. Gross income is the total amount
C. Opportunity Cost
earned before deductions
D. Value
D. Net income is the total amount earned
before deductions 2387. a savings plan for retirement
A. 401k
2381. Which of the following is most likely to
result in increased earning potential? B. 101b
A. higher level of training and skill devel- C. 501k
opment. D. 601k
B. length of time spend at the same com- 2388. Money personalities
pany
A. individuals expenses
C. taking more vacation day. B. goals to be achieved in less than 10
D. none of above years
C. goals set to be achieved in 10 years or
2382. True or False:People keep personal bud-
more
gets to set and reach financial goals.
D. categories in which people can be put
A. True based off of their spending and saving
B. False habits

2389. Large supply of goods+Low demand for 2394. Your taxable income is
product = A. The total amount you make before

A. Price Goes Up taxes are taken out
B. Price Goes Down B. the amount you owe after filing taxes
C. Price Stays the Same C. The amount on which you will pay in-
come tax
D. none of above
D. The amount of your tax refund
2390. The following has to be paid back
2395. A is a plan for saving and spending
money.
A. checking account
B. charge card
C. bank
D. budget
A. FAFSA 2396. what happens when a check is not

backed up by enough money in the bank;
B. subsidized and unsubsidized loans a “bounced check”
C. Scholarships A. Internal draft
D. Grants B. Overdraft
2391. Which is a service people produce? C. Mortgage
A. food D. Personal Finance
B. shoes 2397. What are three benefits of declaring per-
C. haircut sonal bankruptcy?
D. none of above A. risk of decline in value of investment,

risk of lost of purchasing power, risk of
2392. Interest charged is failure or default, risk of illiquidity
A. Interest you pay for borrowing money B. it’s a legal requirement, coverage of
unexpected expenses, some life insur-
B. Interest you earn for saving your ance plans build equity to borrow against,
money possible tax credit to cover insurance pre-
C. a refund you earn mium
D. the taxes you pay to the government C. can help with problems due to unex-
pected catastrophic expenses, can lower
2393. Which of the following best represents debt payments, can stop collection effort
an example of a speculative risk?
A. texting while driving ture credit options, could loan personal
B. buying stock in a company property
C. a tornado touching down 2398. Which is the best definition of a want
D. disability of a family memeber A. something that is for survival

B. something that is rare 2404. This action includes deposits or addi-

C. something that someone likes tions to your accounts.
A. Credit
D. something that no one likes
B. Debit
2399. THE CARD THAT WHEN USED MONEY C. Loan
IS TAKEN FOM YOUR ACCOUNTY IMME-
D. Withdrawal
DIATELY
2405. Differentiating facts from opinion is
NARAYAN CHANGDER
A. CREDIT CARD
listening
B. DEBIT CARD
A. sympathetic
C. EBT CARD
B. critical
D. GIFT CARD C. creative
2400. What would a lender look for when con- D. hearing
sidering an individual’s application for a
2406. Your net worth
home mortgage loan?
A. Cash-flow liabilities
B. Net worth
C. Total assets
D. Debt-to-income ratio less than 50%
2401. What kinds of jobs listed on the re-

sume? (more than 1 answer) A. is what you owe minus what you own
A. paid or unpaid B. is your assets-your liabilities
B. nothing C. is your liabilities-your assets
D. is what you own minus what you owe
C. volunteer work
D. stealing and robbing 2407. To build a good credit history, you
should
2402. is the amount of money taken out
of each paycheck for insurance coverage.
A. Medicare
B. co-payment
C. premium
D. deductible
A. open as much credit as possible
2403. Expenses/expenditures are quickly
A. money saved B. use the maximum credit allowed on all

your credit cards
B. money earned
C. pay on time and as much of your bal-
C. money spent ance as possible
D. none of above D. all of these

2408. Which is the primary role of the FDIC? 2413. Your older brother visits the bank to
A. regulate savings and loans take out a loan to buy a new camper.

B. advise the Secretary of Treasury
C. Insure citizens deposits made at com-
mercial banks
D. provide financial support for home
mortgage borrowers
2409. A business that offers and sells financial

services to people. A. Debit
A. Depositary Institution B. Credit
B. Commercial Bank
2414. Opportunity Cost is best defined as
C. Deposit
A. The best rejected alternative you give
D. Withdraw up when making a decision
2410. Mark and Susan, a recently married B. The price you pay to purchase some-
couple with full-time jobs, set a goal of thing
putting $200 in savings every month to
make a down payment on a home in five C. The benefit you gain by making a deci-
years. What type of goal have they set? sion
A. Short-term D. The amount of debt you take on by mak-

ing a decision
B. Intermediate
C. Long-term 2415. The protection against double jeapardy
and the right to a speedy trail and are ev-
D. Unrealistic
idence that the United STate Constitution
2411. When choosing a financial institution, supports the principle of
you should consider: A. Eminent domain
A. *Access to locations, ATMs, and ser-
B. due process of law
vices to meet your financial needs
C. representative democracy
B. *Fees charged for overdrafts and
other penalties D. reserved powers
C. *The likelihood of the bank failing
2416. Using credit is most like which of the
D. none of above following?
2412. When a government it spending more A. keeping cash hidden in your closet
money than it is making, it is operating in
B. spending money from your piggy bank
a
C. using “birthday money” to make a pur-
A. deficit
chase
B. surplus
D. borrowing money from a stranger with
C. IOU a promise to pay back more than you bor-
D. interest rowed

2417. PYF stands for: A. Budget

A. Pay Your Food B. Wish list
B. Prepare Your Finances C. Checking account
C. Pay Yourself First D. none of above
D. Pigs Yoddle Fast
2422. You should save money for three basic
2418. To repay money you owe in full reasons:emergency fund, purchases, and
NARAYAN CHANGDER
wealth buidling.
A. donation
B. investment A. True
C. savings B. False
D. pay off 2423. Letter of application purpose?

2419. Overdraft protection A. Persuade employer to hire someone
else
B. Sell your soul
C. Sell yourself to an employer
D. none of above
2424. A full-time job is hours per week.

A. 35
A. is a service offered only for premium B. 37
checking accounts.
C. 40
B. brings in a few hundred dollars each
year to banks. D. 42
C. is a fee-free service that prevents you 2425. What is borrowing money and promis-
from overdrawing. ing to pay it back later with interest
D. can keep you from overdrawing but added?
charges a fee. A. Spending
2420. Who provides most of the money B. Investing
for the jobs in the list?-Police officers- C. Credit
Firefighters-Soldiers-Mail carriers-Trash
collectors D. Debit
A. donors 2426. A debit card

B. taxpayers A. is the same as a credit card.
C. nonprofit charities B. charges interest on all transactions.
D. private businesses C. is the same as a check, only in a plastic
2421. ONE WAY TO MAKE SURE YOU HAVE form.
ENOUGH MONEY TO COVER YOUR NEEDS D. is similar to a check, but delays pay-
AND WANTS IS TO CREATE A ments like a credit card.

2427. The cost of borrowing money. D. offer incentives to businesses for in-
A. investing vesting

B. interest 2432. A Hard Credit Inquiry is
C. credit A. Occurs where you check your own
D. none of above credit or a lender checks your credit to
pre-approve you
2428. Body of the letter of application pur-
B. Occurs when a lender checks your
pose?
credit in order to make a lending decision
A. torso area of letter
C. Occurs when a lender pulls your credit
B. where you tell the employer you would using a hammer
like to hear back from them soon
D. none of above
C. The message section of the letter
D. none of above 2433. What are things that are nice to have,
but aren’t necessary to survive
2429. Where can you use general purpose A. credit
credit cards?
B. needs
A. At specific stores
C. wants
B. Online only
D. income
C. Anywhere that accepts credit cards
D. Anywhere 2434. How do credit card companies make
money?
2430. Net worth
A. Items of monetary value a person or
household owns
B. A measure of financial wealth and in-
sions that a person or household owns, mi-
nus the total amounts owed to others.
A. By charging late fees and interest to
C. A debt or obligation owed to others
their customers.
D. Financial assets purchased with the
B. By making you pay an extra dollar on
hope that they will generate income and
every purchase.
appreciate in value to make it possible to
sell at a higher price in the future. C. By charging late fees and interest to
stores and other businesses.
2431. One of the primary functions of financial
D. By earning interest on the money they
institutions in an economy is to
have saved up.
A. prepare taxes for individuals and busi-
nesses 2435. The purpose of a Form W-4 is to
B. create investment portfolios for ven- A. allow the employee to participate in a
ture capitalists tax-deferred savings plan
C. provide access to capital for people B. document a refund or figure a balance
and businesses due to the IRS each year

C. allow the employer to withhold federal A. commercial bank

income taxes from an employee’s wages B. savings cooperative
D. itemize how much money was earned C. Finance Company Limited
by an employee and how much was with-
D. Mutual Fund Management Company
held and sent to the IRS
2439. You have a 7-year term loan of 1.5 mil-
2436. k) lion Baht with interest rate of 7.2%. Af-
A. a retirement account to which em- ter 4 years (36 months), the interest rate
NARAYAN CHANGDER
ployee and employer contribute, on which goes down to 6.6%. If there is 3% pre-
taxes are deferred until withdrawal, and payment penalty, your adjusted monthly
for which the employee usually selects the payment after refinancing is:
types of investments A. 23, 198
B. annual or annualized percentage rate, B. 22, 522
typically of interest on loans or credit.
C. 23, 470
C. the real rate of return earned on an in-
D. 22, 786
compounding interest. 2440. what is a loan?
D. a legal agreement by which a bank or A. a thing that is borrowed, especially a
other creditor lends money at interest in sum of money that is expe cted to be paid
exchange for taking title of the debtor’s back with interest.
property, with the condition that the con- B. an act of lending something to some-
veyance of title becomes void upon the one.
payment of the debt
2441. is the money you make on a regular
2437. Which one of these potential job seek- basis by working.
ers would be the best fit for a job of- A. Income
fering:Internship, hourly position, 30 hrs
per week including weekends/evenings, B. Debt
$20 per hour, no medical benefits, access C. Withdraw
to company gym, employee discounts for D. none of above
clothing, must commit to 2 year contract,
opportunity for full time position after 2 2442. is something owed to another
years. an obligation to pay
A. 35 year old parent of 4 with a spouse A. income
that says home and cares for the kids. B. debt
B. 22 year old recent college grad, who C. goal
lives in a small, inexpensive apartment. D. money
C. 40 year old with spouse that works
2443. What is the difference between a bull
part time. Couple has 2 kids, one who has
and bear market
severe asthma.
A. bull is summer trading and bear is a
D. 30 year old with lots of debt.
winter market
2438. Which is not a financial institution that B. bull is high value trading, bear is low
provides credit services? value trading

C. bull market is domestic stocks, bear is 2449. Charging items on a credit card is an ex-
foreign stocks ample of using

D. bull deals in west coast markets, bear A. interest
deals in east coast markets
B. credit
2444. Short-term loan that provides immedi-
C. stock options
ate cash by securing a borrower’s written
check or receiving authorization for auto- D. principle
matic withdrawal from the borrower’s de-
pository institution account 2450. Investments with high rates of return
A. Title loan are generally accompanied with (a)
B. Pawn loan A. a high levels of risk
C. Payday loan B. lower levels of risk
D. none of above C. no risk
2445. Which of the following is a possible tax D. very little risk
or deduction that they may show up on
your paycheck? 2451. What are Stock Options?
A. Federal income tax A. This is a wad of money.
B. Contributions to retirement savings B. This gives an investor the right, but not
C. FICA the obligation, to buy or sell a stock at an
D. Obama Care agreed upon price and date.
2446. Which type of financial institutions are C. This electronic money.

generally member-owned, non-profit? D. This is play money.
A. Banks
2452. A federal program that provides
B. Credit Unions
monthly benefits to millions of Americans,
C. Payday Loan companies including retirees, military families, sur-
D. Title pawn viving families of deceased workers, and
disabled individuals
2447. Which will hurt your credit score
A. Tax
A. paying phone bill late
B. taking the bus to work B. Income Tax
C. paying bills online C. Payroll Tax

D. walking your dog D. Social Security
2448. Money put into an account intended for 2453. donating money for worthy causes
growth.
A. charitable giving
A. assets
B. liabilities B. overdraft
C. simple interest C. personal finance

D. investments D. investing

2454. Your sister just gave you her old tablet. C. To pay for a vacation for you and your
You spent $12 to buy a new case for the family to go on during the summer.
tablet. Is this an example of an income or D. To pay for trade school or college edu-
expense? cation
A. income
2460. Bad weather destroyed most of the
B. expense peaches on the peach trees in an orchard.
This will have an effect on the price of the
2455. You don’t need to pay taxes if
remaining peaches. Which statement best
NARAYAN CHANGDER
A. You are dependent and under 12, 950 describes the effect on the price?
B. You are independent and make under
14, 000
C. You are depends
D. You are independent
2456. Darwin knows his gross pay for this pay

period is $1440. How much will he con-
tribute to Medicare (1.45%)?
A. $89.28 A. The price will likely increase, because
there are more peaches available to buy.
B. $2088
B. The price will likely decrease, because
C. $208.80 there are more peaches available to buy.
D. $20.88 C. The price will likely increase, because
2457. A deduction is there are fewer peaches available to buy.
A. gross income D. The price will likely decrease, because

there are fewer peaches available to buy.
B. money added to your income
2461. an agreement with a company in which
C. net income
a person pays the company a regular sum
D. money taken out of your income of money and the company agrees to cover
the cost if a certain event occurs, such as
2458. A negative aspect of a payday loan com-
illness or damage to property
pany is
A. insurance
A. They have higher interest rates
B. budget
B. Money is readily avaliable
C. credit
C. Provides loans
D. trade-off
D. Can solve a temporary problem
2459. If you were going to use credit, which
of the following situations is the best to A. A type of loan where a person buys
use credit for? something now and pays for it later
A. To buy a new gaming systems B. A type of bank account
B. To pay for dinner at your favorite C. A type of currency

restaurant. D. A type of investment

2463. What makes up the Three C’s? B. Budget

A. Connectivity, Collaborative, Comfort C. Spending

B. Character, Collateral, Capacity D. Income
C. Company, Customer, Competition 2468. When you do not pay your credit card
D. Credit, Cash, Card bill on time, what happens?
A. Nothing
2464. What are some examples of essential
expenses? B. Your interest rate goes down
A. Charitable donations C. You get charged a late fee
B. Eating out and other entertainment D. You go to jail
C. Movies, plays, and concerts 2469. All the money decisions a person or
D. Mortgage/rent, utilities, and food family makes including earning, budgeting,
saving, spending, and planning for the fu-
2465. How do banks make profits? ture.
A. budget
B. expenses
C. personal finance
D. scarcity
2470. Who provides the service of keeping

people safe?
A. by charging people interest to borrow A. artist

money and by charging fees B. Police Officer
B. by charging people interest to keep C. mailman
their money there D. none of above
C. by charging a fee every time a country
writes a check or uses a debit card 2471. Which deceptive advertisement does
Kohl’s use when it puts items that should
D. none of the choices are correct, banks be priced at $35 on sale for $35 dollars
are non profit institutions and say that they originally cost $45?
2466. the amount you pay for using someone A. Bait and switch
else’s money B. Misleading endorsements
A. interest rate C. Deceptive sale pricing
B. premium D. Buy one get one free
C. mortgage
2472. Acme Auto Sales has car sales lots in
D. credit card two locations. One sales lot is located in
Burnet, TX. The other sales lot is located in
2467. Giving your time and services to an em- Hutto, TX. The manager compared the to-
ployer in an exchange for money is what? tal sales for each of the two locations.The
A. Money Management manager noticed that the Burnet sales lot

had greater annual sales than the Hutto A. the chance of getting a greater return
sales location. Which statement explain- decreases
ing why the Burnet sales lot had greater B. people put more money in that invest-
sales than the Hutto sales lot is most likely ment
NOT true?
C. there is less incentive to put money in
the investment
D. the chance of getting a greater return
NARAYAN CHANGDER
increases
A. The Burnet sales lot had greater an-
nual sales because its staff had a greater 2476. The degree of uncertainty and/or poten-
average years of experience then the staff tial financial loss is called
in Hutto. A. Return on Investment
B. The Burnet sales lot had greater an- B. Reward
nual sales because its staff had received
C. Dividends
more customer complaints than the staff
in Hutto. D. Risk
C. The Burnet sales lot had greater an- 2477. To build a good credit history, you
nual sales because its staff had received should
more training about the cars they sell than
the staff in Hutto. A. pay the minimum or more on your ac-
count each month
D. The Burnet sales lot had greater an-
B. pay on time or early
nual sales because its staff had received
more training about good sales tech- C. be careful not to take on too much debt
niques than the staff in Hutto. D. all of these
2473. A is a promise of a manufacturer or 2478. A low credit score will result in which of
seller to repair or replace a faulty product. the following?
A. mutual fund A. a higher interest rate
B. warranty B. a lower interest rate
C. testimonial C. lots of borrowed money
D. fair complaint D. few friends
2474. A savings account is 2479. Opening up a lot of credit cards from
A. An account where money is stored and stores (Pink, Target, Macy’s, Best Buy,
returns a low interest rate. etc) is a smart choice and raises your credit
score.
B. The same thing as a checking account.
A. True
C. An account that allows you to borrow
money at a rate of interest. B. False
D. none of above 2480. Fence Painting
2475. Typically, as risk of losing money on an A. goods

investment increases, B. services

2481. A mutual fund allows investments to be 2485. Single stocks are risk.
A. Low

B. High
A. preprinted name and address of a

A. Secured payee
B. Guaranteed B. account/routing number
C. Diversified C. memo-why the check was written
D. Minimal D. signature line-of account holder
2482. what people base their economic deci- 2487. True/False:The 50/30/20 rule applies
sions on to Pre-Tax Income
A. needs and wants A. True
B. scarcity B. False
C. opportunity cost 2488. Is it better to pay your monthly credit
D. none of above card statement in full or pay the minimum
balance? Why?
2483. What is the main purpose of insurance?
A. pay it in full
A. To eliminate having to pay for anything
B. you can avoid paying a fee on the re-
in the event of an accident.
maining balance
B. To provide protection against specific C. pay the minimum balance
types of financial losses.
D. paying the minimum balance takes
C. To guarantee 100% reimbursement in care of eeverything
the event of a loss.
D. To allow people to do whatever they 2489. What is a Banks goal?
want without being held accountable. A. To help you
2484. A Financial Plan is a: B. profit
A. List of financial desires C. to help your neighbor
B. Semi-annual report of monthly pur- D. to give away money to those who need
chases it
C. Wish List for holiday shopping 2490. When you write a check, you record the
D. Formalized report that summarizes transaction in the:
current financial information A. check book

B. checks B. Only spend money on a $30, 000 home.

C. check register C. Spend at least 10% of your income on
D. check page a down payment.
D. Make 30 payments of $30 at a 10% in-
2491. Below is a list of Jackie’s financial activ- terest rate.
ities for a week.What activities would be
considered income for Jackie? Check all of 2495. What is income?
the ones that are considered income. A. A way to manage your money.
NARAYAN CHANGDER
A. She contributes $5 to a class party. B. Trading money for goods and services.
B. She spends $20 on movie tickets and C. Buying something now and paying
snacks later with interest added to the amount.
C. She spends $10 on a new t-shirt. D. Money you earn from working or from
D. She earns $25 for helping a neighbor investments.
do some gardening.
2496. Which term refers to the actual amount
E. Her parents give her an allowance of of money you earn or receive during a
$25 for the week. given period of time?
2492. What does “bankruptcy” mean? A. income
B. deductions
C. gross pay
D. expenses
2497. Which soft skill is when workers effi-

ciently organize their work hours to accom-
plish all objectives with minimal stress?
A. closing your store in order to retire A. Work Ethic
B. owing your friend money B. Punctuality
C. legal process related to not being able C. Time Management
to repay debts D. Teamwork
D. legal process related to not repaying
your car loan 2498. What is income?
A. Money a person makes at a job.
2493. True or False:Negative information
stays on your credit report for 7-10 years. B. Money a person saves at a bank.
A. True C. Money a person spends on goods.
B. False D. none of above
2494. What is one key aspect of the 2499. A plan of your expected income and how
30/30/10 rule that financial experts say you will use it to meet your expected ex-
to use when buying a home? penses over a period of time
A. You should have 30% of your home’s A. income

value saved up before you buy. B. budget

C. plan D. Any activity with money such as a de-

D. statement posit, a withdrawal, or a transfer.

2504. Which of the following people would
2500. What is a Tax Credit?
benefit MOST from a personal budget?
A. This is money you get for owning a A. Chandler, who is saving for a huge pur-
large company. chase
B. This is something you get for making B. Ross, who spends less money than he
less wages than most people. earns
C. A dollar-for-dollar reduction of your in- C. Monica, who wisely tracks down what
come. she spends
D. This is a credit for having more than 5 D. Rachel, who doesn’t have enough cash
kids. to pay her bills
2501. why is education so important to em- 2505. People who are unbanked are most
ployment likely to
A. employers want workers with values
B. employers want workers with knowl-
edge and skills
C. employers want to pay workers more
D. none of above
2502. A monthly fee that some banks charge A. Use a mobile banking app
to provide access to checking or savings B. Receive a monthly statement of their
accounts transactions
A. maintenance fee C. Deposit their checks at the ATM
B. overdraft fee D. Incur lots of fees at Check Cashers to
C. insurance premiums access their money
D. baseline accounts 2506. Act of purchasing assets (stocks, bonds,
property) with expectation that they will
2503. What does insufficient funds mean? increase in value over time.
A. This is a fee charged by the financial A. Withdrawing
institution for making a purchase against
B. Depositing
your checking account in which there is
not enough money in the account to cover C. Time Value of Money
the payment. D. Investing
B. This term describes the circumstance 2507. Households determine the of a busi-
of not having enough money in a checking ness.
account to make a payment or to withdraw
A. demand
money
B. production
C. An Automatic Teller Machine (ATM) fee
financial institutions charge for withdraw- C. sales
ing money. D. taxes

2508. Your grandmother buys a savings bond B. applying for a job

for 30.00 Dollars that will be worth 50.00 C. flexible expenses
Dollars in 3 years. What is the face value
of the savings bond? D. ATM
A. 50.00 Dollars 2514. Which of the following actions would im-
B. 0 Dollars prove a credit score?
C. 30.00 Dollars A. Paying off all debts
NARAYAN CHANGDER
D. 60.00 Dollars B. Consolidating credit card balances
C. Checking credit reports on a regular
2509. Is it important to understand your per- basis
sonal finances to advance your financial
goals? D. Keeping credit card balances as high
as possible
A. Yes
B. No 2515. A jacket, 3 meals a day, clean water are
all
2510. What is the purpose of a credit score? A. needs
A. Shows your ability to borrow and pay B. Wants
back money
B. gives you credit card options 2516. Which saves you more money on inter-
est in the long run?
C. prevents you from losing your home
A. 15-year mortgage
D. determines bankrupt status
B. 30-year mortgage
2511. Company that pools money from in-
vestors and invests the money in stocks, 2517. Walmart
bonds, and short term debt. Creates a A. goods
portfolio. B. service
A. interest
2518. the voluntary giving of help, typically in
B. standard savings account the form of money, to those in need.
C. Mutual Funds A. aid
D. budget B. credit
2512. When a check is cashed, the bank pays C. alliances
the amount written: D. charity
A. in the box
2519. When money has been deducted from
B. on the legal line your account, what kind of transaction has
C. in the memo line occurred?
D. none of above A. Transfer
2513. Machines used to withdraw cash from B. Deposit

your checking or saving account. C. Withdrawal
A. checking account D. Theft

2520. Want or Need? A. Budgets help people manage their lim-

ited income.

B. Budgets provide employers with an in-
dividual’s worth.
C. Budgets help the government calcu-
late how much citizens owe in taxes.
D. Budgets encourage employers to pay
their employees more.
2524. Which financial institution provides a

small loan in return for a portion of an up-
coming paycheck?
A.
A. Bank
B. Credit Union
C. Payday Loan
D. Title Pawn
2525. Once you retire, you should plan to with-

draw only of your nest egg each year.
A. 1%
B. 20%
B. C. 4%
D. 7%
2526. A person who cannot pay their debts.

A. debt
B. bankrupt
2521. to give money to someone else in ex-
change for something C. credit
A. interest D. none of above
B. lend 2527. Why do people save money?

C. spend A. to buy something that cost more
D. borrow B. to spend later
C. for emergencies
2522. Which is not a hard skill?
D. all of the above
A. Bilingual or multilingual
2528. The Rule of 72 determines
B. Database management
A. how many years you will live after re-
C. User interface design
tirment
D. Ability to type
B. how many years you have to work
2523. Why should people have a budget? C. how long it will take your $ to double

D. how long your $ will last after you re- A. atm fee
tire B. service fee
2529. Which type of communication takes C. overdraft fee
place among employees?
D. none of these
A. horizontal
B. upward 2533. Gross income includes all of the follow-
ing EXCEPT:
C. downward
NARAYAN CHANGDER
A. salary or wages
D. formal meetings
B. interest or dividends received
2530. If we’re trying to fund an expense C. employer’s current contribution to
that’s 15 years away (MORE than 3-5 401(k)
years), should we save or invest?
D. capital gains realized.
2534. Risk with a possibility of loss but no

possibility of gain.
A. Pure Risk
B. Speculative Risk
C. Risk Management
A. INVEST D. Risk
B. SAVE 2535. To use money, time, or items toward
2531. If expenses were to exceed income on a future benefits or making more money is
spending plan, what would be a financially called
smart solution? A. saving
A. Earn less income B. investing
B. Decrease expenses C. borrowing
C. Increase purchases D. paying off
D. Use a credit card more often
2536. Which statement is incorrect regarding
2532. April had $672.13 in her checking ac- the explanation of the income and expense
count, and a check that she wrote to her statement?
landlord for $650.00 was just withdrawn A. One’s income should come from work
from her account.This will result in which and assets.
of the following fees?
B. Savings and investment expenses
should not be less than 10 percent of total
income.
C. Fixed expenses should be more than
40 percent of total income.
D. The first cost that can be reduced is
Variable expenses

2537. What is the 50/30/20 rule used for in 2542. Which of the following is an example of
personal finance? a medium term saving goal?

A. Budgeting A. Retirement
B. Retirement Planning B. A bowling ball
C. Credit card management
C. A trip to Moldova over the summer
D. Tax planning
D. buying the latest version of Minecraft
2538. professional that makes stock trades
for their investor 2543. Pine Grove Middle School is the best
school.
A. True
B. False
2544. Which is an advantage of a good credit

score?
A. dividend A. You are a high risk.
B. asset
B. Banks will loan you money at a lower
C. stockbroker interest rate.
D. stockholder C. Banks won’t loan you money.
2539. What is the difference between a debit D. You will end up farther in debt.
card and a credit card?
A. Credit Cards withdraw from a checking 2545. Bob has a pension which means
account
A. The government will match what Bob
B. Debit Cards withdraw from a line of saves for his retirement
credit
B. Bob’s employer will match the amount
C. Debit Cards withdraw from a checking of money Bob takes from his check for re-
account tirement
D. Credit Cards withdraw from a line of
C. The government will tax the money at
credit
a higher rate
2540. At your age, a fully funded emergency
D. Bob will receive a check directly from
fund should be:
his old employer for the rest of his life
A. $1, 000
B. $5, 000 2546. When getting a loan for a car, the
is an additional fee you will have to pay
C. $100
back.
D. $500
A. Fixed Expense
2541. When you use debit, money is borrowed
and repaid at a later date. B. Discretionary Expense
A. True C. Inflation
B. False D. Interest

2547. When assets or stocks are sold for 2551. Your address, phone number and email
a price lower than the original purchase address are
price.
A. skills
B. contact information
C. education
D. none of above
NARAYAN CHANGDER
2552. Taxes paid by employees to federal and
state government through a direct deduc-
tion from their paycheck
A. loss
A. Sales Tax
B. profit
B. Income Tax
C. volume
C. paycheck
D. risk
D. salary
2548. How are grants and scholarships differ-
ent? 2553. Which one of the following terms is
money that is paid regularly at a partic-
A. Financial assistance to help pay for col- ular rate for the use of borrowed money?
lege expenses SSEPFb
B. Scholarships are merit based grants A. Deposit
are need based
B. Withdrawal
C. Federal government loans
C. Interest
D. you don’t have to carry around cash
D. Net Worth
2549. A written budget, if followed, removes
2554. Which of the following is NOT an advan-
from your finances.
tage of using cash to pay for something in
A. Overspending a store?
B. Guilt A. Your bank gives you a record of money
spent.
C. Management by crisis
B. It’s quick if other people are waiting.
D. All of the above
C. You cannot spend more than you have.
2550. Net income is: D. You will not have to pay interest.
A. the total amount of money you earn
2555. Global trade happens between countries
B. the amount of money you receive af- in the form of
ter deductions are subtracted from your
gross income A. supplies and demands
C. the amount of money that is taken B. gains and losses

away in the form of taxes C. imports and exports
D. the hourly rate of pay D. borrowing and leasing

2556. What is a financial reserve? D. Interest calculated on both the princi-

A. An amount of money that’s been set pal and accumulated interest

aside for emergencies 2561. Which of the following is the MOST fi-
B. An amount of money that’s been set nancially responsible decision?
aside for short-term goals A. Kate sold her old bike helmet for P500
C. A way of organizing finances to set and to a friend. She gave the P500 to her fa-
meet goals vorite charity.
D. none of above B. Sue was paid P1, 250 for helping her
neighbor in the yard. She spent P1, 000
2557. Which of the following statements
on a t-shirt and P250 on ice cream at the
about our interactions with money is NOT
mall.
considered to be true?
C. Jerry earns P5, 000 lifeguarding. He
A. Your present self impacts your future
spent P250 on lunch and put the other P4,
self.
750 in the bank.
B. You are better off in a community than
D. Jared gets P2, 500 for his birthday
by yourself.
from his grandma. He spends P3, 750 on
C. Investment increases risk and re- XBox games.
duces your ability to cope with risk and un-
certainty. 2562. What is the main benefit of using a bud-
get?
D. none of above
A. It will help you compare your finances
2558. Having a budget, investing in the future, to your friends and families
and staying out of debt are ways citizens
B. It will help you make responsible deci-
sions with your money
A. manage their money wisely
C. Credit card companies require people
B. influence government spending send a budget to get credit
C. go bankrupt D. A budget will allow to move money be-
D. provide municipal revenue tween different banks
2559. Installment debt owed on houses, build- 2563. Mr. Anont wants to get life insurance
ings, or land that allows him to save money for use in
A. Mortgage the next 20 years and also wants protec-
tion. What type of insurance should Mr.
B. Principal
Anon take?
C. Annual percentage rate (APR)
A. Savings
D. Finance company
B. For life
2560. What does the term “compound inter- C. period of time
est” refer to?
D. pension
A. Interest earned only on the principal
B. Interest paid upfront 2564. The lower the interest rate, the better.
C. Simple interest without any compound- A. True

ing B. False

2565. An expense that changes from month to B. 0

month is called:
C. 1
A. income
D. 60
B. fixed expense
C. variable expense 2570. True or False:Defaulting on a loan is
when you cannot pay back a loan.
D. budget
A. True
NARAYAN CHANGDER
2566. A loan is a medium of exchange to buy
goods. B. False
A. True 2571. Which of the following is NOT a sugges-
B. False tion for shopping smart?
2567. What happens when you don’t have A. shop at consignment and outlet stores
enough money to pay for the things you B. shop sales
charged?
C. shop because you are bored
D. shop at discount stores
2572. paying for something with money that

is borrowed and must be paid back, usu-
ally with interest
A. You end up owing less than the original

amount of money you charged.
B. You end up owing more than the origi-
nal amount of money you charged.
C. You end up owing the same amount of
money you charged, it just takes a while
to pay off. A. credit
D. none of above B. income
2568. When you diversify your risk by buying C. resources
small pieces of many companies at a time
D. salary
A. mutual funds
B. corporate bonds 2573. What should be the primary focus of
personal finance management?
C. US Savings Bonds
D. CDs A. Accumulating credit card debt
B. Speculating on stock prices
2569. What would you put into a TVM cal-
culator for P/Y if 4000 is compounded C. Minimizing taxes
monthly for 5 years at 2% interest? D. Achieving financial goals and financial
A. 4000 security

2574. If you switched to an insurance policy E. None of the Above

with a higher deductible, you could proba-
bly expect 2579. Which of the following is NOT a possi-

ble tax or deduction that could show up on
A. a higher premium your paycheck?
B. a lower premium A. State income tax
C. a higher coverage limit B. Contributions to retirement savings
D. no coverage limit C. FICA
2575. FICA taxes include 2 components, which D. Sales tax
are
2580. When you have a new hair cut, you get
A. accident and disability insurance.
a
B. unemployment compensation and dis-
A. goods
ability insurance.
B. service
C. Social Security and Medicare taxes.
C. producer
D. old age and unemployment compensa-
tion. D. consumer
2576. Things you should check for good main- 2581. Which of the following is true about
tenance on a vehicle banks and credit unions?
A. Tire pressure, wiper fluid, engine oil, A. They are the safest place to save
brake fluid, transmission fluid money.
B. Tires, wiper fluid, engine, brake fluid, B. Money can be withdrawn from banks
transmission fluid online.
C. Tire pressure, wipers, engine oil, C. Banks are a business and loan money
brakes, transmission fluid to others to make money.
D. Tires, wipers, engine, brakes, trans- D. All of the above.
missions
2582. Which is good advice for saving and
2577. Which of the following makes up the spending money?
biggest proportion of your credit score? A. Spend all of your allowance as soon as
A. Diversity of your credit you earn it.
B. Payment History B. Use a budget to plan how much money
C. Number of Credit Checks you can save.
D. Age of your credit C. Try to buy things that you want before
the things that you need.
E. Credit card balance (utilization)
D. Buy things you use only once, and then
2578. An example of “Good Debt” is? throw them out.
A. Home Mortgage 2583. Which of the following is an unexpected
B. Student Loan expense?
C. Car Loan A. Water Bill
D. Credit Card debt B. Groceries each month

C. Car Repairs C. You lose your money on the play-

D. none of above ground.
D. You give away money to help animals.
2584. What is one advantage of having a
credit card? 2587. Institution that accepts savings at inter-
est and lends money to savers chiefly for
home mortgages, but may also have check-
ing and other accounts. SSEPF2a
NARAYAN CHANGDER
A. commercial bank
B. savings and loan
C. credit union
A. It prevents you from spending more D. none of above
than you earn. 2588. How does a corporation benefit from
B. It allows you to make purchases with- selling stocks?
out carrying lots of cash. A. Gives them limited liability
C. It encourages you to budget your B. Gives them unlimited liability
money wisely.
C. Can raise larger amounts of capital
D. It helps you pay off debts that you may D. more money
have.
2589. This kind of tax increases as one’s in-
2585. What is Comparison Shopping? come increases.
A. Money left over after all taxes have A. Regressive
been paid B. Progressive
B. Buying things without planning on buy- C. Proportional
ing them
D. none of above
C. A record of all the money you earn and
spend; where your money goes 2590. If you do not budget for unexpected ex-
penses in a given month, you will likely
D. Comparing the prices and quality of experience a(n)
goods and services in order to get the best
deal A. cash shortage
B. cash surplus
2586. What does it mean when you save
C. increase in assets
money?
D. decrease in liabilities
2591. Which soft skill refers to how well team
members work with each other, support
each other, and perform their assigned
tasks.
A. Work Ethic
B. Punctuality
A. You buy a new outfit today at the mall. C. Time Management
B. You put money away for later. D. Teamwork

2592. The dependence upon other countries re- C. 157.80

sulting in the trade for goods and services. D. 320.55

A. socialism
2597. Groceries for the week
B. rationing
A. fixed expense
C. interdependence
D. economics B. expected expense
C. unexpected expense
2593. What causes demand pull inflation?
D. variable expense
A. rise in price due to a decrease in sup-
ply 2598. what is the MAIN purpose of investing?
B. a rise in price level due to an increase A. the build credit
in consumption
B. to make money
C. a rise in price due to an increase in the
cost of production C. to purchase an item
D. a decrease in price due to a decrease D. to create an emeregency fund
in supply
2599. Which United States government action
2594. Amount charged if your payment is re- was most similar to the goal shown in
ceived after the billing date these World War ll posters?
A. late payment fee A. institution of the draft by the Selective
B. overdue fee Service Act (1940)
C. withdrawal fee B. aid to Russia under the Lend-Lease Act

(1941)
D. loser fee
C. rationing by the Office of Price Admin-
2595. A savings account is considered a risk- istration (1941)
free investment,
D. development of the Manhattan Project
A. True (1942)
B. False
2600. Megan is purchasing a five year CD that
2596. What is the balance on 6/25? will pay a simple interest rate of 3.75%
for $7500. How much will the CD be
worth after five years?
A. $1406.25
B. $140, 625.00
C. $21562.50
D. $8906.25
2601. Creative listening is used to differenti-

ate facts from useless opinions
A. 1177.80 A. T
B. 1000.00 B. F

2602. The government provide schools, roads, B. When you turn 30

national security and public assistance and C. When you get a full-time job
as a part of
D. When you want to
A. public services
B. tax relief 2608. What is a need?
C. benefits A. any resource unnecessary to survive
D. public needs B. any resource necessary to survive
NARAYAN CHANGDER
C. a plan for balancing income and ex-
2603. A proceeding in which a creditor may
penses
legally take possession of money or goods
held by a third party in payment of a bor- D. none of above
rower’s debt is called?
2609. a required contribution to the state and
A. Repossession federal government
B. Delinquency A. tax
C. Garnishment B. donate
D. Foreclosure C. spend
2604. Maximum that can be paid by a insur- D. loan
ance company in a no-fault policy.
2610. HOW BANKS MAKE THEIR MONEY
A. Threshold
A. CHARGING FEES FOR SERVICES
B. Max Endorsement
B. CHARGING COMMISSIONS ON IN-
C. Limited Funds
VESTMENTS
D. Capacity Payout
C. CHARGING INTEREST ON LOANS
2605. a plan for how you will spend your D. ALL OF THESE
money each month
2611. Emerson has accepted a job as a
A. mortgage
plumber. His starting hourly wage is
B. budget $23.00 an hour. His boss asks him to
C. lease work some overtime where he will get
paid time and a half. If in the two week
D. co-sign
pay period he works 40 hours both weeks
2606. Which type of savings tool typically and 10 hours overtime, what would his
earns the HIGHEST Interest? gross pay wages total up to?
A. Savings A. $1265
B. Checking B. $1840
C. Certificate of Deposit C. $2185
D. Money Market Account D. $2070
2607. When do you start paying into Social Se- 2612. What term means to borrow money to
curity? pay for expenses now?
A. When you retire A. interest

B. debt 2617. Compute the sales commission:Amount

C. loan $750.00 Rate 3%

D. investment A. $25.00
B. $22.50
2613. Which person is likely to have a higher
C. $21.30
income?
D. $27.80
A. High School drop-out
B. High School graduate 2618. What is compound interest
C. College graduate A. A interest in compounds
D. Indentured servant B. method of calculating interest in which
the interest is added to the principal each
2614. non-monetary employee benefits period so that the principal continues to
A. any benefits that do not directly put grow
money into an employee’s bank account C. A method of calculating interest in
B. a fixed regular payment, typically paid which it adds on to simple interest so that
on a daily or weekly basis, made by an they both continue to grow
employer to an employee, especially to a D. A complicated fascination in the word
manual or unskilled worker:Compare with compound that relates to economics
salary.
2619. A is a business owned jointly by two
C. A small sum of money given to some- or more people with unlimited liability
one for performing a service; a gratuity.
A. Partnership
D. Cash or a cash equivalent that an in-
B. Corporation
while neither receiving nor expecting any- C. Limited Liability Corporation (LLC)
thing in return. D. Sole Proprietorship
2615. What are taxes 2620. Which of the following situations is an
A. The price paid to borrow money at a example of responsibly taking on debt?
specified rate
B. Managing money through budgeting,
spending, and savings
C. Mandatory payment or charge col-
lected by local, state, or federal govern-
ment
D. A prediction of credit behavior based A. Get a credit card but don’t use it to
on likelihood to pay loans avoid more debt
2616. You should start saving for retirement B. Spend up to your credit limit each
month
A. When you get married
C. Become an authorized user on an
B. When you get your first job adult’s card
C. When you reach age 50 D. Make only the minimum payment each
D. When you reach age 65 month

2621. is typically paid on borrowed $ from A. True

a loan
B. False
A. Interest
2627. The money it costs to go to college isn’t
B. Taxes
worth it in the long run.
C. Loan
A. True
D. none of above
B. False
NARAYAN CHANGDER
2622. Overdraft prevention prevents over-
drafts only if you have money or available 2628. An amount of money owed to someone
credit in a linked account. is called
A. True A. debt
B. False B. income
2623. If you don’t have enough money in your C. spending

accounts, your debit card can be denied D. expenditure
when trying to purchase something.
A. True 2629. How do banks make most of their
money?
B. False
A. income
2624. What is the relationship between a bor- B. interest
rower’s credit score and their interest rate
on a loan? C. labor
A. A low credit score means a greater D. services
risk leading to a lower interest rate
2630. Which is the most correct order of finan-
B. A high credit score means a lower risk cial planning using the GAPAAR strategy?
leading to a lower interest rate
A. Set goals, evaluate yourself, plan, fol-
C. A credit score is only used to deter-
low the plan, review.
mine whether the loan is extended
B. Set goals, plan, evaluate yourself, fol-
D. The interest rate is only influenced by
low the plan, review.
current market rates for a loan type
C. Evaluate yourself, set goals, plan, fol-
2625. When people need to make economic low the plan, review.
choices due to a lack of available goods
and money, this is called in economic D. Evaluate yourself, plan, set goals, fol-
terms. low the plan, review.
A. trade offs 2631. Items or services you pay for such as

B. scarcity rent, groceries, entertainment, bills, etc.
C. opportunity cost A. credits
D. incentive B. expense
C. liability
2626. T or F = Balance is the amount of money
held in an account. D. revenue

2632. Which of the following has investments 2637. James wants to be the richest person in
listed in order from least risk to most risk? the world. Which of the following should
he include in his personal budget now to

A. IRA, money market account, bond, CD
make this happen?
B. Bond, stock, savings account, money
market account A. How he plans to save money over a
C. Stock, ira, bond, savings account long period of time.
D. Savings account, bond, ira, stock B. How he plans to increase his expendi-
tures this coming year.
2633. Solve.
C. How many Pokemon cards he will
trade with friends.
D. How he plans to spend money on him-
self and others.
A. $378.99
2638. Buying things to feel better is an exam-
B. $278.43 ple of
C. $322.44
A. disposable income
D. $384.37
B. risk management
2634. The amount of a resource that busi-
nesses are willing and able to provide to C. impulse buying
the consumer
D. dividend
A. Demand
B. Supply 2639. Things that are necessary to survive
C. Scarcity
D. Profit A. savings
2635. People in households consume and B. credit
A. resources and labor C. wants

B. goods and services D. needs
C. goods and labor
D. services and resource 2640. You walk outside only to find that your
car has been towed because you were
2636. XC What was the median rent paid parked illegally. You paid the towing com-
in West Sacramento in December 2019? pany with a check and took this unex-
Prices dropped by $300 since October. pected expense from which budget?
A. $1579 A. Entertainment
B. $2104
B. Utilities
C. $1039
D. $1261 C. Reserves
E. $2447 D. none of above

2641. Choose the correct option B. The boundary was Mexico was finally
established.
C. The Northwest Territory became part
of the United States.
D. The Mississippi River became the
western boundary of the United States.
2646. The decisions made in order to earn, bud-
NARAYAN CHANGDER
get, spend, and give money would best de-
A. A fine:
B. B A. Personal Finance
C. C B. Budgeting
D. D C. Accounting
D. Financial Literacy
2642. All of the following are examples of as-
sets except 2647. HOW CAN YOUNG PEOPLE BE RESPON-
SIBLE WITH THEIR MONEY?
A. Valuable Collections
A. Track their spending
B. Loans
B. Save their money
C. Homes
C. Set long-and short-term money goals
D. Investments
D. All of the above
2643. A fee paid on a monthly basis on your
insurance contract. 2648. If you miss a payment on your credit
card you can be charged up to a $35 late
A. premium fee
B. installment A. True
2644. In the late 1800s, the major goal of B. False
United States policy in both the annexa-
2649. Checking Account
tion of Hawaii and the acquisition of the
Philppines was to A. an account at a bank against which
checks can be drawn by the account de-
A. Obtain coaling stations and seaports
positor.
for United States ships
B. When someone pays you with a check,
B. expanded United States fishing rights
you’ll usually have to sign the back of it
in international waters
C. limit the spread of Japanese influence What you write when you sign it depends
D. protect the area around the Panama upon what you want to do with the check
Canel and how the check is written.
C. a retirement account to which em-
2645. Which statement describes an effect of ployee and employer contribute, on which
the Louisiana Purchase (1803)? taxes are deferred until withdrawal, and
A. The size of the United States was dou- for which the employee usually selects the
bled. types of investments

D. annual or annualized percentage rate, 2654. Check you have written that hasn’t
typically of interest on loans or credit. been cashed.

2650. Kevin has the following debts:Home Eq- A. endorsement
uity Loan, $24, 000; Visa, $1, 200; Stu- B. withdrawal
dent Loan, $5, 000; Car, $12, 000. How C. outstanding check
should he prioritize his debt snowball?
D. overdraft protection
A. Home Equity Loan, Visa, Student Loan,
Car 2655. Money you receive after taxes
B. Visa, Car, Student Loan, Home Equity A. Gross Income
Loan B. Net Income
C. Visa, Student Loan, Car, Home Equity C. Disposable Income
Loan
D. Discretionary Income
D. Cannot prioritize the debt snowball
without knowing the interest rates on 2656. What is an advantage to using credit for
purchases?
2651. The process of projecting, organizing,
monitoring, and controlling future income A. You can purchase things you need or
and expenses is known as want now without having the cash to pay
for it.
B. You will be charged interest if you
don’t pay the card balance off in time.
C. You will earn interest from the credit
card company.
D. You will not be able to say you owe
someone else money.
A. government
2657. What is the money one spends on bills
B. geography or obligations called?
C. judicial branch A. income
D. personal finance B. insurance
2652. A tax on earned income C. salary
A. Government tax D. expenses
B. Property tax 2658. The circle graph shows Haley’s monthly
C. Payroll tax budget. What percent of her budget is for
D. Sales tax housing?
2653. Which of the following tells creditors

about your current debt to income ration?
A. character
B. collateral
C. capacity
D. collaboration

A. 18% 2663. To lend money to a person or business

in order to gain more money in return.
B. 28%
A. supply
C. 13%
B. investing
D. 8%
C. interest
2659. money paid to a city, town, or state D. budget
govenment or to the U.S. government
NARAYAN CHANGDER
based on income 2664. Upward communication is from employ-
ers to employees.
A. payroll tax
A. T
B. income tax
B. F
C. sales tax
D. property tax 2665. The amount an employee removes from
your paycheck each month to pay for taxes
2660. Jennifer earns $400 per week and pays is called?
10% tax on groceries costing $200 would A. Itemized Deduction
pay $20, or 5% of their income, in taxes.
In the same scenario, Janice, earning $800 B. Withholding
per week would only spend 2.5% in taxes. C. Exemption
Who pays more? D. Dependent
A. Jennifer
2666. According to the graph, how much more
B. Janice do Americans consumers spend on trans-
C. Mrs. Marsh portation than they spend on food?
D. Yoda
2661. Deductions
A. Expense items used to reduce individ-
B. money subtracted from gross pay for
required taxes insurance retirement ben-
efits A. 12%
C. Tax on earned and unearned income B. 19%
D. A tax on property such as land build- C. 7%
ings and vehicles
D. 6%
2662. An example of a service is 2667. Taxable income is used to compute
A. paying interest A. exemptions
B. mowing a lawn B. capital gains
C. a box of cereal C. income tax
D. a credit card D. deductions

2668. The slogan “no taxation without repre-

sentation” was first used by Americans to
protest Britain’s

A. policy of salutary neglect
B. issuance of the Proclamation of 1763
C. passage of the coercive Acts
A. Debit Card
D. attempts to raise revenue through the
B. Credit Card
Stamp Act
C. Pokemon Card
2669. What is variable expense? D. Baseball Card
2673. When you buy some thing using credit,

you are
A. Using the money from your savings ac-
count
B. transferring your money into the stock
market
C. promising to work to pay for what you
buy
D. taking a loan from a bank to pay for
A. The amount of money you spend something
B. The amount of money you save 2674. What is investing?
C. An expense that costs different A. Spending money on anything you want
amounts every month
B. Saving money constantly
D. The variable in math C. using money in hopes of gaining more
in the future by lending to businesses in
2670. You babysit for a neighbor exchange for a share of profits
A. Income D. Setting aside money for future use
B. Expense
2675. money people pay to support the gov-
ernment
2671. A long-term goal would be?
A. taxes
A. Retirement savings
B. paychecks
B. Paying off a credit card that has a low
C. savings
credit limit
D. none of above
C. Purchasing a car
D. Annual vacations 2676. If you lose a check and want to prevent
someone else from using it, you can issue
2672. A card that uses money directly from this type of order to the bank.
your bank account A. stop payment

B. demand deposit B. nothing can be known about it, be-

C. outstanding check cause he as not yet applied
D. cancelled check C. higher than 2.2 percent

D. equal to 2.2 percent
2677. Sophia bought ice cream in the cafeteria,
so she is a 2682. A savings account pays a nominal inter-
A. good est rate of 1.8%, with interest paid every
month. What is the AER? (round to 4 dp)
NARAYAN CHANGDER
B. producer
answer
C. consumer
A. 1.8149 Mathematical Equivalence ON
D. service
2678. You want to have 8 million Baht and 2683. A deposit account that requires de-
have given yourself 25 years to save. The posited funds to remain in the account for
good news is that today you already have a fixed amount of time, imposes penalty
250, 000 Baht. If the average return is fees for early withdrawal, and generally
7%, how much do you need to save per pays higher interest rates than other de-
year? posit accounts is called:
A. 105, 000 A. Savings Account
B. 126, 500 B. Certificate of Deposit
C. 147, 900 C. Money Market
D. 122, 500 D. none of above
2679. Which of these is NOT a skill of an en- 2684. Where is the best choice to put your
trepreneur? money for long term savings?
A. Creativity A. Savings Account
B. Laziness
B. Checking account
C. Hard working
D. Organization 2685. What best describes a flat tax?
A. Proportional
2680. What are some examples of a fixed ex-
penses? B. Progressive
A. Rent or Mortgage C. Regressive
B. School Loan Repayment D. Invasive
C. Car Payment
2686. On May 1, Rachael had a balance of
D. Holiday Gifts $72.00. She withdrew $20.00 cash at her
2681. Juan goes to Southern Union Bank to get banks ATM. What is her balance now?
a loan. Juan has an account at the bank on A. $32.00
which he receives 2.2 percent annual inter-
B. $52.00
est. The rate of interest he will pay on the
loan that he takes out will be C. $45.00
A. lower than 2.2 percent D. $92.00

2687. The story of Ben Arthur, the two broth- 2690. money individuals pay to the federal
ers who saved and invested at different government (and to some state and local
times in their lives, illustrates the expo- governments) based on income received

nential power of A. Income Tax
B. Excise Tax
C. Sales Tax
D. Property Tax
2691. Taxes are collected by

A. Businesses
B. Parents
C. Foreign countries
D. Government
2692. You have to be a member of this kind

of financial institution to use their banking
services. They are also not-for-profit in-
stitutions
A. Commercial Bank
A. credit cards B. Credit Union
B. liquidity C. Stock Market
C. having an emergency fund D. Insurance Company
D. compound interest 2693. List three benefits of renting
2688. Budget A. helping society, you feel good, tax de-
A. itemized summary of the expected in- ductions
come and expenses for a defined period B. potential accumulation of equity and
of time capital gains at time of sale, tax deduc-
B. individual’s belongings which have tions for mortgage interest and property
value taxes, ability to customize the property to
your own likes and needs
C. individual’s expenses and outstanding
debts C. must follow lease requirements, no eq-
uity build up, subject to possible rent in-
D. goals set to be achieved in less than a creases
year of time
2689. The third line from the top, the person easier mobility, indirect payment of prop-
writes what? erty taxes
A. The Amount of Money in Numbers 2694. Which of the following buildings would
B. One’s Name MOST LIKELY be paid for by tax money?
C. The Amount of Money in Words. A. Bakery
D. One’s Signature B. Gas station

C. Shopping mall B. the higher the risk, the higher the po-
D. Elementary school tential reward
C. the higher the risk, the lower the po-
2695. Bad credit can affect your ability to tential reward
A. Buy a home D. none of above
B. Get a job
2701. Which of the following is an advantage
C. Get a loan of using a credit card?
NARAYAN CHANGDER
D. All of the above A. Interest is charged for the use of a
credit card.
2696. personalize your spending plan
B. Consumers can purchase things now,
A. Step 2 and pay for them later in the event of an
B. 3 control systems: emergency.
C. easy to reduce or eliminate; food or en- C. You could be a victim of identity theft.
tertainment D. none of above
D. manage money, increase networth,
2702. Chris loved to sleep during the day, and
reach goals, increase financial well-being
he liked working on his farm during the
2697. The total amount of income after you day. Chris worked on his farm to make
pay taxes is called money for his family. Even though he
loved to sleep during the day, he gave that
A. net income
up to work on his farm. What is this an
B. fixed income example of?
C. gross income A. majority rule
D. adjusted income B. money
2698. Utilities C. lottery

D. opportunity cost
A. Fixed Expenses
B. Variable Expenses 2703. What is variable expense?
A. The amount of money you spend
2699. An interest rate is?
B. The amount of money you save
A. A low interest rate offered for a limited
time by a company. C. An expense that costs different
amounts every month
B. The yearly percentage rate of the fi-
D. The variable in math
nance charge.
C. The amount of interest charged to an 2704. Which is the correct type of insurance
account for the billing cycle. that would be used:Sally is not feeling well
so her mother takes her to the doctor. The
D. The money you gain after paying your
doctor tells her she has strep throat, gives
bills.
her medication, and sends her home to re-
2700. What is the general relationship be- cover. What type of insurance would be
tween risk and reward? used in this case?
A. there is a relationship, but it is uncer- A. Property and liability
tain B. Health

C. Life 2710. The total amount you earn BEFORE any

D. Disability deductions are subtracted is called
pay.

E. Workers’ compensation
A. Bonus
2705. A sole trader is a business in which one
B. Gross
person provides the permanent finance
and, in return, has full control of the busi- C. Incentive
ness and is able to keep all of the profits. D. Net
A. TRUE
2711. Which statement is most likely true?
B. FALSE
A. The higher your salary the lower your
2706. What is the act of giving money for char- standard of living
itable purposes?
B. Salary does not impact standard of liv-
A. money shelter ing
B. income insurance C. The higher your salary the higher your
C. philanthropy standard of living
D. income tax D. The lower your salary the higher your
standard of living
2707. Bob sold John a house and earned 3%
of the selling price as his income for mak- 2712. Mobile or email alerts for your checking
ing the sale. This is an example of account can notify you of (hint:choose
A. Salary 3 correct answers)
B. Hourly Wage
C. Retirement
D. Commission
2708. When dealing with credit cards it is im-
portant to know your card’s
A. annual percentage rate (annual inter-
est rate) A. Low balances
B. payment due date
B. Unusual activity
C. credit limit
C. Deposits
D. all of the above
D. Credit Card transactions
2709. Kimberly’s family has a dinner bill of
$26 and wants to leave a 15% tip for 2713. Which of the following is an example of
their server. How much tip are they leav- a person being a seller in your community?
ing? A. setting up a lemonade stand
A. 29.90 B. giving your friend a toy you don’t play
B. 39.00 with anymore
C. 4.00 C. receiving a new toy for your birthday
D. 3.90 D. buying a new video game

2714. Congratulations you have opened your C. her savings account’s interest rate
own checking account, the following in-
D. the difference between bonds and
formation appears on your first monthly
stocks
statement:Opening Balance:$350.00
Deposits:$288.56, $288.56, $75.00 2719. Money you put into a bank or business
Checks:$324.74, $32.46, $97.41, to make aprofit
$35.00, $84.21, $302.02 Service Fee:$5
NSF:$35 What is the current amount of A. interest rate
your account balance?
NARAYAN CHANGDER
B. investment
A. $128.98 C. debt
B. $86.28
D. pay off
C. $52.79
D. $146.56 2720. What is Profit Sharing?
A. A system in which the people who work
2715. Identify 11
for a company receive a direct share of the
profits.
B. People who share crops.
C. A person who hires a chef.
D. None of the above.
A. Account Number
2721. What is the goal of private businesses
B. Routing Number in the economy?
C. Check Number A. Build schools and roads
D. none of above
B. Close businesses
2716. Which is not needed to start a checking C. Donate money
account?
D. Make a profit
A. Social security card
B. Money 2722. A person who starts a business; risk
taker
C. Photo identification
D. A direct deposit form A. entrepreneur
B. intermediate goal
2717. High school dropouts are more likely to
be poor than other people. C. gross income
A. True D. fixed expenses
B. False
2723. Money you spend
2718. Bethany wants to create a monthly bud- A. interest
get. In order to do this, what will she need
to know? B. credit
A. the current inflation rate C. savings
B. her monthly income and expenses D. expenses

2724. Something a person intends to acquire, A. Want

achieve, or accomplish that will be at- B. Need
tained in LESS than one year

A. Long-Term Goal 2729. Tony was watching a TV commercial
about a video game. He talked to his
B. Opportunity Cost
mom about the game.Tony:Mom, I want
C. Short-Term Goal this game. Will you buy it for me?Mom:I
D. Financial Planing do not have money for it.Tony:Can you just
use your credit card?Mom:That is not a
2725. Read the following information to good idea.Which is most likely the reason
choose the card type:“The money the bank Tony’s mom thinks that using a credit card
lends you must be paid back within the to buy a game is not a good idea?
specified time to avoid being charged in-
terest.”
A. Credit Card Credit Card.
D. Visa card
A. Because most places that sell video
2726. the cost required for something; the games do not accept credit cards.
money spent on something
B. Because Tony would think that he can
A. creditors use his mom’s card anytime he wanted
B. interest rate something.
C. expenditures C. Because the credit card company is far
D. utilities from Tony’s home.
D. Because Tony’s mom would eventually
2727. The reason someone is motivated to do
have to pay for the game and also pay in-
something
terest.
A. Debt
B. Incentive 2730. Which of the following is one role of
households in the economy?
C. Investment
A. to collect taxes
D. none of above
B. to provide goods
2728. Need or want
C. to charge interest
D. to consume services
2731. Saving money for college is an example

of what reason to save money?
A. saving for an emergency
B. saving to earn interest
C. saving to keep money safe
D. saving for a big expense

2732. Fill in the Blank.Using a website is B. goods

a responsible way to be a digital citizen. C. supplies
A. deceptive D. taxes
B. domain
2737. When this is used for a purchase, the
C. virtual money is immediately deducted from your
D. credible checking account?
A. Credit Card
NARAYAN CHANGDER
2733. Yejun is looking at his total amount of
income. He is dividing the total into differ- B. Debit Card
ent categories for his budgeting. What is
2738. -Two or more owners-Lower taxes-
Yejun doing?
Unlimited Liability
A. Allocating
A. Partnership
B. Saving
B. Sole Proprietorship
C. Spending
C. Corporation
D. Investing D. All of the above
2734. Investment asset 2739. The end of the year is here. The Media
A. A debt or obligation owed to others Center is charging fines to students who
B. A financial statement that describes have not returned books. This is an exam-
an individual or family’s financial condition ple of which of the following?
on a specified date by showing assets, li- A. Positive Incentive
abilities, and net worth B. Negative Incentive
C. A measure of financial wealth and in- C. Positive Expectations
sions that a person or household owns, mi- D. Scarcity
nus the total amounts owed to others. 2740. Last month, Hailey earned $70 in in-
D. Financial assets purchased with the come, but she only had $40 in ex-
hope that they will generate income and penses/expenditures. Which statements
appreciate in value to make it possible to best describe her personal budget?
sell at a higher price in the future. A. She has a balanced budget
2735. Such as a savings account but you put in B. She has an unbalanced budget
a minimum amount and cannot touch it for C. She has a total savings of $30.
a certain amount of time
D. She can afford to spend $10 on a new
A. Certificates of Deposit (CDs) book next month
B. Savings Account
2741. services that are provided through
C. Bond taxes
D. Checking Account A. school, roads, parks
2736. What is the money you receive from B. school, police officers, concerts
working called? C. firefighters, concerts, school
A. income D. none of above

2742. When you borrow money, you are ex- D. one employed by another usually for
pected to pay the money back plus ad- hourly wages or salary and in a position
ditional money. What is that additional below the executive level

money called?
2746. Monetary gain a business owner makes
A. Inflation by selling goods or providing services; cal-
B. Interest culated by subtracting the total expenses
from the total income.
C. Capital
A. Budget
D. Savings
B. Profit
2743. In the late 1800s, one reason labor C. Savings
unions struggled to gain support was be-
D. Entrepreneur
cause
A. employers could easily replace strik- 2747. Which of the following is *NOT* a way
ing employees to save the most on a 30 year home loan?
A. refinance to a lower interest rate
B. the wages of industrial laborers were
high B. make a smaller down payment
C. government-funded public-works jobs C. double payments for the first year
were readily available D. make an extra payment every year af-
D. corporations ended the use of court inter
jusctions 2748. What are examples of ways to earn an
allowance?
2744. What type of expense is going out to
the movies? A. take out the trash
A. Fixed B. get a job
B. Variable C. walk the dog

D. clean your room
C. Discretionary
E. start a lemonade stand
D. All of the above
2749. College registration is coming up.
2745. Mortgage What’s this a good example of?
A. a legal agreement by which a bank or A. A savings goal.
other creditor lends money at interest in
B. A necessary expense.
exchange for taking title of the debtor’s
property, with the condition that the con- C. An investment.
veyance of title becomes void upon the D. An immediate expense.
payment of the debt
2750. Which of the following does NOT con-
B. a sum of money lent or invested, on tribute to your credit score?
which interest is paid
C. a fixed regular payment, typically paid
on a monthly or biweekly basis but often
expressed as an annual sum, made by an
employer to an employee, especially a pro-
fessional or white-collar worker

A. Your payment history 2756. A small plastic card issued by a financial

B. Which banks issued your credit cards institution which can be used to make pur-
chases. The amount charged is borrowed
C. Your debt-to-credit ratio by the cardholder.
D. Length of credit history
A. Credit Card
2751. What is true of SALES TAX? B. Debit Card
A. Kids don’t pay sales tax
C. Net card
NARAYAN CHANGDER
B. Sales tax can only be paid with change
D. Check
C. It’s a percentage of your total at the
store 2757. Which describes the total of a person’s
D. none of above earnings when they get a job?
2752. Which of the following should you al- A. Income

ways make and try to keep to be finan- B. Net worth
cially responsible?
C. Disposable income
A. budget
B. debt D. Capital gain
C. expenses 2758. When a person intentionally invests

D. checks money in a place where it can earn more
money
2753. The Federal Individual Income Tax in the
US is categorized as a A. wealth building
A. progressive tax B. sinking fund
B. regressive tax
2759. What is the definition of a need?
C. proportional tax
A. Something you would like to have but
will be okay without it
2754. Which of the following is not a line of B. Something you truly can’t live without
credit?
C. None of the above
A. Home Mortgage
B. Car Loan D. none of above
C. Pay Day Advances 2760. Joey wants to develop a positive credit

D. Checking Account history. How should he do this?
2755. Telling your money what to do, not won- A. Maintain reasonable amounts of avail-
dering where it went is able credit
A. a budget B. Open credit accounts in his parents’
B. gross income names
C. assertive financing C. Have one type of credit account

D. cash surplus D. Pay cash for majority of purchases

2761. What does it mean to own a share of a 2765. What is the 50% part of the rule
stock in a company? A. Wants

A. That you have veto power over a com- B. Needs
pany’s business decisions
C. Savings
B. That you have to supply money for the
company’s purchases D. Budgeting
C. That you can work for the company if 2766. Which of the following statements re-
you need a job garding investment property is correct?
D. That you can share in the money a com- A. If the entity elects the fair value model,
pany makes or loses no depreciation is taken
B. If the entity elects the cost model, de-
2762. What is an overdraft fee?
preciation should be recognized
A. When you owe your buddy for drafting C. Gain or loss from fair value adjust-
the best fantasy football lineup. ments is reported in the income statement
B. When a checking account gives you D. All of these statements are correct re-
money for using their atm. garding the investment property
C. Money that you take out of a checking
account. 2767. Because the amount of money I spend
on gas depends on the price of gas and how
D. Money a bank will charge you for much I use, it is considered a
spending more than what is in your ac-
count. A. Fixed Expense
B. Variable Expense
2763. Investment:
D. Income
2768. All taxable income you receive, includ-

ing wages, salaries, and tips. What you
earn BEFORE taxes are taken out.
A. Filing Income
A. Spending money with the goal of mak- B. Net Income
ing more money.
C. Standard Income
B. Spending money to get out of credit
card debt. D. Gross Income
C. Saving money for long term goals. 2769. Which of the following concepts about
Interest is correct?
D. Paying a fee to borrow money.
A. Is putting money into a business to cre-
2764. A debit card is just like cash:When you ate added value in the future.
use it to buy something, the money disap-
B. Is the amount of money that must be
pears from your account.
A. True C. Is the amount of money that must be
B. False paid for the use of a certain loan.

D. It is a money management spending C. producers

plan over a set period of time. D. consumers
2770. Close all accounts with a zero balance
2776. Principal
A. Positive Effect
A. a sum of money lent or invested, on
B. Negative Effect which interest is paid
2771. This transaction removes funds from B. a fixed regular payment, typically paid
your account. on a monthly or biweekly basis but often
NARAYAN CHANGDER
A. Debit
B. Credit fessional or white-collar worker
C. Loan C. one employed by another usually for
D. Deposit hourly wages or salary and in a position
below the executive level
2772. To sign the back of a check made out to
you so it can be cashed or deposited D. a person or organization that employs
people
A. signature line
B. print 2777. Which of the following types of interest
make you more money when saving and
C. endorse investing?
D. cash
A. Simple Interest
2773. money paid to a family when the policy- B. Compund Interest
holder dies. In this case, the company is
assuming the individual will live for a long 2778. Deshawn’s gross income was $368.20.
time and pay in more than the company His net income was $289.03. What was
pays out. the total amount of his deductions?
A. Life Insurance A. $79.17
B. Health Insurance B. $79.70
C. Auto Insurance C. $209.86
D. Disability insurance D. $657.23
2774. putting money into special accounts for 2779. -Alien and Sedition Acts of 1798-
use later in life. Espionage Act of 1917-USA Patriot Act of
A. investing 2001One common effect of these wartime
laws has been to
B. checking account
A. expand government regulation of the
C. retirement
economy
D. income
B. increase the nation’s military defenses
2775. Candy, pens, notebooks, and toys are C. promote immigration from neighbor-
examples of ing nations
A. goods D. protect national security at the ex-
B. services pense of civil liberties

2780. What is wrong with this check? 2785. Which statement is most correct?
A. Credit card numbers should not be

given over the phone for online pur-
chases.
B. A smart purchase is buying a product

whose price is much lower than the mar-
A. Name is incomplete
ket price.
B. Check amount is not written out
C. Signature issues C. Credible products must be advertised
by academics or doctors.
D. Date issues
D. If you purchase products using a credit
2781. A SALES TAX is an example of what kind
card There is no need to keep the receipt
of tax?
as credit card proof is already available.
A. Progressive Tax
B. Proportional Tax 2786. Ricardo got mosly high marks on his
C. Regressive Tax last performance review. The “needs
D. None of the Above improvement” section read:Needs to run
ideas by co-workers in advance. Could im-
2782. What are two things you will have to prove his relationships with other employ-
do when applying for a job? ees through better communication on roles
A. hope that you get it for projects.
B. fill out an application A. character
C. have a job interview
B. punctuality
D. have a background check by the police
C. teamwork and communication
2783. Which factor is LEAST likely to affect
whether or not someone gets credit? D. creativity
A. current credit score
B. ownership of a car 2787. Which of these is NOT a type of ex-
pense?
C. regular income source
D. payment history A. Fixed
2784. What is the meaning of the phrase B. Variable
“make ends meet”?
C. Informational
A. To have enough money to make a bud-
get D. Discretionary
B. To have enough money to earn an in-
come 2788. Carrying cash is worse than carrying a
C. To have enough money to pay ex- debit card.
penses
A. True
D. To have enough money to take out a
loan B. False

2789. What is saving? 2793. Which of the following is an example of

a “need”?
A. Money set aside for large purchases or
emergency situations. A. video game
B. Throwing someone a life jacket. B. shelter shelter
C. Using shave gel and a razor to trim C. designer clothes
your bread. D. iphone
D. A plan for saving and spending your
NARAYAN CHANGDER
money. 2794. What is an example of a good financial
goal?
2790. money earned A. College fund
B. paying back money you borrowed
C. a bike or another expensive iten
D. all of the above
2795. Which statement about investments is

correct?
A. salary
A. There is no guarantee an investment
B. income will pay off.
C. purchase B. Investments always pay more than
savings accounts.
D. spend
C. Investments are insured by the United
2791. Sasha is a bank manager. Every two States government.
weeks she receives a paycheck from the D. There is less risk in investing than in
bank. What do those paychecks repre- opening a savings account.
sent?
A. her taxes 2796. is required for a household to be
able to provide the basic needs.
B. her credit
A. Income
C. her income
B. Credit
D. her interest
C. Insurance
2792. A deposit account that offers easy ac- D. Debt
cess to your money, offers the option to
pay bills online or by electronic transfer, 2797. What does national insurance pay for?
and offers the option to make purchases A. Healthcare and benefits like state pen-
with an ATM or debit card is called sions
A. Checking Account B. Private pensions
B. Savings Account C. Overseas aid
C. Money Market Account D. Military weapons
D. none of above E. Venus

2798. Which of the following people will B. Budgeting

LIKELY find the highest paying job in the
C. 401k
workforce?

A. Someone with a high school diploma D. Pensions
B. Someone with a college degree & ad- 2803. When you write a check without enough
ditional training money to back it up.
C. Someone with mediocre communica- A. expense
tion skills
B. insurance
D. Someone with a history of bouncing
from job to job C. overdraft
2799. What is an advantage of using cash? D. debit transaction
A. It is accepted everywhere
2804. What’s the difference between a debit
B. It is hard to keep track of card and a credit card?
C. You can pay it back at the end of the A. A debit card is a prepaid gift card,
month while a credit card pays with money from
D. It has a tracking chip so it can be easily your checking account.
found if lost
B. A debit card is linked to your checking
2800. Identify 10 account, and a credit card borrows money
from a card issuer to pay for things.
C. There is no difference.
D. You’re charged interest on a debit card,
but you earn interest when you use a
credit card.
A. Account Number
2805. An investment that earns interest over
B. Routing Number a specific period of time.
C. Check Number A. Certification of Deposit
D. none of above
B. Roth IRA
2801. The affect the income? C. Certification of Checking
A. False
D. Stocks
B. True
2806. Why do people make personal budgets?
2802. John has recently been hired at large
marketing company. His salary is $5, 000 A. to decide how to earn more money
each month, but $1, 000 will be deducted B. to decide how to earn different money
and deposited into a special fund. When
John retires, he will receive monthly pay- C. to decide the best way to use a limited
ments for the rest of his life. What is this amount of money
an example of? D. to decide the best way to use an unlim-
A. Investment fraud ited amount of money

2807. Everyone interested in post secondary 2811. What is a business expense?

education should complete the Free Appli- A. Buying junk food
cation for Federal StudentAid (FAFSA) be-
cause B. Buying something to help you with your
job or business.
A. it gives you access to private student
C. Money you save and do not spend
loans.
D. none of above
B. it gives you access to private student
loans. 2812. What is the difference between a real
NARAYAN CHANGDER
C. it allows you to be eligible for federal investment and a Investment.
student aid and other scholarships and A. A Real investment involves putting
grants. money into something physical like real
estate while an Investment is money
D. it is a requirement for college admis-
spent on something with the goal of mak-
sion.
ing profit.
2808. A central issue in the debate between B. A Real investment involves spending
Federalists and Antifederalists over the money on something with the goal of mak-
ratification of the United States Condtitu- ing profit while an Investment involves
tion was the putting money into something physical
A. power of judicial review being granted like real estate
to the judicial branch 2813. Bought from the government and gains
B. threat posed by a strong central gov- interest over time
ernment to the rights of citizens A. Savings
C. role of the president as commander in B. Loan
cheif of the armed forces C. Bonds
D. danger of unrestricted interstate com- D. FDIC
merce
2814. A fee charged by a credit card company
2809. Annual salary is the amount of money for the use of their credit card
you are paid A. Fined expenses
A. Monthly B. annual fee
B. Semi-Monthly C. capital loss
C. Bi-Weekly D. credit limit
D. Yearly 2815. What is direct deposit?
2810. Who would MOST likely provide innova- A. When you have to take your paycheck
tion and creativity to an economy? to the bank.
A. entrepreneurs B. When your employer takes money out

of your check to cover insurance.
B. the legislature
C. When your employer deposits the
C. factory workers money directly into your account.
D. the prime minister D. None of the Above

2816. Your financial aid eligibility is deter- 2822. What is one way that private busi-
mined by taking the school’s cost of atten- nesses, households, and the government
dance (COA) and subtracting out Estimated work together?

Family Contribution (EFC)Correct Answer
A. Households sell their labor to both.
A. True
B. Households can refuse to pay taxes to
B. False both.
2817. You should always ask permission be- C. Households receive services from the
fore you list someone as your reference. government.
A. True D. Households only receive goods from
private businesses
B. False
2818. Which of the following is not one of the 2823. Which of the following has the best long
three C’s of credit worthiness? term rate of return on investment?
A. Character A. savings account
B. Capacity B. checking account
C. Collateral C. bonds
D. Communion D. stocks
2819. How early should you be to a job inter- 2824. A fee paid to you for keeping your
view? money in an account OR a fee charged to
A. 2-3 min. you for a loan or credit card
B. 5-10 min. A. maintenance
C. 10-15 min. B. annual percentage (APR)
D. None of these C. insurance

D. interest
2820. Donations can help communities do
what? 2825. money paid for the use of money
A. spend money
A. interest
B. solve problems
B. insurance
C. save money
C. collateral
D. budget money
D. finance charges
2821. How does the rule of 72 help in financial
planning? 2826. The amount of money a person has to
spend after needs are met.
A. Calculate compound interest
A. Opportunity Cost
B. Estimate the time it takes for an invest-
ment to double B. Discretionary Income
C. Determine budget allocations C. Net Worth
D. Assess retirement needs D. Assets on Hand

2827. Which of these BEST describes the pur- 2832. Why is APR a problem on credit cards?
pose of a credit report? A. Actual Percentage Rate of 25%
A. It helps the lenders decide whether or B. Annual Preliminary Rate
not to loan a person money.
C. Actual Preliminary Rate
B. It determines whether or not a person D. Annual Percentage Rate of 24 %
will have a place to live.
2833. What is the name for a House Loan?
C. It prevents a person from putting their
NARAYAN CHANGDER
money in a bad investment. A. Down Payment
D. It alerts consumers when products B. Interest Rate
they use are being recalled by a company. C. Mortgage
D. Percentage
2828. What does a credit score measure?
A. how likely a person is to use overdraft 2834. What is a budget?
A. A plan for how money will not be used
B. how likely a person is to pay off a loan
B. A plan for how money will be used
C. how likely a person is to save large
amounts of money C. The amount you spend
D. how likely a person is to make bad in- D. The amount you save
vestments and lose money 2835. How many hours are considered a nor-
mal work week?
2829. Which of the following are ways you
can file your taxes? A. 60
A. Online Tax Prep B. 30

C. 40
B. By phone
D. none of above
C. On your own (mail in)
2836. A plan for what you will do with your
D. With a tax professional
money is called (a)
2830. What term best describes your monthly A. Budget
salary after taxes have been deducted? B. Income
A. Gross C. Expenses
B. Debt D. Deductions
C. Net 2837. What causes one job to pay more than
D. salary another job?
2831. A from a bank gives you a check-

book and debit card to use to access your
money quickly.
A. Checking Account
B. Savings Account
C. Piggy Bank A. the length of training, amount of edu-
D. Mattress cation level and level of job difficulty

B. the age of the person working C. Small, meaningful, artistic, realistic &
C. where the person working lives time-based

D. how many kids the person working has D. Smart, maintainable, action-related,
resilient, tempered
2838. Which of the following is NOT a cost of
owning a car? 2842. Which one is considered a danger of us-
ing a credit card
A. License and Registration fees A. no cash needed

B. Gasoline B. leads to overspending
C. Utilities C. convenient
D. Insurance D. earns rewards
2839. You completely forgot that you wrote a 2843. True or False:Minimum wage is a fixed
check for $150 for a speeding ticket. You income.
have $254.07 in you bank account, how
much money do you have left when that A. True
check clears? B. False
A. $316.95 2844. Why budget?
B. $242.21
A. prevent debt
C. $104.95
B. plan for future
D. $254.95
C. save money
2840. The US income tax charges higher rates D. all of these
for those with higher incomes. This is an
example of 2845. Why shouldn’t we invest our emergency
fund or other short-term savings?
A. regressive tax
B. progressive tax
C. proportional tax
D. user fee
2841. For the Goal-Setting Guidelines What is
the “SMART” approach?
A. Surprising, measurable, available, A. Investments are risky and can drop in
ready, talented value, especially in the short term.
B. Specific, measurable, action-oriented, B. Investments are safe and can grow in
realistic & time-based value, especially over the long term.

C. We should invest all of our money so it C. Income

can grow quickly and we can become rich.
D. Stock
D. We should never invest any money be-
cause we could lose it all. 2851. A sum of money paid to shareholders of
a corporation out of its earnings.
2846. Credit
A. investment where you purchase some-
NARAYAN CHANGDER
from you later
B. benefits such as cash back and air-
lines miles given to the cardholder for pur-
chases
C. The ability to borrow money now with A. index
the agreement to pay it (the principal B. dividend
amount) back later, plus interest
C. profit
D. amount charged by the bank for allow-
ing you to use their credit card D. invest
2847. Gas Station 2852. Fee paid when you see a doctor
A. goods A. copay
B. service B. deductible
2848. What is the arrangement by which a C. premium
company provides a guarantee of compen-
D. none of above
sation for specified loss in return for pay-
ment of a premium? 2853. Anna is tired of making less than $40,
A. Assurance 000 per year. What would be the BEST
B. Insurance way for her to raise her earning potential?
C. Essential A. Support subsidies that will protect US

jobs
D. Loan
B. Save more of her income
2849. Which of the four major sectors in the
US economy provides checking accounts, C. Invest in capital
savings accounts, and loans? D. Acquire more education and training
A. banks
2854. Which geographic features contributed
B. business to the economic development of the plan-
C. government tation system in the south?
D. household A. Rocky soil and deep harbors
2850. The money you earn B. Short rivers and many waterfalls
A. Expenses C. Rich soil and warm climate
B. Dividends D. High mountains and numerous rivers

2855. This type of insurance should pay for A. $6.28

damages if a tree that goes through your
B. $33.59
roof.

C. $21.03
D. none of above
2860. Which of the following BEST describes

private businesses in the U.S. economy?
A. Private businesses produce goods and
services.
A. Product B. Private businesses are owned by the
B. Health government.
C. Homeowners C. Private businesses sell their labor to

banks.
D. Life
D. Private businesses create wants and
2856. lack of a guarantee that you will make needs.
money or keep your entire principle
A. save 2861. Preparing a budget includes
B. debit card A. Income, Expenses, Saving
C. time deposit B. Only listing your expenses
D. risk C. Only listing your debts
E. mutual fund D. Only listing your income
2857. What are credit scores?
2862. What is the first step in budgeting?
A. The price paid to borrow money at a
specified rate A. Record what you spend
B. Managing money through budgeting, B. Estimate your income
spending, and savings
C. Set financial goals
C. Mandatory payment or charge col-
D. Review and evaluate monthly
lected by local, state, or federal govern-
ment
2863. The money left over after ALL taxes are
D. A prediction of credit behavior based paid.
on likelihood to pay loans
A. Debt
2858. Winning The Lottery
B. Interest
A. Income
C. Disposable Income
B. Expense
D. Credit
2859. How much tip should you leave if you
want to tip 23% at Applebee’s on a 2864. The size of an iPod would be what as-
$27.31 bill? pect to the product?

2869. Money owed to a person or a business

A. Debit
B. Credit
C. Debt
D. Late Fee
A. Asset 2870. Sewing a dress for someone
NARAYAN CHANGDER
B. Feature A. goods
C. Benefit B. services
D. Quality 2871. When you save money, what is a good
rule of thumb?
2865. What is the gross income if the net in-
come is $4, 500 and income taxes are A. keep your savings in a checking ac-
$800? count
A. $5, 300 B. put aside money for savings each
month
B. $3, 799
C. choose the savings account with the
2866. Bill’s house is worth $200, 000 and his lowest interest rate
neighbor Ted’s house is worth $150, 000.
Bill ends up paying $2, 000 in taxes while D. Putting anything you cant afford on
Ted pays $1, 500. It appears that the your card
property taxes on the homes are 2872. What types of income cannot be de-
A. progressive taxes ducted?
B. regressive taxes A. 40(1)
C. proportional taxes B. 40(3)
D. retroactive taxes C. 40(4)
2867. What is charitable giving? D. 40(8)
A. spending money on vacations and trips 2873. Provides payments for both liability and
B. saving money for college tuition property insurance on a vehicle
C. donating money to help other people A. disability insurance
D. investing money in a new business B. automobile insurance
2868. Jason is a registered nurse. He makes C. coverage
a salary of 88, 000 a year. He must pay D. deductible
$30.00 in taxes for every $100 he earns.
How much is his net income? 2874. Insurance premium rates depend on
A. 62, 400 A. sex
B. 24, 440 B. age
C. 26, 400 C. Health history
D. 44, 400 D. salary

2875. What is a credit score? 2881. Commission is

A. What lenders use to see if you are able A. a type of salary

to pay back credit B. when someone gets a percentage of
B. 3 numbers what they sold
C. What your score on a test is that was C. when someone borrows money
worth credit D. none of above
D. none of above 2882. Which of the following is TRUE about
checks?
2876. When seeking a loan from a bank you
should get a
A. low interest loan
B. high interest loan
C. prospectus
A. The amount of money is written both
D. savings account
numerically and in words and You should
2877. Plumber endorse the back by signing it when de-
positing a check.
A. goods
B. They make you happy and secure
B. service
C. Checks should show up on your state-
2878. a plan for spending and saving one’s in- ment within 100 days
come D. none of above
A. Lenbrt 2883. Money that you make from your job
B. Budget A. Interest
C. Debt B. Occupation
D. Savings C. Wage
D. Income
2879. What is income?
2884. Debt
A. The amount you spend
A. a state of being under obligation to pay
B. The amount you don’t save
C. Money taken in for something received:a state of owing
D. Money going out B. a machine that dispenses cash or per-
2880. A bank account where money is stored count holder inserts a bank card
and returns a low interest rate. C. a card by which money may be with-
A. budget drawn or the cost of purchases paid di-
rectly from the holder’s bank account with-
B. credit card
out the payment of interest
C. savings account
D. the ability of a customer to obtain
D. checking account goods or services before payment, based

on the trust that payment will be made in 2890. How does an increase in the savings
the future rate help the economy?
2885. Spending and savings plan; developed A. Higher potential rate of return
by citizens to assist with saving and
spending decisions and by governments to
determine how tax money is spent and al- C. increases financial resources for busi-
located to different agencies and programs ness investment
A. Income
NARAYAN CHANGDER
D. provide access to capital for people
B. Investing and businesses
C. Budget
2891. What are some ways to pay for college?
D. Savings
A. Job
2886. Government involvement (by passing
laws) in the economy is called? B. Scholarship
A. Monetary policy C. Grant
B. Fiscal Policy D. Family Pay
C. budget hearing
2892. Why is responsible driving so impor-
D. taxes
tant?
2887. The amount of total interest when inter-
A. To keep you and others safe on the
est has already accumulated:
road
A. Accrued
B. Because we need speed laws
B. Simple
C. Compound C. To protect bystanders
D. Principal D. So you don’t crash your car
2888. an interest-bearing certificate of agree- 2893. Rent/mortgage, utility bills, and car
ment between a borrower and a lender payments are considered spending.
A. bond
A. Discretionary
B. certificate of deposit
B. Mandatory
C. mutual fund
C. Investment
D. IRA
D. Optional
2889. Rucker is choosing between two differ-
ent savings accounts. One has simple in-
2894. How much does it cost to check your
terest and the other has compound inter-
credit score online?
est. If Rucker is planning on saving money
for a long period of time and he wants A. $10
the most return on his savings he should
B. $50
choose the account with
A. Simple C. Free
B. Compound D. $25 after one free time

2895. Why should we INVEST instead of SAVE C. Proportionate

for retirement? D. none of above

2898. What is the concept of opportunity
cost?
A. The cost of taking advantage of a finan-
cial opportunity
B. The potential benefits of an investment
A. Investing money can make it grow in C. The cost of forgoing the next best al-
the long term. ternative when making a decision
B. Investing is safer than saving. D. The cost of inflation
C. Saving is too risky for retirement. 2899. If Lebron James has assets wroth $65,
D. Investing is more fun than saving. 000, 000 and his liabilities are worth $70,
000, 000 What is his net worth?
2896. This type of investment is essentially
A. -$5, 000, 000
an IOU with a set rate of return. The is-
suer promises to pay the buyer a certain B. $5, 000, 000
sum of money at the end of a stated pe- C. $135, 000, 000
riod plus interest payments at specific in-
D. Answer Not Here
tervals. This type of investing doesn’t rep-
resent ownership in the corporation, gov- 2900. Sara wants to show lenders that shes
ernment agency, or utility borrowing the financially trustworthy, she should
money.
A. money market account
B. stock
C. bond
A. charge things she can afford and pay
2897. According to the document, which tax
the balance quickly
structure is in effect?
B. max out her credit cards
C. pay less than the minimum payments
on her credit card bills
D. never borrow money and never check
her credit score
2901. A plan for your spending and saving is

called a
A. credit
B. budget
A. Regressive C. standard of living
B. Progressive D. credit card

2902. Which of the following is a service peo- B. Interest rate

ple provide? C. Simple Interest
A. teacher D. Rate of Return
B. fire truck
2908. How can a budget help you save
C. washing cars money?
D. none of above A. A budget often increases interest
rates on someone’s debt.
NARAYAN CHANGDER
2903. When should you start saving?
B. A budget is a tool to help someone
A. When you get a good paying job spend and save their income.
B. When you’re in high school C. A budget identifies the best invest-
C. When you get older and are ready to ment for a person.
retire D. A budget helps a person find employ-
D. When you start getting money (gifts, ment.
paycheck, etc.) 2909. Usually a contractual agreement in
2904. Income after taxes are deducted which a borrower receives something of
value now and agrees to repay the lender
A. Net Income at a later date-generally with interest
B. Gross Income A. credit
C. Variable Expense B. charity
D. Budget C. fines
2905. Which of the following is not an annual D. income
cost of owning a home? 2910. ? is the amount earned before taxes are
A. Paying property taxes withheld
B. Paying for new furniture A. Deductions
C. Keeping up with repairs and mainte- B. Gross pay
nance C. Salary
D. Making payments on principal, inter- D. Sick leave
est, and insurance
2911. Use Ricky’s weekly budget. If Ricky
2906. What is the ability to borrow money? saves the rest of his money, how many
weeks will he have to save to buy a new
A. Credit
lawnmower for $198 including sales tax?
B. Debit
C. Finance Charge
D. FICO
2907. The percentage rate that is used when

calculating the interest (money) paid on a
savings, money market, or investment ac-
count.
A. Rule of 72 A. 5 weeks

B. 6 weeks 2915. pool of money from many people that is

C. 7 weeks invested by fi nancial experts

D. 8 weeks A. save
B. debit card
2912. Which of these is the best definition of
“credit?” C. time deposit
D. risk
E. mutual fund
2916. What is the best definition of a trade-

off?
A. Swapping of goods
B. The purchase of a good
A. money spent on a particular item
B. money loaned from someone that is be C. The selling of many goods
paid back with interest D. The result of choosing one thing over
C. an additional amount you pay to use another
borrowed money
2917. Which of the following will most benefit
D. money borrowed by one person from you financially?
another party
A. A savings account that has compound
2913. Your health insurance copay is interest daily
B. A savings account that has compound
interest monthly
C. A savings account that has compound
interest yearly
D. A savings account that does not com-
pound interest
A. Amount paid out of pocket before your
2918. Which type of insurance does a person
insurance coverage
need if they want to continue to receive a
B. Paid by the insurer paycheck while they are out of work due
C. Applied on an annual basis to an injury?
D. A fixed amount of money you pay each A. Life
time you use your plan B. Property
2914. Amy makes $12.50 an hour. This is her C. Disability
hourly
D. Health
A. expense
B. credit 2919. This is an example of a:
C. wage A. Demand Graph
D. deposit B. Supply Graph

2920. Which of the following is an advantage 2925. Which of the following is an example of
of a credit card? a financial institution?
A. You can buy anything you want. A. Department Store
B. You can spend more than you have. B. Bank
C. You can buy something you need and C. School
pay it back in payments.
D. ATM Machine
D. You can buy things you can’t afford.
NARAYAN CHANGDER
2926. Which one of these funds are generally
2921. Where do buyers and sellers meet to
regarded as a passive investment?
sell stocks and bonds?
A. Bank A. Actively-Managed Mutual Fund
B. A Market B. Exchange-Traded Fund
C. Securities Exchange C. Hedge Fund
2922. is what you earned AFTER deduc- 2927. A market where share prices are falling,
tions. encouraging selling.
A. Bonus Pay A. Bear Market
B. Gross Pay B. Bull Market
C. Net Pay
2928. It’s the end of July and you need school
D. Overtime Pay
supplies. Your mom pays for them with
2923. The money left over after a business her card. The bill for your school supplies
pays all its costs. shows up on her monthly card statement.
A. Scarcity It is small enough to pay now so she does
not have to pay interest. What card did
B. Free Enterprise she use?
C. Citizen
D. Profit
2924. A person buys a homeowner’s insur-
ance policy with a $250 deductible, which
means the person will
A. have to pay a quarterly premium of
$250.
B. have to pay the first $250 which will be
deducted from the claim settlement paid
by the insurance company.
C. only receive payment from the insur-
ance company of $250 for any single ar-
ticle damaged.
D. not be responsible for the first $250 of A. credit card
the claimed damages. B. debit card

2929. Automated teller machine 2934. What is the difference between cash
A. A machine where individuals can de- and credit?

posit and withdraw funds any time of the A. Cash is money you borrow, but have to
day pay back, while credit is money you have
B. A check that is written on behalf of immediately to use.
a person to a specific payee and will be B. Cash is only used to save in a bank,
charged against a financial institution’s while credit is used to pay for goods and
account services.
C. A box at a financial institution where C. Cash is money that grows on trees like
a customer can store documents, jewelry, leaves, while credit is money that you re-
or other valuables ceive in the mail.
D. An instrument that is issued by a de- D. Cash is money you have immediately to
pository institution and specifies a mini- use, while credit is when you have to bor-
mum investment, an interest rate, and a row money and pay it back to someone.
maturity
2935. Financial service used to protect against
2930. Which are usually built by the govern- loss.
ment with tax money? A. Insurance
A. Factories B. Police
B. Barber shops C. EMT
C. Roads D. Doctor
D. Grocery stores
2936. Private business provide jobs and to
2931. Sign the back of cards and write “See people.
ID.” A. insurance
A. True B. income
B. False C. happiness
2932. All of the following are paid for by D. free labor
taxes EXCEPT
2937. Everyone makes choices about how to
A. The police force manage his or her money/income from a
B. The fire department job. This is also known as what?
C. Beauty shop A. Personal Finance
D. Parks B. Government
C. Civics
2933. A financial institution that provides ser-
vices similar to a bank but only provides D. Geography
these services to its members. 2938. How do you pay into Social Security?
A. title loan A. When you retire
B. pawn loan B. When you turn 30
C. Credit Union C. Your employer takes 6% then matches
D. national bank it

D. When you are disabled D. none of above
2939. When banks pay you money for using 2944. What will have the highest fee to pay
your money, what is that called? A. Checking account
A. interest B. Money Order
B. loans C. Personal Loan
C. checks D. none of above
NARAYAN CHANGDER
D. none of above 2945. money lent at interest
2940. debt A. loan
A. total amount of money owed B. credit
B. short term US government IOU for a C. installment plan
period of years. D. grant
C. a payment card issued to users as a 2946. What is a legal proceeding involving a
method of payment person or business that is unable to repay
D. payment made for the use of borrowed outstanding debts?
money
2941. what is the 789 on the credit score rat-

ing
A. poor
B. excellent
C. very poor
A. credit
D. good
B. bankruptcy
2942. One of the primary functions of financial C. interest
institutions in an economy is to
D. debt
A. provide access to capital for people
and businesses 2947. The people who need this the most gen-
erally have kids, and always have some-
B. offer incentives to businesses for in-
one relying on their income
vesting
A. Product Insurance
C. prepare taxes for individuals and busi-
nesses B. Auto insurance
D. create investment portfolios for ven- C. Life Insurance
ture capitalists D. Health insurance
2943. A credit card is 2948. Which of these means “money earned

by workers?” (Click all that apply)
A. A card that lets you buy goods and ser-
vices based on a promise to pay later. A. wage
B. A card that charges monthly interest if B. salary
the balance is not paid in full. C. paycheck
C. All of the above D. debts

2949. Why does a company issue stock? 2955. What is a major advantage of a busi-
A. to brag about their profits ness that is a partnership rather than a
sole proprietorship?

B. to attract money
A. The responsibility for the business is
C. to gain publicity shared
D. because it is required by law B. The business is easy to set up
2950. Expending money with the expectation C. The partners are not responsible for
of achieving a profit. business debts
A. profiting D. The business is easy to sell
B. budgeting
2956. The amount you pay to use someone
C. debiting else’s money. It is also the amount of
D. investing money you earn when allowing others to
use your money.
2951. A type of savings plan that pays a A. Interest
higher interest rate than savings accounts,
but it is not guaranteed by the govern- B. Late Payment Fee
ment. C. Line of Credit
A. Certificate of Deposit (CD) D. Minimum Payment
B. Money Market Fund
2957. Eliminates the faultfinding process in
C. Principal settling claims.
D. Savings Club A. No-Fault Auto Insurance
E. Interest B. Threshold
2952. My credit history does not affect my C. Insurance
chances for renting my first apartment. D. Insurance Settlement
A. True
2958. Morris just took out a loan from a local
B. False
financial institution. Morris has very bad
2953. One benefit to having a credit card is credit, but was told it didn’t matter. He
that it can be used in an emergency situa- borrowed $600 and owes at least $400
tion. back when he gets his next paycheck. If
he fails to pay back the $600 in 30 days,
A. True his interest rate goes to 50% and the en-
B. False tire balance is due in 60 days. Most likely,
Morris has used which type of financial in-
2954. You see a pair of jeans at the mall for stitution?
$109.92. Now with your updated state-
A. Bank
ment you have $104.95 in your checking
account. Can you afford the jeans? B. Title Pawn Lender
A. Yes C. Payday Lender
B. No D. Credit Union

2959. When the economy is growing, people D. none of above

are buying goods and services and jobs are
being created. 2964. a fee for early withdrawal of funds
A. True A. penalty
B. False B. debit
C. credit
2960. Which of the following is an example
of something you would use disposable in- D. interest
NARAYAN CHANGDER
come to pay for?
2965. Shanna’s mortgage company requires in-
A. Electric Bill surance coverage. Which type of insurance
B. Food would she need?
C. Movie Tickets A. automobile
D. Rent B. disability
2961. First section of the resume contains? C. life
A. career objective D. property
B. personal information 2966. What is something that would be a
C. education need?
D. none of above A. a new video game
B. a place to live
2962. How does investing in the stock market
differ from putting money in a savings ac- C. a birthday party
count? D. a new television
A. Investing is less risky
2967. Owned by members or employees of a
B. Historically, savings accounts have en- local employer
joyed higher returns than investing
A. Bank
C. You cannot lose money when saving
but you can lose money when investing B. Credit Union
D. The only way to access your money is C. Both
if you put it into a savings account. D. none of above
2963. What is a MONEY MARKET ACCOUNT? 2968. Who will be liable for the full amount of
A. An interest-earning deposit that re- VAT?
quires the funds to remain deposited for A. Consumer
a fixed term. Withdrawal of the funds be-
B. Business
fore the term expires results in a financial
penalty. C. Government
B. A nonprofit financial institution that is D. Producer
owned by its members and organized for
their benefit. 2969. The more liquid an investment, the more
likely it is to have a higher rate of return.
C. A type of savings account that pays
a higher interest rate AND allows you to A. True
write/deposit checks for everyday use. B. False

2970. House payments are one example of C. Collateral

D. none of above

A. saving money
2976. What is a Stock
B. donating money
A. Car
C. borrowing money
B. Animals
D. spending money
C. the capital raised by a business or cor-
2971. Bank accounts, certificates of deposit, poration through the issue and subscrip-
stocks, bonds and mutual funds. tion of shares,
A. Examples of financial investments D. Used in cooking
B. Examples of real investments 2977. moving up to a better position in your
job
2972. James earns $2, 800 each month. After
the government deducts $700, he is left A. applicant
with $2, 100. What is his net income? B. benefits
A. $2, 100 C. promotion
B. $700 D. degree
C. $2, 800
2978. Day-to-day financial activities neces-
D. $3, 500 sary to manage current personal economic
resources, while working toward long-
2973. Consuming services is one role in the
term financial security is called?
sector of the economy.
A. Savings
A. household
B. Money Management
B. business
C. Budgeting
C. bank
D. Financial Gaining
D. government
2979. Chapter 7 bankruptcy relieves an indi-
2974. Why would an investor choose an in- vidual from debts arising from
vestment with greater risk?
A. student loans
A. Higher potential rate of return
B. consumer credit debt
C. alimony
C. increases financial resources for busi-
ness investment D. child support
D. provide access to capital for people 2980. Who can invest in a 403 B?
and businesses A. Anyone over the age of 21
2975. the borrower possesses something of B. Medical, Non-Profit, and School Sys-
value that can be collected if they fail to tem Employees
repay C. Married, filing jointly, and earning less
A. Character than $150, 000 per year
B. Capacity D. All of the above

2981. a portion of the total cost of an item C. private company

that must be paid at the time of purchase
D. portfolio
A. down payment
B. money management 2987. According to financial planning princi-
C. take-home pay ples, how many months should we have
an emergency reserve?
D. none of above
A. 1 month
NARAYAN CHANGDER
2982. Define repossess.
B. 3 months
A. When a buyer fails to make payments
to the lender and the lender takes posses- C. 6 months
sion of the item again
D. 9 months
B. When the bank keeps sending you mail
telling you to pay back your loan E. 12 months
2983. Amount of money a borrower must pay 2988. WHICH OF THE FOLLOWING IS AN EX-
for the usage of someone else’s money AMPLE OF PEER PRESSURE?
A. Finance charge A. Buying something you need while
B. Unsecured loan you’re with your friends
C. Collateral B. Buying something because you want to
D. Interest C. Buying something because your
2984. Why does your employer withhold friends tell you to
money from you on each paycheck? D. none of above
A. Because they are not a very nice per-
son. 2989. Sally earns £17, 000 per annum. What
B. To pay federal and state taxes. are the total Income Tax and National In-
surance deductions from her pay?
C. To make up hours of work you missed.
A. £900
D. Because you were overpaid last
month. B. £1800
2985. the number of periods C. £2300

A. simple interest D. £2000
B. compound interest
2990. What is a benefit of investing in Mutual
C. rule of 72
Funds?
D. time value of money
A. Bonds are a safe investment
2986. A company owned by families or a small
B. stock prices change too often
number of investors and do not issue stock
to the public. C. diversification of investment
A. public company D. Fund Managers know more about in-
B. industry vestment

2991. The first step of financial freedom;$500 2995. Whichofthefollowingisa disadvanta-

for teens; $1, 000 for adults geof setting upabusinessasapartnership?

A. Shared losses
B. Shared workload
C. Shared profit
D. More Ideas Generated
2996. a spending and saving plan for your per-

sonal finances over a specific period
A. mutual fund
A. monthly report
B. emergency fund
B. budget
C. sinking fund
C. deficit
D. none of above
D. none of above
2992. This type of insurance pays the fees of
other doctors who see you in or out of the 2997. when products are sold to customers
hospital. from shops
A. hospitalization insurance A. retail
B. disability insurance B. government
C. medical insurance 2998. You have $32.18 in your account. You
D. life insurance deposit $40 and then $30. Your new bal-
ance is:
2993. Which deceptive advertisement is being
used when Brett Favre a former NFL foot- A. $62.18
ball player stars in a commercial about B. $70.00
Wrangler jeans for men, but only ever
C. $72.18
wears Dolce and Gabbana in his everyday
life. D. $102.18
A. Bait and switch 2999. How do financial institutions make most
B. Misleading endorsements of their money?
C. Deceptive sale pricing A. Fees
D. Buy one get one free B. Interest
2994. Abigail’s insurance will pay? for injuries C. Mutual Funds

to each person injured if the automobile in- D. Loan Payments
surance is 10/100 bodily liability cover-
age 3000. 24 pay periods; twice a month
A. $10, 000 A. semimonthly
B. $1, 000 B. monthly
C. $1, 000, 000 C. biweekly
D. $100, 000 D. weekly

3001. shares of ownership in a corporation

A. goods
B. assets
C. stocks
D. checks A. gross income
3002. one who lends; may be an individual, a B. net income
NARAYAN CHANGDER
business or a government C. salary
A. borrower D. pay day
B. lender 3006. What might happen if the demand for a
C. bench plate new type of sneaker began rising quickly?
D. real estate agent A. The manufacturer would begin making

fewer sneakers
3003. Portions of Money taken out of a pay- B. The sneaker company would raise the
check (Gross Pay) before you receive your price of the sneaker
money (Net Pay) are called (Exam-
C. People would refuse to pay more
ples:Taxes, Retirement, Health Insurance,
money for the sneaker
FICA)
D. The sneaker company would lower the
A. Interest price of the sneakers
B. Payments
3007. to obtain by paying money for an item
C. Deductions or a service
D. Tax Refund A. income
B. purchase
3004. Earning interest on interest is known as
interest. C. saving
D. salary
3008. What are consequences?

A. something that is possible but is not
yet real
B. money charged to do something for a
service
A. Composite C. task that demands time and effort to
complete
B. Compound
D. the results (positive or negative) of an
C. Augmented action or decision
D. Amplified
3009. When purchasing a new house you
3005. Income you receive after taxes and would use what method of payment?
other deductions is called: A. Cash

B. Credit Card 3015. A ‘personal allowance’ for income tax

C. Bank Loan is

D. Debit Card A. The amount of money someone pays in
tax
3010. Something a person intends to acquire,
B. The amount of money paid into Na-
achieve, or accomplish in the future
tional Insurance
A. Opportunity Cost
C. The amount of tax-free income a per-
B. Financial Planning son gets
C. Goal D. none of above
D. Trade-Off
3016. Delayed gratification means
3011. A mortgage is used for A. a belief or idea you consider important
or desirable
B. the value of the next best alternative
C. pay yourself first
D. a willingness to give up something now
in exchange for a future benefit
3017. Harry had $153 to spend. He spent

A. Buying a new machine
$3.50 on gum, $23.75 on a shirt and
B. Buying a new vehicle $65.00 on a LEGO set. How much does
C. Buying land or premises Harry have left?
D. Paying staff wages A. $92.25
B. $60.75
3012. All ATM machines charge a fee to use
them. C. $63.00
A. True D. $23.75
B. False
3018. Food
3013. when income is more than expenses A. a “want”
A. expenses B. a “need”
B. income
3019. Open new credit accounts
C. collateral
A. Positive Effect
D. charge
B. Negative Effect
E. surplus
3020. Predatory lending
3014. Which is considered a good?
A. Vet A. government pays the interest on the
B. Banana
B. investment where you purchase some-
C. Waitress thing you believe people will want to buy
D. Teacher from you later

C. lenders take advantage of desperate 3025. the ability to repay, meaning the bor-
people by offering unfavorable lending rower has a steady source of income
terms and conditions A. Character
D. agreement where a lessee pays the B. Capacity
lessor to use the car for a fixed amount
of time C. Collateral
D. none of above
3021. The most secure method for an em-
NARAYAN CHANGDER
ployer to pay employees is to use: 3026. Helps make decisions about your in-
A. direct deposit. come; Saving-spending plan.
B. a payroll card. A. Budget
C. a printed paycheck. B. Income
D. in-store credit. C. Networking
D. Bank Loan
3022. the cost of a trade off
A. immediate gratification 3027. Annual Percentage Rate (APR)
B. opportunity cost A. amount charged by the bank for allow-
ing you to use their credit card
C. scarcity
B. a partial cash payment paid at the time
D. none of above
of sale
3023. Based on the chart, who likely earns the C. interest rate the bank charges for bor-
greatest amount of income each month? rowing money
D. the maximum amount you may borrow
at one time
3028. Last month, Emmanuel earned $50 in

income but his overall expenses were
$70. Which statement best describes Em-
A. Darius
manuel’s personal budget?
B. Armando
A. He has a balanced budget
C. Mallory
B. He has an unbalanced budget
D. Annika
C. Emmanuel is rich
3024. Antonio has calculated that his gross D. none of above
pay for his current pay period is $1680.
If he contributes to Social Security (6.2%) 3029. What does personal finance refers to?
and Medicare (1.45%) and falls into a tax A. Management of an individual’s finan-
bracket of 25%, what is his net pay? cial resources
A. $548.52 B. Management of corporation’s financial
B. $1260 resources
C. $1131.48 C. Management of government finances
D. $1680 D. Managing firm’s net worth

3030. Insurance policy that covers the “real” 3035. What is a plastic card that you can
costs associated with replacing personal use to pay for purchases with borrowed
belongings, structures, and vehicles. money from the bank?

A. Property A. debit card
B. Liability
B. credit card
C. Life
C. spending card
D. saving card
3031. Items of monetary value a person or
household owns are 3036. Which of these are smart ways to spend
A. asset money? (choose 2)
B. liability A. buy needs before wants
C. income
B. buy all wants first
D. monetary asset
C. save money for emergencies
3032. Three (3) examples of large businesses
from Georgia that provide jobs for Geor- D. borrow money from friends
gia’s citizens, products for people across
Georgia and the United States and addi- 3037. How can creating a budget help you?
tional tax revenue for our state. A. It can help me to stay focused on my
A. Home Depot financial goals.
B. Georgia-Pacific B. It will help me in calculating my taxes.
C. Coca Cola
C. It will allow me to spend more money
D. All of the Above than is necessary.
3033. Propaganda that only shows one side of D. It will allow me to stay physically
the story healthy.
A. Logical Fallacy
3038. Robert’s credit application has been de-
B. Stacked card
clined because of his negative credit his-
C. Tag along tory. Which statement is most likely to be
D. Bandwagon true?
3034. A budget is defined as which of the fol- A. Robert holds 2 store credit cards, a
lowing? bank credit card, a car loan and a mort-
gage
A. An estimate of your income and expen-
ditures for an undefined period of time B. Robert has applied for 4 credit cards
and a car loan in the past 6-weeks
B. A method for researching major expen-
ditures C. Robert has received 3 traffic tickets in
C. An estimate of your income and expen- the past 2 months
ditures for a set period of time D. Robert pays his bills consistently and
D. A list of expenses that never fluctuate on time

3039. which of the following are real taxes C. Money you spend.
(choose all correct answers)
D. Money you give to someone.
A. Progressive tax
B. Possession tax 3044. The benefit or item you give up.
C. Proportional tax A. Budget
D. Property tax B. Value
E. Regressive tax
NARAYAN CHANGDER
C. Opportunity Cost
3040. What are the four steps to starting a D. Assets on Hand
savings program?
A. risk of decline in value of investment, 3045. Rodney earns $8.45 per hour. Last
risk of lost of purchasing power, risk of week he worked 38 hours. What is his
failure or default, risk of illiquidity weekly pay?
B. it’s a legal requirement, coverage of A. $313.50
unexpected expenses, some life insur-
B. $321.10
ance plans build equity to borrow against,
possible tax credit to cover insurance pre- C. $338.00
mium
D. none of above
C. set goals, study income and expendi-
tures compared to goals, investigate in- 3046. To pay out, or use money, wealth, re-
vestment opportunities, create a plan to sources, etc.
achieve those goals
A. Savings
ture credit options, could loan personal B. Income
property C. Credit
3041. Which best describes an investor’s pri- D. Spending
mary goal?
A. to earn a profit 3047. What are examples of financial invest-
ment?
B. to lose a profit
A. Houses
3042. How do banks make money?
B. Cars
A. charging borrowers a higher interest
rate than they pay out to depositors. C. Stocks
B. charging fees to those who use bank- D. Bonds
ing service.
C. both answers. 3048. which is true as income increases
D. none of above A. More available jobs
3043. What is income? B. Inflation rate increases
A. Money you find on the floor. C. Standard of living increases

B. Money you earn by working. D. Inflation rate decreases

3049. Capacity to pay will be taken into ac- 3054. Which of these workers does NOT make
count when you apply for a credit card or a good?
loan.

A. doctor
B. factory worker
C. baker
D. none of above
3055. What is the definition of personal fi-

A. Myth nance?
B. Fact A. Managing your money
3050. What must one do in order to figure B. Trading money for goods and services
out the amount that is left over after each
month? C. Money you earn from working
A. Subtract expenses from the income D. A small plastic card issued by a bank
B. Add expenses and income
C. Subtract expenses from savings 3056. A payday-loan is different from other
loans because
D. Subtract income from the expenses to-
tal A. usually targeted to small business
owners at very low rates
3051. What’s NOT another name for a re-
sume? B. higher interest
A. personal data sheet C. usually used in an emergency
B. application letter
D. paid back over the course of 30 years
C. biographical summary
D. professional profile 3057. About how much of your income should
go towards transportation?
3052. the difference between the budgeted
amount and the actual amount that you
spend
A. budget variance
B. future value
C. refinance
D. none of above
3053. Money put away for emergencies.
A. ATM A. 5-10%
B. savings
B. 15-20%
C. mutual funds
C. 25-30%
D. Federal Deposit insurance corpora-
tions D. 35-40%

3058. Which one of the following is considered

a fixed expense?
A. Groceries
B. Rent or mortgage
C. Dining out
D. Entertainment A. $1000.93
NARAYAN CHANGDER
3059. something pledged as security for re- B. $1093.75
payment of a loan, to be forfeited in the
C. $1937.50
event of a default
D. $2037.50
A. interest
B. utilities 3064. money set aside for later use or in case
C. collateral of emergencies
D. dependent A. Savings
B. Debt
3060. a 700 credit score is considerded
A. poor C. Credit
B. average D. Investments
C. good 3065. You can deposit money into your check-

D. great ing account by
A. Going to the bank with an endorsed a
3061. a “grade” that banks assign to each per-
check and deposit slip
son that shows how responsible they are
with money B. Going to an ATM with an endorsed
A. money score check and deposit slip
B. good banking grade C. Transerfing money from another ac-

count
C. credit score
D. All of the above
D. A+
3062. If you do not pay enough taxes over the 3066. Tax abatement
course of the fiscal year you will get a tax A. Income received from sources other
refund than employment
A. True B. Tax on earned income that supports
B. False the Social Security and Medicare pro-
grams
3063. The graph above represents a family’s
C. Business tax incentives granting a tem-
monthly budget. The family’s income is
porary reduction of taxes
$3, 125. How much money does the fam-
ily spend on utilities, transportation costs, D. When government keeps taxes col-
and savings? lected and government spending equally

3067. Kevin’s parents brought in popcorn for 3071. A portion of your income that you do not
Mrs. Golchha’s class. Each student was spend on your current needs, but instead
given a bag and was allowed to take as set aside for future needs.

much as they wanted. The popcorn ran out A. Collateral
and five students didn’t get any. What did
these students experience? B. Discretionary Income
A. sharing C. Savings
D. Net Worth
B. scarcity
C. barter 3072. A person or institution owning shares in
a limited company.
D. choices
3068. ATM
A. a machine that dispenses cash or per-
B. a card by which money may be with-
drawn or the cost of purchases paid di- A. Share
rectly from the holder’s bank account with- B. Shareholder
out the payment of interest
3073. Interest upon interest is called
C. the ability of a customer to obtain
goods or services before payment, based A. A good deal
on the trust that payment will be made in B. Compound Interest
the future C. Principle
D. a small plastic card issued by a bank, D. A double standard
chase goods or services on credit: 3074. What’s it called when you spend more
than you have?
3069. The Nasdaq is an American stock ex-
change based in New York City. It’s an on- A. A gosh-darn pickle.
line global marketplace meant for buying B. Debt.
and trading securities. Most of the world’s C. Credit balance.
technology giants are on the Nasdaq.
D. Net worth.
A. True
3075. The cost of producing one single item.
B. False
A. Budget
B. Unit Cost
A. A plan for saving and spending.
C. Investment
B. Putting money to use in something that
D. Expenses
offers a potentially profitable return.
C. Buying something and paying later 3076. Durable goods are defined as goods that
with interest added. last more than 10 years.
D. Money set aside for large purchases or A. True
an emergency. B. False

3077. Amount of money that a person makes 3083. which are needs?
by selling products or providing a service A. designer clothes
to the citizens of an area; serves as a ba-
sis for the collection of taxes by State and B. food
Federal Governments. C. shelter
A. Income D. phone
B. Budget 3084. A fee paid by a borrower to the lender
for the use of borrowed money.
NARAYAN CHANGDER
C. Savings
D. Credit A. Interest
B. Credit
3078. Fewer Products
C. Debt
A. Credit Union
D. Finance
B. Bank
3085. Tangible asset
3079. Helps make decisions about your in-
come; Saving-spending plan. A. A financial statement that describes an
individual or family’s financial condition on
A. Budget a specified date by showing assets, liabil-
B. Networking ities, and net worth
C. Income B. Personal property that was purchased
D. Bank Loan HIDE ANSWER to create a lifestyle or improve your life.
C. A measurement of how much a person
3080. The knowledge and skillset necessary to or household owns once all debts have
be an informed consumer and manage fi- been paid.
nances effectively is:
D. Financial assets purchased with the
A. personal finance hope that they will generate income and
B. compound interest appreciate in value to make it possible to
C. sinking fund sell at a higher price in the future.
D. financial literacy 3086. Credit union and commercial bank de-

posits of up to $250, 000 are insured by
3081. With insurance, a higher deductible what government backed program?
means a
A. FED
A. Lower premium
B. NCU
B. Higher premium
C. FDIC
C. Free healthcare
D. NAACP
D. Unlimited liability
3087. What is the purpose of an emergency
3082. long term goals would include fund?
A. vacation A. to pay monthly expenses
B. car B. to pay for unexpected costs
C. house C. to make a down payment on a vehicle
D. retirement D. to take a family vacation in the summer

3088. buying an item on credit with a monthly 3093. FICA stands for
plan to pay off the value of the good A. Federal insurance contributions act

A. escrow account B. Ferderal internal cutlery act
B. interest rate
3094. A person or organization that pays peo-
C. installment plan ple to work for them.
D. credit score A. employer
3089. The 3 C’s of credit B. budget
A. Capital, capable, capacity C. retail
B. Capital, character, customer D. none of above
C. Character, capital, capacity 3095. When a person owes money for a car, a
D. Character, capital, custom house, and a credit card, this is called
A. credit
3090. The process of setting money aside to
increase wealth over time and accumulate B. debt
funds for long-term financial goals such as C. liquid income
retirement. D. spending
A. investing
3096. A is an amount removed from a sav-
B. saving ings or checking account.
C. rule of 72 A. Overdraft
D. compounding of interest B. Statement
3091. risk taker C. Cleared Check
A. individual who likes to save money D. Withdrawal
rather than spend money E. Deposit
3097. The rule “pay yourself first” means to
A. Save and invest first
C. individual who enjoys investing money
into high-risk ventures B. Have fun before you pay the bills
D. individual who plans for the future and C. Only cash your checks
is prepared for any type of financial situa- D. none of above
tions
3098. What is money received, especially on a
3092. Which of these show your credit his- regular basis, for work or through invest-
tory? ments
A. Credit score A. Investment
B. Credit report B. Income
C. Both C. Loan
D. none of above D. Debit

3099. What is the Third Principle of Finance? 3104. On-the-job training is an example of
A. Spend Less than You Earn A. formal education
B. Make Your Money Work For You B. natural education
C. Protect Your Money C. informal education
D. none of above D. self education
3100. A type of incentive pay based on qual- 3105. The amount of money you deposit in a
bank is called
NARAYAN CHANGDER
ity of work done or years of service on the
job is called A. interest
A. a bonus. B. dividend
B. stock options C. collateral
C. profit sharing plan D. principal
D. pension plan 3106. What is the main idea of this 1912 car-
toon?
3101. the situation that occurs if you spend
more than you earn or receive
A. deficit
B. budget variance
C. capital gain
D. none of above
3102. Withdrawal A. The Democratic Party is losing support

A. an act of taking money out of an ac- B. Republicans outnumber Democrats in
count the United States
B. a sum of money placed or kept in a C. The political process has no room for
bank account, usually to gain interest: more than two parties
C. money paid regularly at a particular D. A third political party can threaten the
rate for the use of money lent, or for de- two major parties
laying the repayment of a debt
3107. What questions might the interviewer
D. an account at a bank against which ask you in a job interview?
checks can be drawn by the account de-
A. close ended
positor.
B. open ended
3103. What is the purpose of a budget?
C. what your favorite color is
A. To help people improve their education D. none of above
and skills
3108. NSF stands for?
B. To help people determine how to train
for their jobs A. National Safe Finances
C. To help people plan their spending and B. Non Sufficient Funds
saving decisions C. National Securities Foundation
D. none of above D. Non Secure Funds

3109. Who makes up a household in our mar- 3114. What is a consumer?

ket economy? A. Promise of payment

A. governments B. Methods used by businesses to get
B. banks more customers
C. People C. Someone who spends money on good
and services
D. businesses
D. none of above
3110. What might happen if people didn’t buy 3115. What is one benefit of saving money?
shares in new companies?
A. ) Buying something now.
A. People would stop buying new prod-
B. ) Having more money later.
ucts
C. ) Giving away a lot of money.
B. New companies would have a difficult
time growing and expanding D. none of above
C. Only large companies would be able to 3116. True or False:Bankruptcy and foreclo-
make money sure are both good financial things. (a)
D. People would stop trading stocks on A. to False
the stock market B. True
3111. Madison uses a spreadsheet to plan her 3117. a tax on retail products based on a set
expenses every month. She records her of percentage of retail cost
car payment, her utilities and her rent. A. sales tax
What is she doing?
B. property tax
A. Reading a credit card statement C. income tax
B. Going into debt D. none of above
C. Making a budget 3118. Regressive taxes hit lower income peo-
D. Balancing a checkbook ple harder because
A. The higher your income, the higher the
3112. The charge for borrowed money gener-
percentage of income you pay in tax
ally defined as a percentage is called
B. The lower your income, the higher per-
A. expense centage of income you pay in tax
B. investment C. Income taxes are proportional
C. scarcity D. bananas
D. interest 3119. an arrangement by which a buyer can
take possession of something now and pay
3113. APR is
for it in the future, usually with interest
A. annual percentage rate A. Loan
B. annual prime retail B. Credit
C. annual pierogi rebellion C. Interest
D. artificial price range D. Investment

3120. Karen buys cat food, coffee shop coffee, C. Credit

and dinner out and budgets it to her per- D. Investment
sonal allowance. Why is Karen incorrect
in her budgeting? 3125. which population of people most benefit
A. Dinner out is never allowed on a bud- from simple interest
get. A. borrowers
B. Cat food is a regular expense and B. creditors
should not be a personal allowance.
NARAYAN CHANGDER
C. consumers
C. Credit card expenses need to be part
D. producers
of this budget.
D. Karen should not be allocating coffee 3126. When using a credit card, you are bor-
from a coffee shop. rowing money from the issuer and accru-
ing debt until paid off.
3121. How do financial institutions make
A. False
money?
B. True
A. They loan out money
B. They take in deposits 3127. What should your resume state about
C. They charge more in interest than they salary?
pay to depositors A. Specific Amount
D. They pay more in interest than they B. Minimum Wage
charge to debtors C. Nothing
3122. It represents the potential benefits an D. none of above
individual, investor, or a business misses
out when choosing an alternative over the 3128. GOAL THAT YOU SHOULD ACHIEVE IN
another. LESS THAN 1 YEAR.
A. Opportunity cost A. SHORT TERM
B. Sunk Cost B. LONG TERM
C. Surplus Cost C. INTERMEDIATE
D. Default Cost D. TINY
3123. The BEST example of a progressive tax 3129. Total return on an investment expressed
in the US is as a percentage of its price.
A. personal income taxes A. Yield
B. sales taxes B. Capital Gain
C. federal excise taxes C. Stock
D. Social Security taxes D. Bond
3124. Lisa borrowed money from the bank to 3130. The FDIC and the NCUA insure accounts
pay for her brand new BMW. up to $250, 000.00.
A. Loan A. True
B. Debt B. False

3131. Which are the types of depository insti- 3135. Freddie spends $9 a month for movie
tutions? rentals for 4 months. Will $30 be enough
for Freddie to pay for the movie rentals?

A. Commercial Banks
B. Credit Union A. Yes
C. Finance Companies B. No
D. Insurance Companies 3136. A(n)? sale is traditionally used to intro-

duce a new store opening or a new product
3132. Anthony has a goal of saving $96.20. line being released
He will save the same amount each week
for 13 weeks. How much will Anthony A. Attic
need to save each week in order to meet B. Introduction
his goal?
C. Promotional
D. Reduction
3137. An increase in the general level of prices

for goods and services
A. Assets
B. Net Worth
C. Inflation
A. $7.40 D. Personal Goals
B. $7.52
3138. When may a person view his/her credit
C. $7.04 report for free?
D. $7.31 A. If a person has suffficient financial re-
sources
3133. If you have a mortgage with a 20-year
terms, how many payments will you prob- B. A person may not review his/her
ably have to make? credit report
A. 20 C. At any time and an unlimited number

of times
B. 200
D. Once a year, from each of the three
C. 240 main credit reporting agencies
D. 360
3139. What part of a person’s financial plan
3134. Where the money comes from for single- should cover unexpected expenses such as
payer healthcare car repairs and medical bills?
A. premiums A. overdraft protection
B. copays B. pay-day loans
C. taxes C. emergency fund
D. deductibles D. insurance

3140. A money market account is like a sav- 3145. The taxes you pay for a land or a build-
ings account that has a higher interest ing.
rate. A. sales
A. True B. property
B. False C. payroll
3141. What do we call a plan for how to use D. income
our money?
NARAYAN CHANGDER
3146. Your credit score is not configured off of
A. savings which of the following:
B. spending A. Payment history
C. a budget B. Amount owed
D. an outline C. GPA
3142. Anything owned that has value D. Length of credit history
A. asset 3147. APR
B. liability A. annual or annualized percentage rate,
C. net worth typically of interest on loans or credit.
D. net income B. the real rate of return earned on an in-
3143. Which of the following best describes a compounding interest.
brokerage account? C. a legal agreement by which a bank or
A. A financial product offered by banks other creditor lends money at interest in
that provides an interest rate premium exchange for taking title of the debtor’s
in exchange for an amount of money property, with the condition that the con-
that cannot be withdrawn for a pre- veyance of title becomes void upon the
determined period of time payment of the debt
B. Account used to buy and sell securities D. a sum of money lent or invested, on
(e.g. stocks and ETFs) which interest is paid
C. A deposit account that allows for with- 3148. I am writing a $30 check to Fiesta for
drawals and deposits groceries. Where do I write out groceries?
D. An interest-bearing deposit account
3144. Lana bought a treadmill on credit. She

made 6 payments. Each payment con-
sisted of $85 plus $6 interest. How much
in all did Lana pay for her treadmill?
A. $36 A. 3
B. $546 B. 5
C. $560 C. 2
D. $510 D. 4

3149. What is a producer? C. $15.67

A. a person who sells things D. $10.00

B. a person who buys things
3155. Which of the following BEST describes
C. a person who makes things the operations of banks?
D. none of above A. Banks pay a small interest rate for
3150. What is interest? your deposits, hold a small amount in the
vault, and loan the rest out at a high inter-
A. Liking something est rate
B. Purchasing ownership in a company
B. Banks borrow money from the govern-
C. The rate charged on unpaid debt ment at low rates and loan it to customers
D. Amount of money you borrow at high rates.
3151. Jamar wants to be the richest person in C. Banks, with government approval,
the world. Which of the following should print money that they loan out to busi-
he include in his personal budget now to nesses and consumers.
make this happen? D. Banks take in deposits which they use
A. How he plans to save money over a to pay their employees and other costs.
long period of time.
3156. a written agreement to repay borrowed
B. How he plans to earn a lot of money money
over time to spend on others.
A. allowance
C. How he plans to spend money on him-
self and others. B. contract
D. none of above C. audit
3152. Borrowed money that must be repaid D. loan
A. salary 3157. In a TVM calculator one of the values

B. loan (either PV or FV) must be negative
C. interest A. True
D. none of above B. False
3153. An example of human capital is 3158. money spent on something with the
A. a desk goal of making a profit
B. water A. Investment
C. knowledge B. Interest
D. cooperation C. Philanthropy
3154. Kyle worked 34 hours cutting lawns. D. Personal Finance
His gross income was $329.12. What
was his hourly wage? 3159. You run a bake sale
A. $9.68 A. Income
B. $12.54 B. Expense

3160. occurs when expenditures exceed rev- B. Reduce overall debt

enue, or when more money is being spent C. Limit your applications
than coming in
D. All of the above
A. surplus
3165. The best estimate of a monthly electric
B. budget bill for a 3 bed, 2 bed house is around?
C. deficit A. $1, 000
D. none of above B. $250
NARAYAN CHANGDER
3161. Race and gender are factors in a credit C. $10
score. D. $1, 250
3166. This form of insurance provides protec-
tion against losses from injury to people or
property resulting from the products, ser-
vices, or actions of a business.
A. personal property insurance
B. liability insurance
A. Myth C. warranty
B. Fact D. malpractice insurance

3167. In which of the following ways can you
3162. Something of value used to secure a
NOT pay your taxes?
loan
A. Bank Account
A. Finance charge
B. Debit Card
B. Unsecured loan
C. Digital Wallet
C. Collateral
D. Airline Miles
D. Interest
3168. A general rise in the level of prices for
3163. Carson wallet with his driver’s license, goods and services over time is referred
a debit card and his credit card has been to as
stolen. Which of the following is NOT A. recession
something an identity thief might realisti-
B. inflation
cally do with this information?
C. liquidity
A. Rent an apartment under Carson’s
name D. deflation
B. Use Carson’s name during an arrest 3169. This professional analyzes statistics and
C. Make purchases with Carson’s credit uses them to calculate risks and premiums.
card
D. Take a college admissions exam in Car-
son’s name.
3164. How can you improve your credit score?

A. Make payments on time

A. Agent A. the amount of money borrowed or de-

B. Actuary posited

C. Claims Clerk B. the percent interest for his year
D. Underwriter C. the amount taxed

D. the amount the bank owes you for be-
3170. Which of the following statements BEST ing a customer at their bank
defines consumer credit?
3174. What is a machine that allows bank cus-
A. to pay for goods in the present for de-
tomers to withdraw money without visit-
livery in the future
ing their bank?
B. to pay for goods with something other
than cash
C. to receive goods in the present on
agreement that one will pay for them in
the future
D. to buy goods without possessing collat-
eral
3171. Monetary asset A. ATM (automated teller machine)
A. Items of monetary value a person or B. credit card

household owns C. safe deposit box
B. The amount you could realistically sell D. coffee can under your bed
an asset for today
3175. Things that are not necessary for sur-
C. Assets that can be quickly and easily vival
converted into cash
A. Needs
D. none of above
B. Wants
3172. True or False:Overtime is when time
3176. If I buy a bond from a company for 100
beyond one’s normal workweek that is
dollars and then the company goes out of
sometimes paid at a lower rate.
business, how much money do I receive?
A. True
A. 100 Dollars
B. False
B. 200 Dollars
3173. The simple interest formula is I=Prt. C. 0 Dollars
The P represents the principle. The prin- D. 50 Dollars
ciple is
3177. percentage charged or earned on an ac-
count. Loan, or line of credit. Coast of the
use of money.
A. interest
B. bond
C. risk
D. .401

3178. Examples of traditional financial institu- 3183. True or False:A service is something that
tions include: someone else does for you, or provides
you.
A. *Commercial banks and credit unions
A. true
B. *Commercial banks and finance com-
panies B. false
C. *Payday lenders and check-cashing 3184. Jared bought a new boat. He had to pay
outlets which kind of tax on his new boat?
NARAYAN CHANGDER
D. none of above A. Property Tax
B. Income Tax
3179. Which is not one of the 3 C’s of Credit
worthiness? C. Payroll tax
A. Character D. Sales tax
B. Capacity 3185. Income

C. Capital A. The portion of current income not
spent on consumption
D. Collateral
B. A product that transfers risk from an
3180. is the amount of an item that exists. individual to an insurance company or or-
ganization.
A. Demand
C. Money received
B. Income
D. Take home pay
C. Supply
3186. Jim bought 200 shares of Wal-mart two
D. Unit Cost
years ago for $10, 000. The value of the
3181. the amount of money a person can earn stock today is $12, 000. How would you
by being self-employed or by doing a job figure his profit?
for another person or business A. 10, 000/12, 000 x 100
A. salary B. 10, 000 + 12, 000
B. scarce C. 12, 000-10, 000
C. interest D. 10, 000 x 12, 000
D. lend 3187. Tricia makes $9.00 an hour and works

40 hours a week. How much money does
3182. Money set aside for a specified length she earn in a year.
of time at a specified rate.
A. $360
A. Certificate of Deposit (CD) B. $4, 320
B. Money Market Fund C. $18, 720
C. Principal D. $17, 280
D. Savings Club
3188. a virtual or in person exchange of goods
E. Interest and services is also as

3193. A cost that is not essential ( movie tick-

ets)

A. Discretionary Expense
B. Variable Expense
C. Fixed Expense
A. a loan D. Debit
B. a price incentive
3194. the average cost of buying goods or ser-
C. a market vices that are needed for daily living (eggs,
D. a sector milk, bread, gas, etc.)
A. supplies
3189. A machine that allows people to com-
plete certain transactions from the ma- B. average cost
chine withour human assistance. C. cost of living
A. Mobile Banking D. none of above
B. Automated teller Machine 3195. Which is a good reason why you should
C. Online Banking borrow against your 401K?
D. none of above A. To pay for college tuition
3190. Why is Balancing your checkbook an im- B. For emergencies
portant task? C. For a down payment on your first home
A. Because it helps insure that there is D. Never, ever, for any reason, borrow
enough income to cover expenses for the against your 401k
family
3196. The relationship between risk and re-
B. Because it helps make sure you have turn is that the higher the potential return
enough money to cover the checks you offered by a savings or investment oppor-
write. tunity, the the savings or investment
C. Because it can be used in a way to in- usually is.
vest and save money for the future A. Safer
D. Because it is a way for one person to B. More risky
help another
3197. Some deductions are required by law,
3191. Compounding more than once within a but others are optional.
calendar year is known as?
A. True
A. Future Value
B. False
B. Intaperiod Compounding
3198. The amount of money that a person
3192. Sales taxes are earns working at their job is called
A. Proportional A. Interest
B. Progressive B. Income
C. Regressive C. Tax
D. Ummm? D. Credit

3199. A small, lined notepad you receive when 3205. Self training means
you open a checking account that helps you A. When the teacher is teaching me
keep track of your money.
B. When a pay a teacher to teach me
A. Check register
C. Learning new skills from reading and
B. Bank graph practicing on your own
3200. Return on Investment is a performance D. All of the above
measure used to evaluate how well an in-
3206. Which of the following statements
NARAYAN CHANGDER
vestment is performing.
about savings accounts is FALSE?
A. True
A. Savings accounts pay interest on the
B. False money you deposit.
3201. Joey was approved for a credit card B. Savings accounts allow an unlimited
and soon spent over $2000. What is the amount of withdrawals each month.
money owed called?
C. Savings accounts may require you to
A. Debit maintain a minimum balance to avoid pay-
B. Savings ing a fee.
C. Debt D. Savings accounts are best used to
store money for longer-term goals.
D. Bankruptcy
3207. Estrella wants to be the richest per-
3202. amount you pay each month to the in-
son in the world. Which of the following
surance company
should he include in his personal budget
A. copay now to make this happen?
B. deductible A. How she plans to spend money on her-
C. premium self and others.
D. none of above B. How she plans to save money over a
3203. investment
C. How she plans to increase her expen-
A. purchase with the hope that it will gen- ditures this coming year.
erate income or appreciate in the future
D. How she plans to earn a lot of money
B. persons or institutions to whom money over time to spend on others.
is owed
C. total amount of money owed 3208. Long Term Goals are:
D. a payment card issued to users as a A. 3-6 Months

method of payment. B. 7-12 Months
3204. Which method of payment is LEAST safe C. 1-3 Years

if you are making a payment by mail? D. None of these
A. Cash 3209. A tax based on an employee’s wages. It
B. Check is paid by the employee.
C. Debit card A. Payroll Tax
D. Credit card B. Income Tax

C. Property Tax C. wages or salary before payroll deduc-

D. Sales Tax tions

D. the dollar amount you are told when
3210. Why would you want to save money?
hired for a job
(Check all that apply)
A. To purchase small things you want. 3215. Your job paid you $1000.00. Your rent
B. To purchase really big things you want is $450.00, your car payment is $210.00,
after a long time. and your utilities bill is $90.00. What is
the total amount of money left over?
C. Just in case of an emergency.
A. $250.00
D. So burglars have more they can take
from your house. B. $300.00
3211. Which is the MOST LIKELY result from C. $290.00

an increase in income? D. $260.00
A. increased spending
3216. Cost of Attendance (COA) is made up
B. increased use of credit
solely of direct costs
C. cashing out investments
A. True
D. decline in savings and investments
B. False
3212. earned income
A. money derived from paid work 3217. The knowledge and skill set necessary
to be an informed consumer and manage
B. income from investments rather than
finances effectively
from work.
A. financial literacy
C. n expense that can be subtracted from
taxable income in order to reduce the B. budgeting
amount owed.
D. exemption is a lawful reduction of the 3218. A written form of payment connected
amount of income that would otherwise with a bank
be taxed for a qualifying reason. A. Cash
3213. interest on the amount of money you de- B. Debit Card
posited and any other accumulated inter- C. Check
est.
D. Credit Card
A. Simple
B. Compound 3219. insures your money up to $100.00 at
C. Leveled each bank in case bank goes bankrupt.
D. Concave A. income
3214. Net pay is B. overdraft

A. also called gross income C. minimum balance requirement
B. your gross income minus payroll de- D. Federal Deposit insurance Corpora-
ductions tion (FDIC)

3220. Define budget. 3224. Co-signing a loan means you are en-
A. How much you spend abling a person who is not able to get a
loan on their own to get a loan.
B. How much you earn
A. True
C. a plan for spending and saving money
B. False
D. grocery list
C. True and it is a bad idea for you and
3221. Loans with the highest interest rates the other person
NARAYAN CHANGDER
include D. False and is a good idea for you and
A. personal loan the other person
B. Educational loans 3225. Your dad goes to an ATM and with-
C. Mortgage draws $150 from his savings account.
D. car loan A. Debit
B. Credit
3222. What type of credit score is this 570?
A. Great 3226. Which of the following is a short-term
financial goal?
B. Poor
A. Saving for retirement
C. Excellent
B. Saving for college
D. none of above
C. Buying a birthday gift for a friend
3223. Mischa’s budget is displayed. Mischa D. none of above
wants to buy a new scarf that costs
$16.88 with tax. Which is the most rea- 3227. disposable income
sonable way for Mischa to buy the scarf A. income remaining after deduction of
and still balance her budget? taxes and other mandatory charges, avail-
able to be spent or saved as one wishes
B. expenses that are required for living.
(childcare, healthcare, etc.)
C. money derived from paid work
D. income from investments rather than
from work.
3228. tax credits

A. a tax incentive which allows certain
A. Walk instead of riding the bus for 3 taxpayers to subtract the amount of the
weeks. credit they have accrued from the total
B. Lower her phone bill by $1.4 each week they owe the state.
for 8 weeks. B. financial incentives often used by em-
C. Skip her actin class for 1 week. ployers to encourage workers to meet
D. Ask her neighbor to increase her their goals.
chores for 4 weeks so she can earn $4.50 C. any benefits that do not directly put
more each week. money into an employee’s bank account

D. a fixed regular payment, typically paid B. individual who enjoys spending money
on a daily or weekly basis, made by an on himself/herself or others
employer to an employee, especially to a

C. expenditures which are essential for
an individual to be live and function
salary.
D. expenses which help an individual to
3229. In your portfolio, provide steady in- live more comfortably
come and tend to hold their value when the
market crashes. 3233. The record where you keep track of your
A. Stocks money
B. Bitcoin A. budget
C. Bonds B. account
D. none of above C. register
3230. Is this a need or want? D. deposit
3234. permission to pay later for goods or ser-

vices obtained today
A. credit
B. debit
C. loan
D. installment plan
A. need
B. want 3235. Arthur gets his 2011 tax returns back
and discovers that he owes fewer taxes
3231. What is a business owned and operated this year. He will be getting a $3000 re-
by two or more people? fund check. How will this impact him?
A. He will be more likely to spend money
B. He will be less likely to spend money
C. He will not have to depend as heavily
on subsidies as he did previous years.
A. Sole Proprietorship
D. He will pay fewer tariffs.
B. Partnership
C. Corporation 3236. Why do people use banks and credit
unions?
D. none of above
A. to save and invest money
3232. spending needs
B. to share with friends
A. individual who does not consider
C. to hide their money
much of an opinion on money D. to cash checks

3237. A personal income and expenditure 3241. These types of loans cover the interest
statement that summarizes your cash re- while you are in college
ceipts and payments for a given period is
known as a:
A. Budget Statement
B. Balance Sheet
C. Cash Flow Statement
NARAYAN CHANGDER
D. Financial Plan
3238. The government collects from Amer- A. private loans

icans and they help provide services in the B. unsubsidized loans
community like libraries and fire depart-
ments. C. subsidized loans
A. coupons D. federal loans
B. taxes 3242. How can the Fed increase the amount of

C. books money in the economy?
D. Pokemon cards A. Selling bonds

B. Buying Bonds
3239. APR
C. Increasing taxes
A. Account performance rate
D. raise the discount rate
B. Active percentage rate
C. Account payable rate 3243. To write a check or use a debit card, you
need to have a account.
D. Annual percentage rate
A. checking
3240. The frequency table shows the colors B. savings
that fifth graders preferred for their school
shirts.Based on the data in the table, how C. deposit
many students preferred the three colors D. none of above
that had the highest frequencies?
3244. Grants are given to college students
based solely on:
A. Grades
B. Athletic ability
C. Financial Need
D. Credit score
3245. What terms refers to the ability of a cus-

tomer to obtain goods or services before
A. 38 payment, based on the trust that the pay-
B. 91 ment will be received in the future?
C. 147 A. credit
D. 105 B. interest

3246. What is income tax? B. Bankruptcy

A. Money subtracted from all income C. Mean’s Test

B. Tax from what you own, such as land, D. Credit Counseling
homes, or vehicles
3252. The only liability-or potential loss-a
C. Tax on the time spent in education
shareholder has if the company fails is the
D. Paid by the consumer when buying amount invested in the company, not the
goods or services total wealth of the shareholder.
3247. What does it mean to make a with-
drawal?
A. Find the amount of money in the ac-
count
B. Add money to the account
C. Subtract money from the account
D. Write a check
A. Private limited company
3248. Jose Altuve for the Houston Astros B. Limited liability
makes $625, 000 every year. He has to
pay taxes on the money his annual earn- C. Public limited company
ings. Which type of tax is that? D. none of above
A. Property Tax 3253. A person’s ability to borrow money
B. Income Tax A. mortgage
C. Payroll tax B. economics
D. Sales tax
C. credit
3249. Money you give to help people or orga- D. income
nizations
3254. Annual Fee
A. budget
A. amount charged by the bank for allow-
B. donation
ing you to use their credit card
C. savings
B. benefits such as cash back and air-
D. interest rate lines miles given to the cardholder for pur-
chases
3250. Can you save money by comparing
prices at different stores? C. a partial cash payment paid at the time
of sale
A. Yes I can save money by comparison
shopping D. interest rate the bank charges for bor-
rowing money
B. No not at all
3251. A legal process to get out of debt when 3255. Putting money into stocks and bonds as
you can no longer make all your required a way to earn money in the future.
payment. A. Real Investment
A. Liquidation B. Gambling

C. Financial investment A. the amount you spent

D. income B. the amount you don’t save
3256. Use Ricky’s weekly budget. If Ricky C. money that you earn
saves the rest of his money, how much can D. money that spent on expeneses
he save each week and balance his bud-
get? 3260. A(n) should be asked for by your
bank if a check is lost or stolen.
NARAYAN CHANGDER
A. overdraft protection
B. stop payment order
C. fraud prevention form
D. copy of cancelled check
3261. An expense that does NOT change from

month to month.
A. $14.75
A. Fixed expense
B. $24.75
B. variable expense
C. $30.75
C. variable rate
D. $74.75
D. fixed variable
3257. refers to the ability of a person or busi-
ness to make a purchase now and pay for 3262. What is the best way to improve your
it later credit score?
A. Responsibility A. Secured loans
B. Credit B. Pay off your debts
C. Debit C. Net worth
D. Interest D. You feel good
3258. True or False:Reference letter is a state- 3263. Why is interest earned always less than
ment attesting to your character, abilities, interest charged
and experience, written by someone who
can be relied upon to give a sincere report. A. Interest charged is how banks make
money
A. B. Interest earned is bad for you
C. The government steals your money
B. D. Banks are corrupt institutions
3259. What is income? 3264. gross income

A. An individual or company’s income be-
B. the amount an individual or business
and taxes.

C. the portion of your gross income that B. Telephone Call

the IRS deems subject to taxes C. Text

D. income remaining after deduction of D. Email
taxes and other mandatory charges, avail-
able to be spent or saved as one wishes 3270. Collette researched the hourly wage for
different jobs. She made the table below
3265. What is a CHECKING ACCOUNT? to show the hourly wage and years of
A. A type of bank account that allows experience needed for certain jobs.Based
check writing, withdrawals and deposits only on the information in the table, which
of your money. of the following is most likely the hourly
wage of a software developer?
B. a bank account that earns interest
C. a bank account where you invest your
money for long term growth
D. none of above
3266. You bought 10 shares of stock in Netflix

for $50 per share. Two months later you A. $7.85, because that wage is listed be-
sold the ten shares of stock for $90 per low the housekeeper/cleaner’s wage in
share. What was your profit or loss on the table.
Netflix stock? (Assume that Netflix didn’t
B. $33.00, because being an elementary
pay a dividend during that period)
teacher requires 5 years of experience,
A. Loss of $800 and the experience required for a soft-
B. gain of 400 ware developer is also close to 5 years.
C. loss of 450 C. $45.00, because a software devel-
oper’s job is a little less important than the
D. gain of 800 financial manager’s job.
3267. A bank is also considered a D. $60.00, because being a software de-
A. Lender veloper requires the most years of experi-
ence.
B. loaner
3271. A savings account with a specific time
C. Investor
period
D. none of above
A. Savings Account
3268. A tax on one’s earnings B. Checking Account
A. Property Tax C. Certificate of Deposit (CD)
B. Income Tax D. Bond
C. Payroll Tax 3272. is how you make your money grow,
D. Budget or appreciate, to gain a financial return.
A. Spending
3269. This is a written request to your bank
to take money from your account and pay B. Investing
it to someone else. C. Income
A. Check D. debt

3273. a type of bank account that allows you 3278. Which is an example of something you
to easily deposit and withdraw money for need to survive?
daily transactions
A. savings
A.
B. business
C. checking
D. none of above
NARAYAN CHANGDER
3274. What type of bank account is most
linked to spending? B.
A. savings account
B. mutual fund
C. investment
D. checking account C.
3275. Why is is so important to keep a written

monthly budget?
D. none of above
A. So you tell your money where to go and
not wonder where it went. 3279. Larry works 13 hours this week after
B. So you don’t end up with more month school washing cars. He earns $74 but
at the end of your money. gets $19 in taxes deducted from his pay-
check. Therefore, he takes home $55. The
C. So you gain control over your spend- $55 check is an example of his income.
ing.
A. gross
D. All answers correct.
B. net
3276. Choose the correct option
C. tax
D. sales
3280. What is the action or process of invest-

ing money for profit?
A. Insurance
A. $443.39 B. Interest
B. $301.22 C. Investment
C. $344.93 D. none of above
D. $141.75 3281. Which bank account earns you the most
3277. What is INCOME? interest?
A. Money that you owe another person A. Savings
B. Money you put in your savings account B. Checking
C. Money that you earn C. Certificate of Deposit

3282. Why should a person pay the balance on 3286. Which retirement account is for school
his or her credit card every month? employees and some non-profit entities?

A. To earn more money A. Traditional IRA
B. To save all his or her income B. Roth IRA
C. To spend all his or her income C. 401k
D. To keep from paying interest D. 403b
3283. Investment 3287. Homeowners insurance provides what

two basic types of coverage?
A. An asset that generate money
A. uninsured protection and umbrella in-
B. Someone who takes risk
surance
C. When you deposit money into a bank B. umbrella coverage and property pro-
D. none of above tection
3284. The amount borrowed is known as the C. property protection and liability pro-
tection
A. credit D. liability protection and under-insured

coverage
B. interest
3288. The money borrowed (but has not been
C. capital
repaid) from when you have spent more
D. principal than you have; the state of owing money
3285. what is the cartoonist’s point of view in A. Debt
this 1919 cartoon? B. Savings
C. Budget
D. Credit
3289. Which of these definitions best de-

scribes what a budget is?
A. A plan for how money will be spent.
B. Money borrowed to buy a house.
C. Regular payments for protection of a
person or family against theft, harm, ill-
ness, etc
A. Immigrants will easily assimilate into D. Money earned from a job.
American society
3290. How should you dress for a job inter-
B. Industrial production will expand and view?
create more jobs
A. jeans
C. Civil liberties will be restricted and or-
dinary American way of life B. lots of make up
D. The actions of labor unions threaten C. sweat pants

the American way of life D. none of these

3291. Why do people earn money? 3296. Moby spends his entire allowance ev-
ery weekend, but cant remember what he
A. to go places
buys. What would help Moby keep track
B. to work of his income and expenses?
C. to meet basic needs A. savings account
D. to buy what they want B. investments
C. budget
3292. Why are interest rates lower for people
NARAYAN CHANGDER
with collateral? D. income
A. These loans have less risk because the 3297. What type of taxes are paid to the fed-
borrower has assets that can be taken in eral government and due by April 15th ev-
place of payment ery year?
B. These loans are to people who are less A. Property Tax
likely to be discriminated against
B. Income Tax
C. These loans are to people who do not
actually need the money C. Sales Tax
D. Payroll Tax
D. These loans are to people who have
shown that they are responsible 3298. Who is hurt MOST by unanticipated in-
flation?
3293. Money or a service owed to another.
A. Retirees who are living on fixed in-
A. debt
comes
B. loan B. Workers with cost of living adjustment
C. debit contracts
D. none of above C. Banks that have made short term ad-
justable rate mortgages
3294. Self-employed person In which section
D. People who have invested savings in
can one become a member of social secu-
variable rate returns
rity?
A. 33 3299. Collateral is:
B. 39 A. Something of value that secures a loan

to protect the lender
C. 40
B. Department store charge cards.
D. Choose any section
C. open-ended Credit
3295. Which terms does NOT refer to the D. none of above
money you earn?
3300. You have to take your pet to the vet for
A. Income
shots. The bill was $70. Is this an exam-
B. Wage ple of an income or expense?
C. Salary A. income
D. Expenditure B. expense

3301. Which statement is correct about Robert 3305. money owed

Kiyosaki’s 4 sides of money?
A. opportunity cost

A. The source of income from working to
earn money is Income from being an em- B. insurance
ployee and business owner C. wage
B. The source of income from working to D. debt
earn money is Income from being an em-
ployee and personal business 3306. A check similar to a cashier’s check
C. The source of income from the use of except that is generally issued by Pos
earning assets is Money earned from be- Malaysia or some other non-banking insti-
ing a self-employed person and business tution.
owner. A. Cashier’s check
D. The source of income from the use
B. Certified Check
of earning assets is Income from private
businesses and investors C. Money order
3302. What type of triangle is this? D. Traveler’s check
3307. Loan guaranteed only by a promise to

repay it
A. Finance charge
B. Unsecured loan
C. Collateral
A. scalene D. Interest
B. acute
C. equilateral 3308. Which of the following is an example of
buying something you NEED?
D. isosceles
3303. Truth in Lending Act of 1968 informs
people of
A. security interest
B. APR
C. amount financed
D. all of the above A. “I want to replace something that is no
3304. A card that allows you to access the longer working.”
money in your accounts electronically. It B. “I want to impress someone/ change
works like a checking account. how they feel about me.”
A. Debit cards
C. “I’m feeling down, and I need to boost
B. Smart cards my spirits.”
C. Gift or stored value cards D. “I don’t want to miss out on these
D. none of above deals during the sale!”

3309. What happens when you write a check 3313. What is the role of banks in our commu-
and you don’t have enough money in the nity?
account to cover it. A. Banks offer us fruits and vegetables.
A. Annual Fee B. Banks are a safe place to keep money.
B. Bad Check
C. Banks help us get our packages deliv-
C. Oops ered on time.
D. Budget D. Banks have many books for us to bor-
NARAYAN CHANGDER
row.
3310. Asset
A. A measurement of how much a person 3314. Assets less liabilities =
or household owns once all debts have A. mortgage debt
been paid.
B. net worth
B. Assets that can be quickly and easily
converted into cash C. income
C. A financial statement that describes D. disposable income
an individual or family’s financial condition 3315. Which of the following may request
on a specified date by showing assets, li- your credit report?
abilities, and net worth
A. insurance companies
D. Items of monetary value a person or
household owns B. your employer
C. your landlord
3311. A plan for how to manage your money
is called a? D. all of the above
3316. long term goals

A. individual’s belongings which have
value
B. goals set to be achieved in less than a
A. income year of time
B. budget C. goals set to be achieved in about 10 or
C. investment more years
D. none of above D. categories in which people can be put
based off of their spending and saving
3312. Which of the following is an example of habits
a price incentive?
3317. One effect of an increase in the amount
A. A gallon of milk only cost $1.50 ten
of savings in an economy is
years ago, but today it costs $2.25.
A. an increase in financial resources for
B. An employer gives an employee a raise
business investment
to reward her for her hard work.
C. A stockbroker buys a share of stock B. an increase in consumer spending
and sells it later in order to make a profit. C. a decrease in retirement investments
D. A store usually sells candy bars for D. a decrease in the production of goods
$1.00, but today is selling them for $0.75. and services

3318. In case of emergency you should have B. debit card

what C. debit card

A. Good Credit D. gift card
B. Money Saved
3322. What does this represent?
C. Budget Plan
D. Credit Card
3319. Cruz had $672.13 in his checking ac-

count, and a check that he wrote to his
landlord for $650.00 was just deposited.
This will result in which of the following
fees? A. Spending money
A. overdraft fees B. Spending pennies
B. service fees C. Saving money
C. atm fees D. interest
3323. Some consumers prefer generic products
3320. What is #4 for? over brand-name products because
A. They are less expensive
B. Their quality is better
C. They are more widely available
D. They come with warranties
3324. s have a greater selection of invest-
A. Payee-who the check is written to
ments
B. Date check was written
A. True
C. memo-why the check was written
B. False
D. written amount of the check
3325. You must file your tax return by this
E. numeric amount box date every year
3321. Paying with a takes cash of your A. April 15
checking account. B. June 1
C. January 1
D. December 31
3326. A written check or check card trans-
action that is not backed up by enough
money in the account.
A. debit
B. credit
C. overdraft
A. credit card D. insurance

3327. Jeremy gardened for 4 hours on Sat- 3331. articles of trade; merchandise
urday, then folded 3 baskets of laundry A. standard of living
on Sunday. How much money did Jeremy
earn over the weekend? B. goods
C. service
D. demand
3332. Process of measuring risk and finding
NARAYAN CHANGDER
ways to minimize or manage loss.
A. Risk Management
A. $26
B. Risk
B. $18
C. Speculative Risk
C. $29 D. Umbrella Policy
D. $24
3333. The most common type of savings ac-
3328. What are needs? count is
A. things we buy or use A. Passbook Account
B. things we must have to live B. Money Market Deposit Account
C. things we want C. Money Market Mutual Fund
D. none of above D. Certificate of Depsoit

3329. In 1993, many labor unions leader op-
posed the United States membership in
the North American Free Trade Agreement
(NAFTA) because they feared it would
A. cause Americans to lose jobs to for-
eign nations
B. reduce the number of immigrants to
the United States
A. need
C. result in higher exports from the B. want
United States to Mexico and Canada
D. outlaw wage increase for workers in 3335. Professionally managed, diversified in-
the United State vestment that pools resources of many in-
vestors
3330. When the money you earn from work-
ing goes right into your checking account
automatically this is called:
A. direct deposit
B. tax refund
C. earned income
D. pay stub A. Treasury bonds

B. Stock index 3340. Which of the following is NOT an exam-

ple of a variable expense?
C. Mutual fund

A. Car payments
D. Saving account
B. Gas for your car
3336. A type of investment where the in- C. Utilities
vestor lends money to a company or the
D. Phone service
government. The loan will be paid back
with interest. 3341. What type of credit score is this 570?
A. Stock A. Average
B. mutual fund B. Great
C. bond C. Poor
D. CD D. Excellent
3342. The bank issued card that deducts
3337. Insurance money directly from the checking account
A. payment to a lender to compensate is
them for the inconvenience of not having A. debit card
their money now
B. credit card
B. a risk management plan of protection
C. savings account
against financial loss
D. money market
C. the benefit you get from receiving an
amount of money now versus an identical 3343. What is the recommended amount to
amount of money at a future date. save each month?
D. investors pool their money for a fund A. 10%
manager to invest in a collection of stocks B. 60%
3338. is a tool that provides information C. 20%

about you to a potential employer. D. $0
A. Cover Letter 3344. What are reasons to save money?
B. Resume A. financial security
C. References B. more spending power
D. Job Application C. extra money from bank interest
D. all of these are reasons to save money
3339. Income
3345. Bob is working for a bank. He earns
A. Money spent $8.00 an hour, works 40 hours a week,
B. Money received and gets paid every 2 weeks. Every pay
period he pays $63.08 into federal with-
C. The amount you could realistically sell
holdings tax, $33.21 into state withhold-
an asset for today
ings tax, and $42.05 into FICA (Social Se-
D. Items of monetary value a person or curity Tax). What is Bob’s net pay on his
household owns paycheck?

C. price
D. choice
3350. A fee paid by a borrower to the lender

for the use of borrowed money
A. Bills
B. Interest
A. $501.66
NARAYAN CHANGDER
B. $363.32 3351. What is the interest which is generated
on previously earned interest?
C. $576.92
A. Interest
D. $640.00
B. Compounding
3346. Saving resources that could be used for
immediate benefit for some greater bene- 3352. Which of these is the LEAST important
fit at a later time is called reason to save a given amount of money?
A. Productivity
B. Investment
C. Capital good
D. Diminishing returns
3347. Time Value of Money

A. the benefit you get from receiving an
A. provide money for emergencies
amount of money now versus an identical
amount of money at a future date B. provide money for a down payment on
B. a risk management plan of protection a home
against financial loss C. provide money for retirement
C. purchasing a share of ownership in a D. have your car washed and detailed by
company; profits come from selling that someone
share at a higher price
3353. Opportunity Cost is:
D. government pays the interest on the
loan while you’re in college A. Always an easy decision
B. Something that you can see the effects
3348. What is the 20% of the rule
of immediately
A. Needs
C. Never has to do with money
B. Wants
D. A trade off you make
C. Savings
D. Donations 3354. A usage fee is
A. The money charged on top of the origi-
3349. Things you can hold or touch. nal amount
A. Service B. The amount that you pay to a store
B. Good when checking out

C. What you give your friend for being a 3358. What is the collateral used at a title
good friend pawn?
A. Bananas

D. What the bank pays you for banking
with them B. Your car title
3355. What is credit? C. Your life
D. None
3359. Which of the following would be good

financial advice?
A. Invest at least 15% of your gross in-
come each year in tax-favored retirement
accounts like IRA’s.
A. A person saves money to use in the fu-
ture for large purchases. B. Invest at least 3% of your gross in-
come each year in commodities like gold
B. A person buys something and pays for and oil.
it later.
C. Wait to begin investing until age 40.
C. A person invests money into new com-
panies. D. Buy lottery tickets with 10% of your
gross income every year.
D. A person keeps track of their ex-
penses. 3360. To solve a problem, use the form of
listening.
3356. How does someone decide how much
money to spend and how much they should A. Sympathetic
save? B. Critical
A. By realizing their income is limited and C. Creative
saving all of it. D. Hearing
B. By asking friends.
3361. Economies can differ based on all the fol-
C. By developing a budget to identify how lowing EXCEPT
much they can afford to spend and save.
A. Type of government
D. By asking for a higher salary, so they
B. Natural resource available
do not have to worry about saving or
spending. C. Geography
D. Race of population
3357. non-contractual expenses
A. easy to reduce or eliminate; food or en- 3362. Money invested while you work that
tertainment you will live on once you reach a certain
number or years and/or age
B. required to pay expense for a specific
amount of time; not easy to reduce or A. CD/ Certificate of deposit
eliminate; rent, internet, cellphone B. standard saving account
C. step 1 C. bonds
D. step 3 D. retirement

3363. Property that a borrower pledges as a

security for a loan is called
A. collateral
B. interest
C. principal
D. annual percentage rate
NARAYAN CHANGDER
3364. Companies like Blockbuster have gone A. $2, 000
, losing all worth of their stock.
B. $.08
C. $200
D. $4
3367. a tax on retail products based on a set

of percentage of retail cost
A. dividend
B. asset
C. stock
D. bankrupt
3365. Proportional taxes are taxes that stay A. sales tax

the same regardless of a person’s or busi-
B. property tax
ness’s income. For example, some sales
taxes are considered proportional because C. income tax
a tax rate of 8% in a certain state would D. none of above
apply to all customers in that state and
take the same fraction of their 3368. James works as a freelance journalist
and has filled out his tax return, with
A. taxes the government refunding him with $200.
What is this an example of?
B. income
A. Billing
C. family
B. Cash inflow
D. friends C. Procedural error
D. Cash outflow
3366. If the Moore’s monthly income is $5,
000 what amount of their budget is spent 3369. Which of the following is an example of
on miscellaneous expenses? a liability?

A. Your old car which may die at any mo- C. Decrease expenses and increase in-
ment. come

B. Your credit card balance. D. Increase expenses and increase in-
come
C. Your new bike.
D. Your condo in Florida. 3374. Which animal represents a market that
is doing well?
3370. Millionaires tend to avoid the stock mar- A. Dog
ket.
B. Cat
C. Bear
D. Bull
3375. Jenna wants to decrease the amount of
$ she spends on food. Which of the fol-
lowing would help? (hint:choose 2 correct
answers)
A. True
B. False
3371. the preset time at which you may with-

draw fund from CD
A. maturity A. Decide what she will make for dinner
B. loan that same day
B. Go to the grocery store with a list
C. installment
C. Go to the store whenever she needs 1-
2 items
3372. A child’s parent passes away suddenly. D. Keep staple foods (e.g. beans, rice)
This insurance will help cover the loss of readily stocked
finances.
3376. Putting money aside for future benefit
A. Auto Liability and growth (usually through interest) or
B. Long Term Care by using the money to start a business,
buy stocks, bonds, certificates of deposit,
C. Disability
and/or mutual funds.
D. Life
A. Investing
3373. This month Mando’s expenses are B. Profit
greater than his income. What are two ac- C. Budget
tions Mando can take in order to balance
D. Credit
his budget?
A. Increase expenses and decrease in- 3377. A is a buy-now, pay-now payment
come option that is linked to a checking account.
B. Decrease expenses and decrease in- A. Debit Card
come B. Credit Card

3378. The longer the loan term the less total B. Saving and investing
interest you pay. C. Financial Planning
A. False
D. Goal Setting
B. True
3384. In the 6 financial jar rule, what percent-
3379. Billy wants to buy a drink and three age of the total income does the essential
packs of gum. Which form of payment needs jar account for?
would be the smartest?
A. 50%
NARAYAN CHANGDER
A. cash
B. 52%
B. credit card
C. 53%
C. debit card
D. 55%
D. personal loan
3385. An example of JOMO is
3380. A deposit account that pays interest on
deposits, allows withdrawals and trans-
fers with an ATM card, does not offer the
option of bill payment or purchases, and
may have a minimum deposit requirement
is called
A. Money Market
B. Checking Account
C. Savings Account A. purchasing something when it is on
sale
D. none of above
B. attending a party
3381. What do you call a charge a bank ap- C. Black Friday shopping
plies to your account for going below the
minimum allowed balance? D. staying home and relaxing
A. Punishment 3386. Sophia is shopping with her mom in
B. Fine November and deciding on what to pur-
chase. Which is an example of a need?
C. Bill
A. a winter coat
D. Fee
B. a designer purse
3382. Income less taxes =
C. makeup
D. jewelry
B. net income
C. gross income 3387. What is the rate of return if a $122 in-
vestment becomes $208 in a year?
D. discretionary income
A. 60.52%
3383. The process of defining goals, develop-
B. 70.49%
ing a plan to achieve them, and putting the
plan into action is C. 74.92%
A. Delayed Gratification D. 70.55%

3388. What is income? 3394. What are some expenses related to util-
A. Money earned by a worker in a year ities?

A. installation
B. Money spent
B. deposits
C. Money set aside for future use
C. monthly payments for service
D. Using money in hopes of gaining more
in the future D. all the above
3389. payment for a wrong or loss 3395. work for a person, organization, or gov-
ernment, where some sort of task is ac-
A. redress complished
B. debit A. Service
C. interest B. Spending
D. loan C. Saving
3390. The process of managing to achieve per- D. Income

sonal academic satisfaction. 3396. The study of how a society manages all
A. Financial Gaining of its resources to produce and distribute
goods and services.
B. Financial Planning
A. rationing
C. Financial Wealth
B. scarcity
D. Financial Security
C. economics
3391. People who over-spend their budget D. GDP
regularly, risk getting ‘in the black’ sooner
or later. 3397. , IRA, and Roth IRA are all examples of
A. TRUE a account
A. Retirement
B. FALSE
Explanation:People who over-spend their B. College Savings
budget regularly, risk getting in the RED C. Low Interest
sooner or later.
D. Stock
3392. Expenses that are essential for you to
3398. means to purchase something with
be able to live and function
the hope that it will make more money in
A. wants the future.
B. cost of living A. investing
C. needs B. spending
D. variable expenses C. buying
D. none of above
3393. Renting a house is more of an invest-
ment than buying one. 3399. What is a budget?
A. True A. A plan for how money will be used
B. False B. The amount you spend

C. The amount you save 3404. the amount of money you receive after
deductions are subtracted from your gross
D. none of above
income
3400. Provides consumers against unautho-
rized electronic fund transactions including
debit and credit card purchases, ATM with-
drawals, and automatic bank account with-
drawals
NARAYAN CHANGDER
A. Bank Fraud
B. Electronic Fund Transfer Act
C. Federal Deposit Insurance Act
D. Home Equity Loan Consumer Protec- A. gross income
tion Act
B. net income
E. Home Equity
3405. Which is a high cost financial service?
3401. What is state tax?
A. Pawn shop
A. Tax paid to the governor of the state B. Credit union
B. Tax paid to the governor of the state C. Bank
C. Tax paid to the governor of the state D. Investment center
D. Tax that you pay to the government of 3406. A situation in which people can’t have
a state everything they want due to limited re-
sources.
3402. Are the interest rates the same for all
borrowers? Why or why not? A. Citizen
A. No B. Scarcity
B. Yes C. Free Enterprise
C. Credit affects the interest rate D. Business
D. Credit does not affect the interest rate 3407. When income in households increases,
what is the likely result? (Remember
3403. Why do cities use tax dollars to fund IRDL)
services such as building a park? A. The supply curve will shift to the left
A. because private companies do not B. The demand curve shifts to the left
want the work
C. The supply curve becomes vertical
B. because the services are necessary
D. The demand curve shifts to the right.
for a healthy society
C. because public taxes are limitless and 3408. Which type of debt is growing
must be used correctly SLOWER?
D. because the services provide jobs for A. Student Loan Debt

people in the community B. Mortgage Debt

3409. Which of the following concepts about B. Debt Reliance

Credit Score (FICO) is correct? C. Mortgage

A. A low credit score makes it easier for D. Auto Loan
you to borrow money from banks
B. Is the score that financial institutions 3413. required payments to the government
use to evaluate your credibility when us- A. taxes
ing that institution’s loan forms. The B. fine
higher your score, the better you are eval-
uated. Is a cost that does not change C. stocks
C. Credit score is only important for peo- D. bonds
ple who borrow money from banks or do 3414. A plan how money will be spent
business.
A. Balanced Budget
D. If you have never borrowed from a
bank before, it means your credit history B. Variable Expense
is very clean and you will have a very high C. Net income
credit score.
D. Budget
3410. APY 3415. Costs related to a business; the spend-
A. the real rate of return earned on an in- ing of some income for various needs and
vestment, taking into account the effect of wants
compounding interest. A. Income
B. a legal agreement by which a bank or B. Allowances
other creditor lends money at interest in
exchange for taking title of the debtor’s C. Expenses
property, with the condition that the con- D. Bonds
veyance of title becomes void upon the
payment of the debt 3416. Which is the best description for a sav-
ings accound?
C. a sum of money lent or invested, on
which interest is paid A. somewhere risky to store money
D. a fixed regular payment, typically paid B. lending money to a stranger
on a monthly or biweekly basis but often C. borrowing money for a car
D. somewhere to store money for an
emergency or large purchase
fessional or white-collar worker
3417. The Servicemen’s Readjustment Act of
3411. I=Prt is the formula for calculating
1944 (GIBill) made a significant impact on
A. The time value of money post-World War ll America because it pro-
B. Simple Interest vided for
C. Compound Interest A. aid to veterans for housing and college
costs
D. Future value
B. the rapid demobilization of soldiers
3412. What is the title of a home loan? C. pensions for soldiers from World War
A. Borrower’s Plea l

D. the establishment of a draft for all B. Expenditures are equally spread out in
males over 18 years of age the budget.
3418. another person gives you money that C. Income that is earned is less than the
you will then need to pay back expenditures.
A. borrow D. none of above
B. purchase 3424. Jose is required to pay property taxes
C. scarce on his bicycle.
NARAYAN CHANGDER
D. labor A. True
B. False
3419. to let someone else use your money and
they will need to pay you back 3425. The out-of-pocket money paid by the
A. human capital policyholder before an (a)
B. borrow A. a Deductible
C. lend B. Premium
D. interest C. Policy
D. Insurance
3420. What does APR stand for?
E. Risk
A. Annual purchase rate
B. Annual percentage rate 3426. Which type of financial institution
would offer the greatest variety of loan
C. Approximate payment rotation
products (for example, auto, credit cards,
D. Authorization processing rate mortgages, personal loans, etc)
3421. All of the following may be a part of A. Payday loan companies
your benefits package available from your B. Title Pawn
employer, except:
C. Banks
A. disability insurance
B. healthcare insurance
3427. Carol Jones is a receptionist in a doctor’s
C. FICA
office. She worked 35 hours this week. If
D. matching contributions to a retirement her regular pay is $9.68 per hour, what is
account Carol’s overtime pay rate
3422. A debt or obligation owed to others A. $9.68
A. liability B. $14.52
B. debt C. $338.80
C. expense D. none of above
D. bills 3428. What type of coverage do we need to
3423. What does it mean to have a balanced get in case someone gets hurt on our prop-
budget? erty and sues you?
A. Income is equal to or more than the ex- A. Disability Coverage

penditures. B. Liability Coverage

C. Health Coverage 3434. Identify which of the following BEST re-

D. Specialized Coverage flects planned purchasing:

A. Avoid any purchases at all and just
3429. What is the current amount of money in save your money.
your bank account called?
B. Spend all of your money as soon as you
A. balance
receive it.
B. debt
C. Purchase whatever you feel like is the
C. Withdrawal best products based on a gut feeling.
D. payment D. Avoid impulse buying and research
3430. Even though people can still trade today, larger expenditures before purchasing
most needs and wants are bought or pur- 3435. What is the net income if the gross in-
chased from stores today using come is $3, 450 and income taxes are
A. tickets $750?
B. bartering A. $2, 700
C. money B. $4, 200
D. trading
3436. Whether you have the financial ability
3431. What is the difference between a credit to repay your debt goes toward determin-
card and a debit card? ing this “C” of credit
A. A debit card is subtracted from your A. character
checking account. A credit card is not at- B. commitment
tached to your checking account.
C. capital
B. A credit card is subtracted from your
checking account. A debit card has a D. capacity
credit limit.
3437. Why open a checking account?
3432. Which is a reason to keep your money A. It’s a safe place to store money.
in a bank?
B. It lets you use a debit card.
A. Safety
C. It makes it easy for you to pay others-
B. Convenience and for others to pay you.
C. Security
D. All of the above.
D. Easy
3438. Jill, an accountant, is having troubles
E. All of the above
with constructing a financial document for
3433. Match the term to its definition: is one of her clients. As her client works in-
the price you pay to borrow money or the ternationally, he has a lot of small pur-
cost you charge to lend money. chases and various payment method op-
A. Interest tions, which makes it difficult to construct
a financial statement which tracks the net
B. Mortgage change in his cash. Which financial docu-
C. Insurance ment is Jill trying to compile?
D. Credit A. A cash flow statement

B. Debt to equity ratio 3443. One way President Kennedy responded

C. Tax returns to the Soviet action referred to in the tele-
gram was to support
D. Statement of changes in equity
A. a decrease in the budget for space ex-
3439. Which of the 5C’s of lending does a ploration
bank review when looking at past pay- B. an expansion of the Peace Corps to aid
ment records on loans? impoverished nations
A. Capital
NARAYAN CHANGDER
C. the removal of Soviet troops from East
B. Capacity Berlin
C. Clarity D. the commitment to a Moon landing by
D. Character the end of the decade
3440. A plan for spending and saving. You 3444. The federal government does not im-
must consider both income and expenses. pose a sales tax.
A. budget A. True
B. banking B. False
C. hoarding 3445. Which of the following expenses would
D. investing typically be included in a personal al-
lowance?
3441. The average U.S. household has about $
A. Car payments
in credit card debt.
B. Dining out with a client
C. Clothing purchase
D. Purchase of stock
3446. Mischa’s budget is displayed. How

much can Mischa save and still balance her
budget?
A. $5, 000
B. $10, 000
C. $15, 000
D. $25, 000
3442. What can you do if you want to buy an

expensive item?
A. Save up your money. Every little bit
counts!
A. $4.75
B. Beg your parents to buy it for you.
B. $5.25
C. Cry
D. Throw a tantrum until someone buys it C. $5.75
for you. D. $6.25

3447. Which combination would create 3450. A set amount of money earned by an
medium growth and medium risk? employee in a set amount of time

A. Benefit
B. Bonus
C. Tip
D. Salary
3451. Carefully planning where your personal

money is spent or invested
A. savings
A. Stocks and bonds B. personal money management
B. Stock-based and bond-based mutual C. debt
funds
D. budget
C. Savings account and certificates of de-
posit 3452. Is it a good idea to make a list before go-
ing grocery shopping to stick to your bud-
D. Savings account and bond-based mu-
get?
tual funds
A. Yes make a list
3448. Minimum wage B. No
A. the lowest wage permitted by law or
by a special agreement (such as one with 3453. Mrs. Fritz told her class that one way to
a labor union); currently $10 per hour in save money is to buy fruit that is in sea-
Florida son. Fruits in season are fruits that are
in their natural growing season and are
B. time in excess of a set limit:such as ready to be picked. Which statement sup-
working time in excess of a standard day ports what Mrs. Fritz told her class?
or week
C. the list of employees of some com-
as well as other work benefits and the
amounts that each should receive.
D. the pay received by an employee after
the deduction of taxes and other obliga-
tions. A. The price of fruit that is not in season
is usually less because people don’t want
3449. What is the main objective of investing it.
in personal finance B. The price of fruit that is in season is
A. To speculate on stock prices low because the fruit spoils quickly.
C. The price of fruit that is in season is
B. To avoid paying taxes
low because more fruit is available to buy-
C. To grow wealth over time ers.
D. To increase credit card debt D. Not here

3454. This card simply takes the place of cash, C. free healthcare.
as it takes money directly from your check- D. unlimited liability.
ing account when you use it.
3460. Like a credit card, but it takes money
A. Credit Card
directly from your bank account.
B. Debit Card
A. budget
C. Visa Card
B. debit card
D. Gift Card C. credit card
NARAYAN CHANGDER
3455. If Costoc and Sams Club are both selling D. checking account
X Boxes, they are in with each other.
3461. Which type of tax do you pay on your
A. opportunity cost home or land?
B. voluntary exchange A. Location Tax
C. competition B. Land Tax
D. consumers C. Property Tax
3456. Which is the best definition of a need D. House Tax
A. something you really want 3462. If you make $1600 a month, how much
should you spend on “wants”?
B. something that makes your life easier
A. $160
C. something that is for survival
B. $320
D. something that is rare
C. $480
3457. A market where share prices are rising, D. $800
encouraging buying.
A. Bull Market 3463. What should be written on line 5?
B. Bear Market
3458. Rosa chose to go to college instead of

getting a job after high school. She sac-
rificed four years of salary while earning
her degree. What is the price she chose to A. the date
pay by going to college instead of employ-
B. the amount of the check
ment?
C. reminder/memo
A. scarcity
D. your signature
B. opportunity costs
3464. Your car needs gas and so you pay $25
C. finance
cash to fill up. Which budget category
D. values does this expense come from?
3459. With insurance, a higher deductible A. Cash
means a B. Car
A. lower premium. C. Emergency fund
B. higher premium. D. Checking

3465. Personal Finance is a class I am required C. selling houses that they buy from cus-
to pass in high school. tomers

A. True D. loaning money to individuals and busi-
nesses
B. False
3470. A number based on information in a con-
3466. What you earn and spend is reflected in sumer’s credit report that measures an in-
the regular installment that your bank is- dividual’s credit worthiness.
sues every month.
A. TRUE
B. FALSE
Explanation:What you earn and spend is
reflected in the BANK STATEMENT that
your bank issues every month.
3467. Identify which of the following is stud-

ied by microeconomics: A. credit score
A. How Thomas, who is the president of B. credit card
the central bank, will with his advisors im- C. financial report
pact the monetary policy of the country
D. none of above
B. How much money the country needs
from taxes in order to have a stable bud- 3471. You have $200. How do you keep track
get of it?
C. How to increase the number of foreign A. Budget it by splitting it among your cur-
investors in the country rent and future expenses.
D. How an entrepreneur, like Beth, B. Stick it under your bed for safekeep-
started her company and how she makes ing.
her business decisions C. Put it in your savings account.
D. Spend it. Because YOLO.
3468. The Annual Percentage Rate on a loan
MOST directly affects which item? 3472. Saving-spending plan that is based on a
A. The length of the loan person’s income and estimated expenses
A. Invest
B. The minimum amount that can be bor-
rowed B. Credit
C. The total amount of money owed to a C. Budget
lender D. none of above
D. The grace period for making payments 3473. is when your expenses are less than
with no interest or equal to your income.
3469. Banks in the United States make most A. Income
of their money by B. Balanced budget
A. taking customers’ property C. Expenses
B. investing in the stock market D. none of above

3474. A plan for saving and spending in order 3479. Why is it a good idea to pay cash for
to know where all your monthly income is purchases whenever possible?
going. A. Paying with cash creates more jobs
A. Savings Account than paying with credit.
B. Budget B. Paying with credit can be more expen-
sive than paying with cash.
C. CD
C. People can get the things they want
D. NONE
NARAYAN CHANGDER
more quickly by paying with cash.
3475. What statement BEST describes saving? D. People who can pay with cash are
more likely to be approved for loans.
A. loaning money to another individual
B. earning money in exchange for work 3480. A set amount you are paid for every
hour that you work; also called hourly pay
C. planning how to spend one’s income
A. hourly rate
D. setting aside money for the future
B. scale
3476. Aaron has $22 in the bank. He makes a C. revenue
deposit of $5. How much money does he D. credit
have in the bank now?
3481. The letters FDIC stands for
A. $17
A. Federal Deposit Insurance Corpora-
B. $27
tion
C. $23 B. Federal Deposit Interest Company
D. none of above C. Future Demand In Computers
3477. What are liabilities? D. none of above
A. moveable things you own 3482. money paid at a particular rate for the
use of money lent, or for delaying the re-
B. debts you owe
payment of a debt
C. land, houses, buildings
A. insurance
D. stocks, bonds, and retirement B. interest
3478. Jose is interested in investing in a secu- C. collateral
rity, and is focused on lowering the risk D. utilities
of his investment. Which of the following
securities should he choose and why? 3483. This is an example of a:
A. Stocks because they do not fluctuate. A. Demand Graph
B. Bonds because they have a lower risk. B. Supply Graph
C. Bonds because they will always pay 3484. Which vocabulary word is defined as
out dividends. borrowing money to buy something now,
D. Stocks because they have a guaran- and paying it back later?
teed rate of return. A. credit

B. borrowing 3490. If I have good credit, I can do all the fol-

C. savings rate lowing but

D. interest rate A. rent a good apartment
B. go to a good school
3485. A person may be in if their income
is less than their expenses. C. get a good job
A. loan D. get a credit card and buy things
B. debt 3491. Which is a deposit account held at

C. credit a financial institution that allows with-
drawals and deposits.
D. profit
A. Checking Account
3486. Which of the following can increase net B. Savings Account
worth?
C. Expense
A. Stocks
D. Budget
B. Credit card debt
C. Mortgage 3492. Which BEST describes how banks oper-
ate?
D. Business loan
A. Banks take in deposits, for which they
3487. Which are good reasons to use credit? pay a relatively small rate of interest; then
(Click all that apply) hold a small amount aside and loan out the
A. When you want to buy something but rest at a higher rate of interest
don’t have enough cash. B. Banks borrow money from the govern-
B. When you want to buy a house or car. ment at low interest rates, and they loan
that money to customers at higher inter-
C. When you want to go back to school or est rates.
start a business.
C. Banks under license from the govern-
D. When you want to pay more for some- ment print money that they then loan out
thing much later. to business and households
3488. What form do you need to use to file a D. Banks take in deposits which they use
tax report to the IRS to pay their employees and other costs.
A. W2 3493. What is the Second Principle of Finance?
B. Eq A. Make Your Money Work For You
C. 1040 B. Spend Less Than You Earn
D. 1022 C. Protect Your Money
3489. What is the job of a bank? D. none of above
A. to spend money 3494. k), IRA, and Roth IRA are all examples
B. to share your money of a (a) account.
C. to keep our money safe A. a Retirement
D. to keep your money hidden B. College Savings

C. Low Interest 3499. True or False:A cosigner’s credit his-

D. Stock tory can be affected by the loan they are
cosigned on.
3495. To compare your bank’s monthly account
statement with your own records of activ-
ity for the same account
A. balance
B. negatives
NARAYAN CHANGDER
C. reconcile
D. transactions
A. True
3496. Which sentence best describes how the B. False
job (labor) market is like other markets?
A. Wages are high when the supply of la- 3500. Interest paid periodically and paid on
bor is high and demand is low the principal plus interest earned.
B. Wages are high when the supply of la- A. Simple Interest
bor is low and demand is high B. Compound Interest
C. Wages are high when both supply of C. Hard Interest
labor and demand for it are low
D. Double Interest
D. Wages are high when both the supply
of labor and demand for it are high 3501. You burned your hand while trying to
take the perfect candlelit selfie. How do
3497. Which U.S. president proposed that con-
you pay for the hospital visit?
sumer rights be recognized?
A. Put it on your credit card. Medical
A. John F. Kennedy
costs don’t count toward your balance.
B. Theodore Roosevelt
B. Use your emergency fund to pay for un-
C. Franklin Roosevelt planned expenses.
D. Harry Truman C. Take the money out of your food bud-
get for the month. Looks like it’s rice and
3498. Take-home pay
beans until payday!
A. the pay received by an employee after
D. Skip the emergency room, slather on
the deduction of taxes and other obliga-
some aloe, and promise that next time,
tions.
you’ll just use a filter.
B. An individual or company’s income be-
fore taxes and deductions. 3502. Financial planning by analyzing income
C. the amount an individual or business and expenses
makes after deducting costs, allowances A. budget
and taxes.
B. credit limit
D. a state of being under obligation to pay
C. ATM
for something received:a state of owing D. debt

3503. What is the difference between income 3508. What is a want?

and expense (expenditures)? A. something you have to have in order to

A. An expenditure is money that is saved; live
an income is money that is spent B. something you can live without but
B. An expenditure is money that is hope you can get
earned; an income is money that is re- C. water for survival
ceived
D. food for survival
C. An income is money that is given to
another person; an expenditure is money 3509. Which is something people need to live?
that is received by another person A. stuffed animal
D. An income is money that is received; B. candy
an expenditure is money that is spent C. food
3504. Besides tuition, most colleges also D. none of above
charge their students for
3510. What do you call a person that gets a
A. room & board loan to make a large purchase?
B. extra fees A. Lender
C. books B. Borrower
D. all of the above C. Customer
D. none of above
3505. Which interest type does the interested
charged or earned get added to the princi- 3511. essential expenses
ple before being recalculated? A. expenses that are required for living.
A. Simple (childcare, healthcare, etc.)
B. Compound B. money derived from paid work
C. Complex C. income from investments rather than
from work.
D. developed
D. n expense that can be subtracted from
3506. When it comes to personal savings, taxable income in order to reduce the
what does the acronym PYF stand for? amount owed.
A. prepare your future 3512. iPhone:Goods or Service?

B. pay your friends
C. pay yourself first
D. prepay your finances
3507. Net income is the total amount of earn-

ings made after deductions.
A. True
B. False

A. Goods 3517. the final arranging of details for the sale

of a house
B. Service
A. mortgage
3513. Who is the ONLY person that knows ex- B. opening
actly how much money is in your account?
C. closing
A. The bank
D. rent
B. Your parent/guardian
3518. what is Identity Theft
NARAYAN CHANGDER
C. YOU
A. the fraudulent practice of sending text
D. your friend messages purporting to be from rep-
utable companies in order to induce in-
3514. Money is kept in a savings account for
A. safekeeping bers.
B. spending B. the fraudulent practice of sending
C. income emails or other messages purporting to
be from reputable companies in order to
D. none of above induce individuals to reveal personal in-
formation, such as passwords and credit
3515. Adam is planning his monthly budget. card numbers.
Which of the following would NOT be a
reason to save some money in a savings C. the fraudulent acquisition and use of
account? a person’s private identifying information,
D. wrongful or criminal deception in-
tended to result in financial or personal
gain.”he was convicted of fraud”
3519. In a economy, prices are based on

how much people are willing to pay.
A. To be prepared for unexpected ex-
A. market
penses
B. command
B. To buy a new house for his family
C. demand-focused
C. To pay for college for his son
D. traditional
D. To keep people from asking you to lend
them money 3520. True or False:Texas imposes an addi-
tional income tax.
3516. What is investment? A. True
A. money spent on something with the B. False
goal of making more money
3521. A budget that shows a surplus means
B. money spent on other things
that
C. money spent on saved products
A. more money was spent on entertain-
D. none of above ment than originally planned

B. less was spent than what was earned B. a 30 year old married woman
C. you received a cut in pay C. an 18 year old boy

D. spent money budgeted for emergen- D. an 18 year old boy
cies on car repairs
3527. Congratulations you have opened your
3522. check own checking account, the following in-
formation appears on your first monthly
A. someone is hired and works for some- statement:Opening Balance:$350.00
one else Deposits:$288.56, $288.56, $75.00
B. the existing amount in an account Checks:$324.74, $32.46, $97.41,
C. to record $35.00, $84.21, $302.02 Service Fee:$5
NSF:$35 You remember you have two
D. a written order directing the bank to checks that you wrote that do not appear
take money from your account and pay on the statement. The checks were for
someone you have designated the order $51.48 and $17.75. How much money
will be still in your account when the
3523. Which type of financial institution is
checks clear?
MOST likely to require a membership and
offer lower rates and special perks to their A. $59.75
members? B. $17.05
A. Credit Unions C. $16.44
B. Banks D. $77.33
C. Savings and Loans 3528. Which can a credit card help pay for?
D. none of above A. healthcare
3524. The value of one’s assets minus one’s B. taxes
liabilities C. student loans
A. fixed income D. all of the above
B. coupon 3529. This Is Johnny and his fams budget how
C. net worth much is Johnnys family spending on trans-
portation.
D. gross income

earned income?
A. Investments
B. Wages
C. Gifts
D. none of above
A. 3%
3526. Of the following people, which one
would probably pay the highest rates for B. 15%
car insurance? C. 5%
A. a 50 year old single man D. 10%

3530. These are the two main factors to con- 3534. What are securities?
sider when making investment options: A. moveable things you own
A. Risk and Reward B. debts you owe
B. Risk and Trust C. land, houses, buildings
C. Trust and Reward D. stocks, bonds, and mutual funds
D. Trust and Confidence 3535. Defined contribution retirement account
that is taken out of your paycheck before
NARAYAN CHANGDER
3531. What can debt collectors do if you don’t you pay any taxes on this income.
make payments towards your loans? A. IRA
B. Roth IRA
C. 401K
D. Pension
3536. Which of the following handles IPO’s,
hedge funds & investing?
A. Investment bank
B. Credit Union
A. Have you arrested if you owe money
C. Savings & Loan
B. They can try contacting you at work
D. Commercial Bank
C. Call you between 8am-9pm to talk to
you about your loans 3537. How many% will the VNIndex increase
in 2021?
D. Reach out to your friends about the
debt you owe A. 10-15%
B. 15-25%
3532. Shanelle earned $40.00 selling lemon- C. 25-30%
ade. Her profit was $32.00. How much
were her expenses? D. 30-40%
A. $74.00 3538. Membership required
B. $34.00 A. Bank
B. Credit Union
C. $8.00
C. Both
D. $6.00
D. none of above
3533. The financial tool that automatically 3539. One of the 5 C’s of credit that shows a
deducts money from your bank account person’s willingness to pay is
when you make a purchase with it is a
A. check.
B. debit card.
C. credit card.
D. savings card.

A. capital 3544. A(n) is an organized way that a

state, nation, or country manages all their
B. collateral
production, buying, and selling.

C. character
A. financial ecosystem
D. capacity B. economic system
3540. Tax levied by a government directly on C. bank study
personal income. D. financial management system
A. Budget
3545. A is a check that has been honored
B. Income Tax and processed.
C. Net Income A. Overdraft
D. Expense B. Statement
C. Cleared Check
3541. What is a budget?
D. Withdrawal
E. Deposit

income?
A. Charging a lunch you will pay tomor-
row
B. Buying an ice cream at lunch today
A. A type of savings account C. Money you get for working a job
B. A fund for emergencies D. Trading supplies with a friend
C. A way to invest for retirement 3547. In the U.S economy, the Federal Re-
D. A financial plan for how you will spend serve (the Fed) is responsible for
your monthly income A. keeping interest rates low and moni-
toring inflation
3542. Location stockbrokers trade the best
stocks in the USA B. providing jobs for all Amercians
C. collecting taxes from all companies in
A. New York Stock Exchange
the U.S.
B. HOPE
D. making sure all children are in school
3543. The most common & safest financial in- 3548. The process of setting money aside for
stitution a future date instead of spending it today.
A. savings & loan A. investing
B. commercial bank B. saving
C. federal apostotory C. stock
D. CD’s & DDA’s D. portfolio

3549. Which of the following is NOT a good

reason to create a budget?
A. portfolio
B. stock
NARAYAN CHANGDER
C. invest
D. index
A. monitor financial resources so you 3553. Which of the following is a benefit of

don’t run out of money having a personal savings plan?
B. establish short-term saving opportu- A. A savings plan helps people spend
nity to plan for big trip more of their time doing the things they
C. to find out how much money you make love
in a year B. Having a savings plan helps people
D. establish long-term saving opportunity find a better job that pays more money
to plan for college C. Having a savings plan means you are
3550. An example of YOLO is able to spend more money in the future.
D. A saving plan helps people maintain
balance between their health and their
wealth
3554. purchasing equipment and factories by

businesses and new homes by consumers
A. Examples of Real Investment
B. Examples of Financial Investment
3555. Your little brother threw a ball and

A. purchasing something for a friend broke a window. You have to pay $45
to fix it. Is this an example of an income
B. choosing to do something impulsively
or expense?
C. avoiding Black Friday shopping
A. income
D. staying home and relaxing
B. expense
3551. You go to the movies
3556. All transactions should be recorded in
A. Income
what?
B. Expense
A. Bank statement
3552. To put money to use by purchasing B. Check register
something offering potential profitable re-
turns as interest, income, or appreciation C. Journal
in value. D. Reconcile pages

3557. How much more money could Margo 3562. Co-payment

earn washing the dinner dishes for 7 days
A. flat fee for basic services (dr. vis-
than washing 12 windows?

its/prescriptions)
B. monthly payments to get an insurance
plan
C. investors pool their money for a fund
A. $3 D. the interest rate is paid only on the

principal amount
B. $2
C. $4 3563. A line of credit that allows a borrower
to repeatedly use it within a certain mon-
D. $6
etary amount is considered to be
3558. Rent Payment A. A secured loan
B. Open-ended credit
C. Close-ended credit
D. A retirement account
3564. consumers make the choice to

A. vote
A. Fixed Expense
B. work
B. Variable Expense
C. buy
D. none of above
A. Something you really enjoy doing dur-
ing your free time. 3565. Which one of these investments is gen-
B. A fee paid for the use of borrowing erally the riskiest?
money/the cost of borrowing money. A. Stocks
C. A hobby. B. Cryptocurrencies
D. Money you earn from working at a job. C. Corporate bonds
3560. The more credit cards I have, the higher D. Government bonds
my credit score will be.
3566. What is a budget?
A. True
B. False A. a way to keep track of people’s birth-
day
3561. Coverage for an insured person’s car.
B. a way to keep track of how much
A. Automobile Insurance money is in your savings account
B. Risk Management C. a way to keep track of money earned
C. Pure Risk and money spent
D. No-Fault Auto Insurance D. none of above

3567. the act of giving money for charitable B. Commission

purposes
C. Benefit
A. Income
D. Wage
B. Expenses
C. Interest 3572. Darwin knows his gross pay for this pay
period is $1440. How much will he pay to
D. Philanthropy Social Security (6.2%)?
NARAYAN CHANGDER
3568. Which is NOT considered an additional A. $89.28
cost beyond tuition for higher education?
B. $892.80
A. Academic counseling
C. $45.14
B. Room and board
D. $8928
C. Textbooks and supplies
D. Transportation 3573. Why is it important to start saving
money early in life?
3569. The agreement to receive cash, goods or
services now and pay for them later. A. The earlier you start saving, the more
your money will grow over time
A. Check
B. The earlier you start saving, the easier
B. Debit
it will be to save over time
C. Credit
C. The earlier you start saving, the more
D. Late Fee money you will have to earn early in your
life
3570. Which of the following is TRUE about
checks? (hint:choose 2 correct answers) D. The earlier you start saving, the longer
you will have to work
3574. a plan for how much income will be re-

ceived and how it will be spent
A. You should endorse the back when

writing a check
B. The amount of money is written both
numerically and in words
C. Checks should show up on your state-
ment within 30 days
D. You should endorse the back when de-
positing a check
A. budget
3571. A fixed percentage or amount of profit
B. grocery list
given to an employee in exchange for mak-
ing a sale C. shopping list
A. Tip D. none of above

3575. A belief or idea you consider important A. gross income

or desirable B. net income

A. Goal
3580. What is the name of the federal health
B. Want insurance policy that provides medical ben-
C. Need efits to to persons 65 years or older?
D. Value A. Medical
B. Federal Health Insurance
3576. What is a way to transfers saver’s dol-
lars to investors called? C. Medicare
A. The Stock Exchange D. Surgeon General
B. A Money Market 3581. What is a variable expense?
C. Scarcity A. an expense whose price changes over
D. A Financial System time
B. an expense whose price does not
3577. When you diversify your investments change over time
you
C. money used on needs and wants
D. none of above
3582. Why are incomes limited?
A. All resources are scarce.
B. To prevent everyone from being
wealthy.
C. To justify everyone having a 40-hour
A. could lose all of your money on one work week.
risky investment D. Employers do not have enough money
B. cannot lose your money through in- to pay everyone.
vestment
3583. Which of the following information
C. invest only in safe options would you find on a paystub? (Check all
D. spread out your money between differ- that apply.)
ent investments A. Your name
3578. an economic systen where the govern- B. Your Address
ment owns business C. The pay period
A. command D. Deductions
B. market E. Check amount
C. free enterprise 3584. It’s your birthday! Your parents gave
D. none of above you $25. Is this an example of an income
or expense?
3579. the amount of money you receive after
deductions are subtracted from your gross A. income
income B. expense

3585. POS stands for C. How he plans to increase his expendi-

A. Position of Sale tures this coming year.
B. Principal of Sale D. How he plans to earn a lot of money

over time to spend on others.
C. Percent of Sale
D. Point of Sale 3589. What is the Rule of thumb:(100 minus
Age)?
3586. When you take money out of your ac-
NARAYAN CHANGDER
A. It is to calculate the risk tolerance
count, that is called a
A. deposit B. It is to calculate expected return on in-
vestment.
B. withdrawal
C. It is a common thumb rule to decide
C. purchase one’s asset allocation.
D. none of above D. It is to direct real investment.
3587. Revolving credit is
3590. What is one result of having an over-
draft?
A. Additional fees will be added to your
account
B. Your credit score will automatically im-
prove
C. You will receive a large sum of money
D. You will not have to pay any fees
A. a type of credit that can be used re- 3591. What is the difference between an in-
peatedly up to a certain limit as long as come and an expenditure?
the account is open and payments are
A. An income is money that is received;
made on time.
an expenditure is money that is spent
B. a type of credit that can be used only
once up to a certain limit and must be B. An expenditure is money that is saved;
closed immediately after all payments are an income is money that is spent
due C. An income is money that is given to
C. a spinning door with money in it another person; an expenditure is money
that is received by another person
D. none of above
D. none of above
3588. Which of the following should Nick in-
clude in his personal budget if he wants to 3592. is what type of credit score
be the richest person in the world? A. excellent
A. how he spends money on himself and
B. poor
others
C. average
B. A. How he plans to save money over a
long period of time. D. good

3593. What is one thing that would hurt your B. debit card
credit score? C. checking account

A. Bad test grade D. Money Market Deposit Account
B. Not paying your car payment
3598. A small plastic card issued by a bank to
C. Missing a day of work or school
an account holder which can be used for
D. Not having enough money to pay for electronic transactions. When a trasaction
your meal at a restaurant is made, the money is deducted from the
cardholder’s bank account.
3594. Identify 4
A. Debit Card
B. Credit Card
C. Check
D. Sales Tax
3599. What is business cycle?

A. Payee
A. The alternating of the economy.
B. Amount of check
B. The cycle that controls the economy.
C. Signature line
C. The alternating periods of growth and
D. none of above
decline in the economy.
3595. Expenses that change from month to D. The amount of money that you receive.
month are called:
A. fixed expenses (bills, loans, etc) 3600. A sum withdrawn or subtracted from an
account.
B. variable expenses (emergency costs,
vacations, car repairs, etc) A. loan
C. stable pricing B. credit

D. irrational pricing C. debit
D. none of above
3596. What was the major effect of the Civil
Rights Act of 1964? 3601. Money set aside and left alone for a
A. Racial discrimination in public facilities “rainy day” is called
was banned A. emergency fund
B. Citizenship and voting rights were ex- B. savings account
tended to Native American Indians
C. The use of poll of taxes and literacy 3602. Payroll
tests for voting were outlawed A. the list of employees of some com-
D. Busting to integrate schools was au- pany that is entitled to receive payments
thorized as well as other work benefits and the
amounts that each should receive.
3597. Money must remain in this tool for a B. the pay received by an employee after
specific period of time or pay a penalty fee. the deduction of taxes and other obliga-
A. savings accout tions.

C. An individual or company’s income be- 3608. An 8th grader makes and sells earrings
fore taxes and deductions. as a way to earn extra money. The money
D. the amount an individual or business she gets is considered
makes after deducting costs, allowances A. Needs
and taxes. B. Wants
3603. When you buy food from the store you C. Income
are a D. Expenses
NARAYAN CHANGDER
A. need
3609. to add your signature to a loan made
B. consumer by someone else, promising that you will
C. producer repay if the other person does not
D. none of above A. invest
3604. the amount of money that is left over B. co-sign
after all bills have been paid C. borrow
A. deficit D. lend
B. overage 3610. Why are financial institutions important
C. extra to economic growth?
D. surplus A. Higher potential rate of return
3605. Why is it important to keep a budget? B. A mutual fund is not insured
A. Budgets make sure you do not spend C. increases financial resources for busi-
more money than you can afford. ness investment
B. Budgets can help you save for large D. provide access to capital for people
purchases. and businesses
C. Budgets show you how much money 3611. Part of the letter of application that con-
you get and spend. tains the name and address of the person
D. All of the above. to whom who are writing?
A. letter address
3606. Which of the following is the best in-
vestment for tax free growth? B. return address
A. 401k C. body of letter
B. 403b D. none of above
C. Roth IRA 3612. One reason abolitionists were unpop-

D. Mutual Fund ular with many Northerners from the
1830s to 1860 was because the abolition-
3607. The money income that a person has left ists
after taxes is called A. favored the growth of slavery
A. mutual fund B. encouraged the annexation of Texas
B. warranty C. advocated views that increased ten-
C. disposable income sions with the South
D. savings income D. supported the Fugitive Slave Law

3613. INDEXCBOE Index:VIX on March 17, 3618. What is the process of verifying trans-
2022 is in which of the following ranges? actions with a bank?

A. 20-30 A. Checking
B. 40-50 B. Verifying
C. 60-80 C. Saving
D. 80-100
D. Reconciling
3614. Transfer Payment
3619. Sarah is saving money to make a
A. A tax on property such as land build- cake for her Mom’s birthday. The list
ings and vehicles below shows the cost of items Sarah
B. money subtracted from gross pay for needs to make the cake.-Cake mix:$4 per
required taxes insurance retirement ben- box-Frosting:$3 per can-Candles:$1 per
efits boxSarah will need one box of cake mix,
C. Business tax incentives granting a tem- two cans of frosting, and one box of can-
porary reduction of taxes dles. What is the total cost of the cake
Sarah will make?
D. Movement of money by government
A. $8
3615. What is a cost-benefit analysis?
B. $16
A. The taxes that people pay when they
buy something. C. $11
B. A process that allows businesses and D. none of above
individuals to analyze where to spend
money. 3620. What percentage of your income should
go directly into your savings account?
C. The amount of money required to have
or do something A. 70%
D. none of above B. 20%
3616. The FLAT TAX is an example of what C. 10%

type of tax? D. Whatever you want
A. Progressive Tax
3621. Who pays interest when you deposit
B. Proportional Tax money in the bank?
C. Regressive Tax
A. The depositor
B. The bank
3617. allows you to use money from a check-
ing account without a check 3622. An obligation to repay borrowed
money.
A. save
B. debit card A. debt
C. time deposit B. promise

D. risk C. asset
E. mutual fund D. expense

3623. A plan for how much will be spent on 3627. Private student loans have better inter-
various things. est rates than government student loans
A. surplus A. True
B. budget B. False
C. deficit 3628. What is a deposit account held at
D. securities a financial institution that allows with-
drawals and deposits.
NARAYAN CHANGDER
3624. How does a fixed-rate mortgage differ A. Debit account
from an adjustable-rate mortgage (ARM)?
B. Checkings account
A. Fixed-rate mortgages have changing
interest rates, while ARMs have fixed C. Savings account
rates D. A loan
B. Both have fixed interest rates 3629. WHAT MIGHT BE A GOOD CAREER
C. Fixed-rate mortgages are only for CHOICE FOR SOMEONE WHO LIKES ART?
short-term loans A. Veterinarian
D. ARMs have changing interest rates, B. Banker
while fixed-rate mortgages have fixed
rates C. Web designer
D. none of above
3625. A contract between the insurance com-
pany and the insuredthat states the exact 3630. credit cards
terms of the policy including what risks are A. a payment card issued to users as a
covered and how much will be paid for any method of payment.
losses
B. payment made for the use of borrowed
A. Premium money
B. Policy C. group that channels savings to in-
C. Insurance vestors
D. Risk D. total amount of money owed
E. Deductible 3631. A Warranty is
3626. Why would someone need to use credit? A. Money left over after paying for neces-
sities
A. When there are not enough workers to
B. The promise of a manufacturer or
do a job.
seller to repair or replace a faulty product
B. When there is not enough cash to pay withint a certain amount of time
for an immediate need or want.
C. Borrowing money to pay for something
C. When there is extra money to pay off now while promising to repay it later
bills.
D. The smallest amount of credit card bill
D. When there is exactly how much that a concumer can pay to remain in good
money needed to pay for something. standing with the credit card company

3632. A check stub is an alternative to the A. 10, 870, 000

check register when keeping checkbook B. 5, 440, 000
records.

C. 8, 160, 000
A. True
D. 13, 590, 000
B. False
3638. What is money received on a regular ba-
3633. water bill, telephone bill, rent, car pay- sis for work or through investments?
ment; these are all examples of:
A. salary
A. expenses
B. paycheck
B. loans
C. wage
C. profits
D. income
D. deposits
3639. Jake earned $45 tutoring students for
3634. is a plan/tool for saving and spend- 5 hours and $72 giving swimming lessons
ing income. for 9 hours. For which job did he earn more
A. Credit money each hour? How much more?
B. Budget A. tutoring; $1 more
C. Savings B. tutoring; $9 more
D. Income C. swimming lessons; $1 more
3635. Which of the following is not a required D. swimming lessons; $8 more
deduction?
3640. Suppose you have a 25-year adjustable
A. Federal Income Tax rate mortgage. If interest rate goes down,
B. Savings Deposits you will finish paying off your mortgage
C. State tax
A. sooner than 30 years
D. Social security Tax
B. later than 30 years
3636. refers to a consumption tax levied on
C. after 30 years
people when they make purchases
D. none of above
A. Income Tax
B. Excise Tax 3641. According to the graph, which of the fol-
lowing expenses would be included in the
C. Sales Tax
highest consumer spending category?
D. Property Tax
3637. You are 30 now and plan to retire in 35

years. You want to save enough for 20
years worth of living expenses (from 66
to 85), of 400, 000 Baht per year in terms
of today’s prices. If the inflation rate is
2% and rate of return is 6%, how much
do you need to have in nominal amount by
the time you’re 65? A. Movie tickets

B. A new jacket C. specific part of the SMART goal.

C. Gas for your car D. trade-off.
D. Apartment rent
3646. factual information used for reasoning
3642. Johnny needs to study for his social A. data
studies test tomorrow. However, his
friends have texted that they are meet- B. fact
ing at the community pool to hang out. If C. reason
NARAYAN CHANGDER
Johnny goes with his friends, which of the
D. information
following is an opportunity cost?
A. Johnny’s score on his social studies 3647. How many withdrawals occured on
test 4/2/14?
B. Johnny’s lack of support from his
friends
C. Johnny’s ability to improve on his
swimming
D. Johnny’s friends will give him a hard
time for not joining them
3643. Name two types of Ownership Invest- A. 1

ments mentioned in the Personal Finance B. 2
unit?
C. 5
A. Certificate of Deposit and Bonds
D. 8
B. Bonds and Dividends
C. Stocks and Gains 3648. Julia wants to go on a vacation. She
works part time at Bruster’s and would
D. Real Estate and Stocks
have to give up 3 shifts (about $100) to
3644. Mary places $300 a month into her cer- go on the trip. This is an example of
tificate of deposit. What type of invest- A. Minimum Payment
ment is Mary participating in?
B. Opportunity Cost
A. Credit
C. Grace Period
B. Real Investment
D. Income
C. Financial Investment
D. Interest 3649. Which type of college loan will usually
have a lower interest rate?
3645. When a goal has been set to save
A. Financial assistance to help pay for col-
$100.00 a month for an emergency fund
lege expenses
of $2, 000.00, giving up food from the
vending machine to achieve that goal is B. Scholarships are merit based grants
the: are need based
A. opportunity cost. C. Federal government loans
B. interest. D. you don’t have to carry around cash

3650. Which type of savings tool is the MOST 3655. The main purpose of a W2 is
Liquid? A. To accept a new job

A. Savings B. To use while doing your taxes
B. Checking C. To open a new bank account
C. Certificate of Deposit D. To tell your employers how much taxes
D. Money Market Account to take out of your check
3651. is money left over after you sub- 3656. What happens to the cost of a loan
tract your expenses from income. Avail- when the APR is higher?
able to spend on non-essential things. A. Loan cost increases
A. Leftovers B. Loan cost decreases
B. Discretionary Income C. No change
C. Sales Tax D. none of above
D. Payroll
3657. A pay stub shows all of the following
3652. When should you use a credit card? EXCEPT:
A. income taxes and Social Security con-
A. For large purchases!
tributions
B. When I’m hungry
B. tips received from customers
C. Only for small purchases
C. total earnings, total deductions, and
D. Never. net pay
3653. The most common source of credit today D. total hours worked and the amount of
is a(n) money earned for the pay period
A. auto loan. 3658. Tammy puts $20 every month in a piggy

B. credit card. bank that she’s had since she was a child.
She does not plan to break the piggy bank
C. bank loan. until she turns 65 years old. What is
D. store layaway plan. Tammy doing with her money so that she
will benefit financially when she turns 65?
3654. What is this called? A. Saving/Investing
B. Planning
C. Supporting
D. Achieving
3659. A card that allows customers to elec-

tronically and immediately withdraw
A. A Check
funds from their accounts, either in cash
B. A credit card or to purchase goods or services.
C. A debit card A. Debit Card
D. Money Order B. Credit Card

C. Check B. Policy
D. Investment Card C. Insurance
3660. Personal finance covers D. Risk
A. Banking E. Deductible
B. Insurance 3665. A PIN number is not needed for a debit

card.
C. Mortgages
A. True
NARAYAN CHANGDER
D. Purchasing a lottery ticket
B. False
3661. Movement of cash into and out of a busi-
ness. 3666. Where do you sign the check?
A. capital
B. asset
C. cash budget
D. cash flow
3662. An expression used to describe a person A. 5

or household whose monthly income is de- B. 11
voted to expenses and has little to no sav- C. 7
ings
D. 4
A. Paycheck to Paycheck
B. Compound Growth 3667. When getting a mortgage, you can
avoid paying PMI if you make a down pay-
C. Inflation ment of or more.
D. Large Purchase A. 0%
3663. Based on the table, if you paid $45 in- B. 5%
stead of $15 each month on your credit C. 10%
card bill, how much would you reduce the
D. 20%
total interest you would have to pay?
3668. Income you receive before taxes and
other deductions is called:
A. $313
B. $287
C. $82
D. $89
A. gross income
3664. A financial product purchased by many
people facing a similar risk to protect B. net income
against the risk of larger losses C. salary
A. Premium D. pay day

3669. E-Banking allows 24-hour access to B. stakeholder

bank accounts.
C. employees

A. True
D. investors
B. False
3674. What is a way to save money in regards
3670. an estimate of expected income and ex- to food?
pense for a given time.
A. Order cheaper food
A. supply
B. Carpool or ride a bike
B. interest
C. Turn off the lights when not in the room
C. budget
D. investing D. none of above
3671. Credit Limit
3675. What is the money an individual earns?
A. the maximum amount of credit offered
A. expenses
to a customer
B. credit
B. a score or grade that a company or or-
ganization gives to a possible borrower C. income
and that indicates how likely the borrower D. co-pays
is to repay a loan
C. the amount of money present in a fi- 3676. Credit Score, aka FICO score
nancial repository, such as a savings or A. a numerical rating of your credit his-
checking account, at any given moment. tory
D. an act of taking money out of an ac- B. repaid at regularly scheduled inter-
count vals, or installments
3672. The out of pocket cost to the insured C. a risk management plan of protection
when a loss occurs is called against financial loss
D. used for depositing money at a bank
or other financial institution, with low in-
terest rates
3677. Money that you earn or receive

A. debt
A. Premium B. pay off
B. Deductible C. income
3673. They are considered owners of the busi- D. interest rate

ness and have voting rights, entitled to
3678. Stocks represent ownership in a corpo-
dividends which depend on their share and
ration.
earnings of the corporation. They are
called A. TRUE
A. stockholder B. FALSE

3679. A sale is an example of an This is a 3684. A major impact of the trend shown on
reward for buying something now rather the chart was that
then later. A. frontier trading posts became more
A. choice prosperous
B. opportunity cost B. Plains Indians lost their main source
of food, shelter, and clothing
C. incentive
C. reservations were relocated closer to
D. trade off
NARAYAN CHANGDER
buffalo migration routes
3680. Which of the following is taken into ac- D. white settlers became dependent on
count when determining if someone is cred- buffalo products
itworthy?
3685. Both debit and credit cards can be used
A. Medical History to purchase your wants and needs.
B. Income A. True
C. debt to income ratio B. False
D. type of employment 3686. Harvey worked 36 hours this week. He
earns $28.46 an hour. How much did he
3681. Which of the following is true about us- earn this week?
ing a credit card?
A. $1024.56
A. It’s the same as using cash.
B. $1138.40
B. When you use a credit card, one
C. $1423.00
spends less
D. none of above
C. When you use a credit card, one
spends more 3687. Ace gets excited when he recieves a
D. Studies show it registers as pain credit card offer in the mail. The offer
reads “$10, 000 credit limit-4.5% inter-
3682. an estimate of income and expenditure est!” He goes to tell his wife that they
for a set period of time have access to $10, 000 and can earn
4.5% interest on it. Which statement is
A. expense
true regarding this situation?
B. budget A. Ace is incorrect, he will be charged the
C. savings interest on money charged on the credit
card
D. income
B. Ace is correct, he will receive pay-
3683. When I choose one item over another be- ments from the credit card company
cause I cant afford both, this is called an C. Ace is correct and should begin using
the card immediately.
A. scarcity D. none of above
B. opportunity cost
3688. Which type of insurance rates is deter-
C. choice mined by the type of work you do?
D. incentive A. Life

B. Health A. income
C. Automobile B. expenditure

D. Disability C. budget
D. spending
3689. If the maturity of a bond is 7 years, how
long do you have to wait to cash in your 3693. Assume that you have two hours to
bond? spend at the mall. You can either visit the
A. 3 1/2 Years bookstore or enjoy a movie at the theater.
The opportunity cost of watching a movie
B. 7 Years
is equivalent to which of the following?
C. 6 Months
A. The time you spent watching the
D. 10 Years movie.
3690. A plan for future spending and savings, B. The time it takes to walk from the park-
weighing estimated income against esti- ing lot to the movie theater.
mated expenses. C. The cost of the movie ticket.
D. The time you could have spent visiting
the bookstore.
3694. How do you calculate net worth?
A. Income minus expenses
B. Assets minus expenses
A. Income C. Income divided by expenses
B. Expense D. Assets minus liabilities
C. Budget 3695. Which of the following statements is

true?
D. None of these
A. The less money you borrow from a
3691. Which of the following is not a way to bank the more interest you pay
reduce your premium?
B. The more money you have in the bank
A. Stick with one company forever-loyalty the less interest you accumulate
discount
C. The more money you borrow from a
B. Bundle car and house insurance bank the less interest you pay
C. Increase your deductible D. The more money you have in the bank
D. Have a security system for your house the more interest you accumulate
and car 3696. Bob has a 401K which means when
3692. A plan for making and spending money? takes money out of his paycheck for retire-
ment that will happen
A. The government will match what Bob
saves for his retirement
B. Bob’s employer will match the amount
of money Bob takes from his check for re-
tirement

C. The government will tax the money at A. A credit score is a three-digit numeri-
a higher rate cal rating that reflects how likely you are
to fail at paying your debts
D. Bob will recieve a check directly from
his old employer for the rest of his life B. A five-digit numerical rating that re-
flects how likely you are to repay your
3697. Lisa borrowed money from the bank to debt.
pay for her brand new BMW.
C. A three-digit numerical rating that re-
A. debit flects how likely you are to repay your
NARAYAN CHANGDER
B. savings account debt.
C. loan D. A credit score is a five-digit numerical

rating that reflects how likely you are to
D. transfer fail at paying your debts
3698. Informal speaking is used to inform, to 3702. The positives that come from our deci-
entertain, or to persuade others through sions is called
an effective presentation style.
A. budget
A. T B. benefits
B. F C. savings
3699. The policeman is a D. opportunity cost
A. producer 3703. One important effect of President Eisen-
B. consumer hower’s proposal for interstate highways
was a significant increase in
C. business
A. health-care spending
D. goods
B. suburban communities
3700. Margo earned $24 last week. What C. educational opportunities
jobs did she do to earn that money?
D. sectional difference
3704. Which is the correct order of invest-

ments going from Most risky to Least
risky?
A. Stocks, Mutual Funds, Bonds, Savings
accounts
A. washed dishes for 10 meals, gardened
1 hour B. Bonds, Stocks, Savings accounts, Mu-
tual Funds
B. folded 7 baskets of laundry, washed 3
C. Stocks, Bonds, Mutual Funds, Saving
windows
accounts
C. washed 12 windows
D. Mutual Funds, Bonds, Saving accounts,
D. gardened for 4 hours, folded 1 basket Stocks
of laundry
3705. What is one example of the above type
3701. What is a credit score? of credit?

A. Credit card 3712. Money you put into your account

B. Debit card A. deposit

C. Mortgage card B. balance
D. Get out of jail card C. income
3706. Saving for your child’s college career is D. expense
an example of:
3713. Co-signing a loan means you are just do-
A. credit ing a favor for a friend and will not affect
B. Interest your credit
C. Investment A. True
3707. Net pay is C. True and is a good idea
A. Your take home pay after taxes D. False and is a bad idea
B. Your total income before taxes.
3714. Disposable income is income that people
3708. A fee for borrowing money spend on things they don’t really need.
A. Interest A. True
B. Down Payment B. False
C. Credit 3715. Where does the money come from when
D. Interest Rate you use your debit card?
3709. Having a small amount of debt is good A. Your credit card

for my credit history. B. Your savings account
A. True C. Your checking account
B. False D. The cash register
3710. What happens if you do not pay a credit 3716. buying property with the hope of selling
card bill on time? for a profit
A. use your debit card A. stocks
B. declare bankrupt
B. real estate
C. pay interest
C. insurance
D. buy a car
D. bonds
3711. Money from a paycheck that goes into
a bank account is called: 3717. A variable expense or bill is
A. Deductions A. groceries
B. Gross Monthly Income B. rent
C. Net Monthly Income C. car
D. Nominal Income D. hulu

3718. The price of a stock or equity security B. business

that is quoted on an exchange. It pro- C. government
vides key pieces of information to be used
by traders, including information regard- D. household
ing the bid price and ask price, the last 3724. Tyler is trying to be responsible in using
traded price, and the volume traded in the his new credit card and has heard there
day. is a way to avoid paying interest on the
A. Diversification things he charges. How can he LEGALLY
NARAYAN CHANGDER
avoid paying interest when using his credit
B. Stock Quote
card?
C. Portfolio
A. Tyler needs to make sure he pays the
D. Ticker Symbol minimum balance every month before the
due date on the credit card statement.
3719. Ted wants to be a doctor and buy a
brand new car. He cannot afford to do B. Tyler needs to pay the credit card bal-
both. If he decides that the benefits of ance in full every month before the due
going to medical school outweigh the grat- date listed on the credit card statement.
ification of buying the car, then the MOST C. Tyler needs to limit the use of his credit
rational thing Ted could do is cards to balance transfers only.
A. use his money for medical school D. none of above
B. invest his money in bonds 3725. In the financial record shown, what is
C. buy the car the balance on 11/11, after the deposit?
D. avoid using the car as a tradeoff
3720. Real estate is a form of investing.

A. True
B. False A. $62.50
B. $63.05
3721. What is a variable expense?
C. $103.37
A. An expense that is the same amount of
money each month D. $113.37
B. An expense that cost a different 3726. Mortgage
amount of money every month A. A product that transfers risk from an
individual to an insurance company or or-
3722. The signature is located:
ganization.
A. Bottom Left
B. An individual’s income earned as
B. Bottom Right salary or wages before taxes and other
C. On the Second Line deductions
D. On the Top Line C. The portion of current income not
spent on consumption
3723. Which sector of the US economy pro- D. A payment, usually monthly, applied to
duces the MOST public goods? the balance of a home loan used when pur-
A. banks chasing housing.

3727. A document attached to every paycheck B. a person or organization that employs

that details your earnings and the amount people
withheld for taxes, health insurance, re-

C. the lowest wage permitted by law or
tirement funds, etc. by a special agreement (such as one with
A. salary a labor union); currently $10 per hour in
B. Payroll Tax Florida
C. Progressive Tax D. time in excess of a set limit:such as
working time in excess of a standard day
D. Paycheck Stub
or week
3728. Jemma earns £99, 000 per year. How
much income tax does she pay? The per- 3732. The goal of the First Foundation which
sonal allowance is £12, 500. is to have $500 readily available in the
event of an emergency is:
A. £17, 300
A. emergency fund
B. £34, 600
B. sinking fund
C. £19, 600
C. savings account
D. £32, 100
D. Mom or Dad
3729. is the fee paid on a loan when bor-
rowing money. 3733. What is a possible way for Ryan to save
A. credit extra money every month?
B. debit A. Pay less on his mortgage (fixed ex-

pense)
C. interest
B. Pay less toward his health insurance
D. charges
(fixed expense)
3730. Which of the following statements is C. Spend less on variable expenses
true: (wants)
A. An economist would consider some- D. None of the above
thing scarce only if it is limited (not any-
thing else) 3734. Which correctly describes the PACED
B. A trade off occurs when you give up tool for making decisions?
something you want in order to get some- A. Problem, Alternatives, Criteria, Evalu-
thing else you want ation, Decision
C. The economic social goal, economic B. Problem, Allocation, Challenges, Eval-
equity, means everyone gets the same uation, Decision
amount of money
C. People, Alternatives, Cash, Evaluation,
D. In a traditional economy, the govern- Decades
ment gets to decide the answers to the 3
D. none of above
basic economic questions
3735. What is a major advantage of using
3731. Employee
credit unions?
A. one employed by another usually for
hourly wages or salary and in a position A. They are part of the union process
below the executive level B. They offer more services than banks

C. They offer lower interest rates for C. purchase

savers
D. scarce
D. They offer lower interest rates for bor-
rowers 3740. A stone hits your windshield. Which
type of coverage would likely cover this
3736. When you use a credit you must pay an expense?
amount of money per month that is called
NARAYAN CHANGDER
A. Credit Limit
B. Minimum Payment
C. Annual Percentage Rate
D. Opportunity Cost
3737. PEOPLE CAN BE RESPONSIBLE WITH

THEIR MONEY BY SPENDING ALL THEIR
A. Collision
MONEY AT ONE TIME.
A. True B. Liability
B. False C. Comprehensive
D. None
3738. Which of the following will DEFINITELY
show up on your bank statement at the
3741. Jane is very careful spending her money
end of July? (hint:choose 2 correct an-
and can buy a Chick-Fil-A biscuit every Fri-
swers)
day morning.
A. saving
B. investing
3742. Interest is:

A. The cost of borrowing money
B. A good thing to have to pay
C. The amount of money that you borrow
A. Ice cream bought with your debit card to buy something
on July 16th
D. A word that we used in class but has
B. A salad bought with cash on July 5th no real meaning
C. A birthday check you gave to your
brother on July 18th 3743. How can you establish a positive credit
history?
D. An ATM withdrawal you made on July
21st A. Paying your bills on time
3739. not having enough resources or product B. Buying stuff with cash only
A. lend C. Paying less than the minimum payment
B. borrow D. Maxing out your credit card

3744. Levi owns a house worth $100, 000. C. charge the trip on her credit card and
Thomas owns a house worth $200, 000. then pay it back over the next several
Levi pays $1000 in Property Taxes and years

Thomas pays $2000 in Property Taxes. D. start immediately putting a portion of
This is an example of what type of tax? the money in an interest earning savings
A. Progressive account.
B. Regressive 3749. Which of the following can be found on
C. Proportional a credit report?
A. Checking account balance
D. Retro
B. The number of open credit cards
3745. things you pay money for (wants and C. Missed/late payments
needs).
D. Number of debit card purchases in a
A. principal month
B. mortgage E. Date of birth
C. collateral 3750. Which of these are considered an alter-
D. expenses native asset type?
A. Government bonds
3746. protection against future loss
B. Corporate bonds
A. deductible C. Stocks
B. debt D. Cash
C. budget E. Real estate
D. insurance 3751. A bank account used to pay bills and ac-
cess funds using checks and debit cards.
3747. work for a person, organization, or gov-
ernment, where some sort of task is ac- A. Savings Account
complished B. Investment Account
A. standard of living C. Checking Account
B. service D. Retirement Account
C. demand 3752. Credit score affects all of these EXCEPT:
D. goods
3748. Jen wishes to take a vacation in a few

months that costs more than her monthly
paycheck will allow. What would be the
safest way to get the money for the trip?
A. invest a large amount of money in
A. Auto Insurance
young companies on the stock market
B. Health Insurance
B. take more money out of her check and
have it directly deposited into a 401K re- C. Homeowners Insurance
tirement plan D. Product Insurance

3753. There is a good possibility that you can up paying a higher percentage of his in-
be a millionaire. come than Sue does in sales tax. Such a
A. True tax is called
A. progressive
B. False
B. regressive
3754. A cash flow statement shows an C. proportional
overview of money flowing in and out of
a company D. illegal
NARAYAN CHANGDER
A. True 3759. Simple interest is
B. False A. is charged or earned only on the
amount you borrowed or placed into an ac-
3755. Current value for a future amount based count
on a certain interest rate and a certain time
B. is calculated daily
period is?
C. is the best option when opening a sav-
A. Present Value ings account
B. Simple Interest D. is calculated into the amount that is go-
ing to be charged or is earning.
3756. WHICH OF THE FOLLOWING IS AN EX-
AMPLE OF A HOUSEHOLD ASSET? 3760. earnings before taxes are deducted
A. A car A. gross pay
B. Family photo albums B. net pay
C. Groceries C. credit
D. none of above D. income tax
3757. A card that borrows money but it has to 3761. When do we change our budgets?
be paid back A. when we feel like it
B. when we don’t like our budget
C. when we go on vacation
D. when our wants and needs change
3762. What is a financial document that out-

lines a person’s income and expenses?
A. a loan application
A. Debit Card B. a savings account
B. Credit Card C. a personal budget
C. Baseball Card D. a checking account
D. Pokemon Card
3763. The four sectors that affect the U.S.
3758. Bob and Sue both buy the latest cell economy are:
phone for the same price. However, since A. banks, businesses, health care, gov-
Bob makes less money than Sue, he ends ernment

B. schools, taxes, grocery stores, restau- 3769. People who know you well enough to
rants recommend you for a job.

C. banks, businesses, government, A. reference
households B. recommendation
D. households, government, businesses, C. applicant
hospitals
D. application
3764. Which financial statement is used to find
3770. James wants to be the richest person in
assets, liabilities, and net worth?
the world. Which of the following should
A. Trial balance he include in his personal budget now to
B. Balance Sheet make this happen?
C. Cash Flow Statement A. How he plans to save money over a
D. Income Statement
B. How many Pokemon cards he will
3765. When it comes to managing money, suc- trade with friends.
cess is about % head knowledge and C. How he plans to increase his expendi-
% behavior. tures this coming year.
A. 50, 50 D. How he plans to spend money on him-
B. 80, 20 self and others.
C. 60, 40 3771. He is one of the people involved in fi-
D. 20, 80 nancial management wherein he is tasked
to show how the hiring of additional man-
3766. Things that are essential to life power will help with productivity is called
A. Wants
A. Personnel officer
B. Needs
B. human resource manager
3767. Resume definition?
C. general manager
A. personal data sheet, biographical sum- D. accounting supervisor
mary, professional profile, or vita
B. a courteous phrase used to end a let- 3772. Which of the statements on US tax rev-
ter enue in 2019 is true?
C. the message section of the letter A. The revenue spent on international af-
fairs is bigger than the one to spent on mil-
D. none of above itary.
3768. Why do households “sell their labor” to B. The revenue spent on unemployment
businesses? and labor is bigger than the one to pay in-
terest on debt.
A. To receive government services.
C. The revenue was mostly spent to pay
B. To receive small business loans.
interest on government debt.
C. To receive income. D. Military and health make up the major-
D. To receive tax money. ity cause the revenue was spent.

3773. hich of the following answers lists 4 3778. cash, debit card, savings, credit
year colleges from generally the least ex-
A. Types of money
pensive to most expensive?
B. minimum balance requirement
A. In-state public university, private uni-
versity, out-of-state public university C. interest
B. In-state public university, out-of-state D. individual Retirement Account (IRAs)
public university, private university
3779. Which tends to carry the highest inter-
NARAYAN CHANGDER
C. Private university, in-state public uni- est?
versity, out-of-state public university
A. Checking Account
D. Out-of-state public university, private
university, in-state public university B. Savings Account
C. Certificates of Deposit (CD’s)
3774. A tax paid by employers based on em-
ployees’ wages D. none of above
A. payroll tax 3780. Which of the following is the best defi-
B. Sales Tax nition of interest rate?
C. Property Tax A. Credit worthiness
D. Income Tax B. money paid by a borrower in exchange
for the use of money
3775. Paying the entire amount on my credit
C. rewards earned by using credit cards
card creates a bad credit history.
A. True D. a percentage used to earn profits for
businesses
B. False
3781. Analyze the following personal finance
3776. The four rights of consumers scenario. Sally has been working for
A. Safety, informed, heard, choose the federal government since November of
2018. Her monthly income is $2, 000. Ev-
B. Safety, education, learn, choose
ery month she has saved $500. The gov-
C. Safety, consumer, heard, choose ernment shutdown went into affect in Jan-
D. Listen, hear, choose, inform uary 2019. Sally was not paid for that
month. What problems will Sally face in
3777. Econonomics is January do to her having no monthly in-
come? Based on what you have learned so
A. the study of how banks operate within far, select the BEST answer choice(s) that
their own systems will apply to Sally’s personal finance situ-
B. the system by which a company man- ation.
dates its financial resources A. Sally has not saved enough money be-
C. the study of how businesses manage tween November and December in order
their resources to replace her monthly income.
D. the study of how a society manages B. Sally has spent to much money on en-
its resources to produce and distribute tertainment and she is now broke and
goods and services can’t afford to live.

C. Because Sally has underestimated 3786. The most common types of insurance
how much she should save per month for policies include homeowners, health, and
emergencies auto.

D. Sally will just need to sacrifice some of A. True
her expenses and way out her needs and B. False
wants
3787. a tax in which the tax rate increases as
3782. What is a Budget? the taxable amount increases
A. Money used to buy and pay for house-
A. progressive
hold items, such as electricity and gro-
ceries B. regressive
B. Money to give to others C. flat
C. Money used to eat at an all you can eat D. proportional
buffet
3788. Why is it important for budgeting to in-
D. Money used to build a grocery store clude savings?
3783. Which of the following is the MOST fi- A. financial emergencies
nancially responsible decision? B. exciting financial opportunities
A. Katrina sold her old bike helmet for C. financial security
$10 to a friend. She gave $10 to her fa-
vorite charity. D. all of these
B. Jamal earns $100 lifeguarding. He 3789. Sunny’s NET income was $373.27 last
spent $5 on lunch and put the other $95 pay check. Her deductions were $96.88,
in the bank. what was her GROSS income?
C. Stacy was paid $25 for helping her A. $470.15
neighbor in the yard. She spent $20 on B. $276.39
a t-shirt and $5 on ice cream at the mall.
C. $473.05
D. none of above
D. $299.99
3784. A short-term loan that provides immedi-
ate cash by securing a borrower’s written 3790. a quantity of something on hand or
check available for use; a stock or store
A. Pawn Loan A. budge
B. Payday Loan B. interest
C. Refund Anticipation C. investing
D. Rent to Own D. supply
3785. The name for a part of a business that 3791. What type of bank account is most
is bought and sold on the stock market is: linked to spending?
A. Part A. checking
B. Marker B. investment
C. Stocker C. mutual funds
D. Share D. savings

3792. You have $200. How do you keep track 3797. What is one difference between Banks
of it? and Credit Unions?
A. Budget it by splitting it amongst your A. Banks have Checking accounts and
current and future expenses. Credit Unions have Savings Accounts
B. Stick it under your bed for safekeep-
ing. B. Banks are for profit. Credit Unions are
Non-profit.
C. Put it in your savings account.
C. Banks can give loans and Credit
NARAYAN CHANGDER
D. Spend it. Because YOLO.
Unions cannot
3793. Jimmy wants to open his own car repair
shop. He has plenty of workers, but he D. Credit Unions allow everyone to join
does not have a building. What type of and Banks are selective
resource is the building?
A. land resource 3798. Allows bank customers to deposit or
withdraw money without visiting their
B. capital resource bank.
C. natural resource
A. T.M.
D. human resource
B. E.M.
3794. A plan for saving and spending income
is a budget. C. M.C.
A. True D. D.T.
B. False
3795. Restaurants A, B, C, D sell the same 3799. HOME VALUE
type of food and have similar tastes. In A. asset
the past, the student’s family ate this type
of food on average once a month. 1, 500 B. liability
baht. The student will recommend the fam-
ily to sign up for membership at a restau- 3800. What is the highest credit score (assum-
rant named A B C D. Annual fee 50 200 ing you have some credit) you can get?
400 500 Discount(%) 6 7 8 9
A. About 777
A. A
B. B B. About 850
C. C C. About 600
D. D D. About 1, 000
3796. Financial institution that takes over con-
tracts for installment debts from retailers 3801. ‘Interest’ means ‘price of money’ only.
and receives a fee for collecting the debt
A. TRUE
A. Mortgage
B. Principal B. FALSE
Explanation:‘Interest’ means ‘charge for
C. Annual percentage rate (APR) borrowed money’ AND ‘profit in money on
D. Finance company investment’.

3802. Why is your credit score vital (impor- A. Checking

tant)?
B. Investments

C. Mutual Funds
D. Savings
3806. A job taking a significant amount of time

in a person’s life
A. Career
A. It isn’t
B. It affects your ability to get into college B. Credit Score
C. It just is C. Budget
D. It affects loan approval or denial
D. Interest Rate
3803. Mortgage
A. percentage of bill the insured is re- 3807. consumer’s desire to purchase goods
sponsible for and services and willingness to pay a price
for a specific good or service
B. used for depositing money at a bank
or other financial institution, with low in- A. supply
terest rates
B. demand
C. amount charged by the bank for allow-
ing you to use their credit card C. scarcity
D. loan from the bank to buy a home, to D. profit
be paid back with interest
3804. Someone breaks into your apartment 3808. Clearing a check is when
and steals your iPad.
A. a check has been written and has got-
A. Homeowners Insurance ten to the bank.
B. Liability Insurance
B. a check that has been written and has
C. Comprehensive Insurance not gotten to the bank.
D. Renters Insurance
C. a check that has been voided.
3805. What type of bank account is linked to
D. a back dated check.
spending?
3809. is when there are not enough re-

sources for everyone.
A. Producers
B. Scarcity
C. Wanting
D. none of above

3810. In order to make college doable in four 3815. An example of a transferable skill is a
years students should skill
A. that can be only used in an individual’s
job or career
B. used in your job that you acquired
through past jobs, volunteering, hobbies,
school sports, or other life experiences
NARAYAN CHANGDER
C. that each employer requires you to
learn
A. take 12 units per semester
D. that is learned at one job and is re-
B. take 15 units per semester quired at other jobs as well
C. take less than 12 units per semester
D. take all the 300 and 400 level classes 3816. An obligation of repayment by one
they can party to a second party is called
A. ownership
3811. Tor F = It is cheaper to cash a check at
your bank than at a check-cashing store. B. obligatory repayment
A. True C. debt
B. False
D. credit
3812. How can you maintain good credit?
3817. A tax based on an employee’s wages. It
A. use all available credit on all accounts
is paid at least partially by the employer.
B. charge all purchases
A. Payroll Tax
C. include late fees in your budget plan-
ning B. Income Tax
D. make at least the minimum payment C. Property Tax
on all bills on time
D. Sales Tax
3813. Which of the following would buying on
credit make the most sense? 3818. What does a bank typically need in or-
A. a car der to secure a loan?
B. a house A. Insurance
C. an education B. Collateral
D. all of these C. Business Papers
3814. Tamara wants to open a to deposit D. Loan Officer
her weekly income into.
A. credit card 3819. The chance (probability) that something
B. checking account might happen is called a
C. loan A. risk
D. budget B. peril

3820. Barry owns a car worth $17, 000. C. Collateral

Which of the following BEST describes D. Interest
Barry’s car?

A. An asset 3826. Serves the people by national defense,
education, transportation, and controls
B. A liability taxes
C. His net worth A. private business
D. His cash flow
B. banks
3821. Withholdings from paychecks that go to C. government
provide income support for people who are
D. Household
unemployed, disabled, or over age 65
A. 401k 3827. a number assigned to a person that in-
dicates his or her capacity to repay a loan
B. Social Security
A. Jersey #
C. Medicare
B. Loan Score
D. Medicaid
C. Credit Score
3822. What are examples of goods?
D. Bank Score
A. Food, clothing
3828. Define Personal Finance
B. Banker
A. The amount of money a person obtains
C. Chemical worker
B. The decisions individuals make in the
D. none of above
management of their money
3823. Which is an example of a price incentive C. The money that an individual spends
A. A coffee shop raises its prices on their car note
B. A show store offers buy one get one D. The money that an individual stores in
free during a holiday weekend their piggy bank
C. Businesses pay taxes 3829. A financial plan
D. A household sells its labor A. savings
3824. The ability to easily convert financial as- B. income
sets to cash. C. debt
A. Opportunity Cost D. budget
B. Checking Account
3830. What is a tip to save money with wa-
C. Budget ter?
D. Liquidity A. Order less food
3825. Something of value that can be claimed B. Turn the water off when you brush your
by a lender if a loan is not repaid teeth
A. Property C. Take a longer shower
B. Creditor D. none of above

3831. If you were borrowing money from the 3835. What is a discretionary Income?
bank, which of the following interest rates A. an estimate of income and exponditure
would be the best? for a set period of time.
A. 7.9% B. a corporate expense that varries with
B. 2.3% production output.
C. 1.4% C. Income remaining after deduction of
taxes, other mandatory charges.
D. 10.6%
NARAYAN CHANGDER
D. cannot avoid or help doing something.
3832. Which is a nonprofit financial deposi-
tory? 3836. Propaganda connecting two things, that
are not connectable
A. Bandwagoning
B. Fear
C. War
D. Logical Fallacy
3837. What is an opportunity cost?

A. ) The cost of a good or service.
B. ) The amount of money you pay to play
A. bank a sport.
B. casino C. ) The thing you give up when you
choose something else.
C. credit union
D. none of above
D. commerical banks
3838. what is Phishing
3833. WHERE IS A GOOD PLACE TO GO FOR
INFORMATION ABOUT MONEY? A. the fraudulent practice of sending text
A. mall utable companies in order to induce in-
B. Bank dividuals to reveal personal information,
C. Restaurant
bers.
D. none of above
B. the fraudulent practice of directing in-
3834. Annabelle is tired of making less than ternet users to a bogus website that mim-
$40, 000 per year. Which of the follow- ics the appearance of a legitimate one, in
ing is the BEST way for her to raise her order to obtain personal information such
earning potential? as passwords, account numbers, etc.
A. Support subsidies that protects US C. wrongful or criminal deception in-
jobs. tended to result in financial or personal
B. Save more of her income.
D. the fraudulent practice of sending
C. Invest in capital. emails or other messages purporting to
D. Acquire more education and training. be from reputable companies in order to

induce individuals to reveal personal in- 3844. Which of the following makes you more
formation, such as passwords and credit likely to buy on an impulse?
card numbers.

A. comparison shopping
3839. Which type of bonds are used by local B. leaving the store while deciding on
and state governments to help build things your purchase
such as parks or recreation centers? C. making a list of things you need
A. Municipal Bonds D. paying by credit
B. Treasury Bonds
3845. A good sympathetic listener allows the
C. Corporate Bonds speaker to “talk it out” without interrup-
D. Junk Bonds tion or interjection of opinion.
A. T
3840. All of the following are expenses EX-
CEPT B. F
A. Buying ice cream 3846. When is it appropriate to use a credit
B. Going to the movies with friends card?
C. Purchasing lunch A. To go on a fun trip with your friends
D. Getting paid to mow the lawn B. To buy new shoes
C. To pay unexpected medical expense
3841. Change 34% to a decimal
D. To buy tickets to the Braves playoff
A. 3.4 game
B. .34
3847. What are the ways you spend your
C. 34.00 money called?
D. .034 A. Income
3842. Form that an employer must send to B. Expenses
an employee and the IRS at the end of C. Deficit
the year to report the employee’s annual
wages and taxes withheld from their pay- D. Balance
check 3848. Ted wants to be a doctor. He also wants
A. W-2 to buy a brand new car. Since both med-
B. W-4 ical school and the new car are very ex-
pensive, Ted cannot afford to do both. If
C. Salary Ted decides that the benefits of going to
D. Paycheck medical school will outweigh the new car,
then the MOST rational thing Ted could do
3843. Interest earned on interest is
A. Compact Interest A. Use the money for medical school
B. Interest B. invest the money in bonds
C. Banks C. buy the car
D. Compound Interest D. avoid using the car as a tradeoff

3849. Which of the following should Sally con- 3853. Time Value of Money:To compute the
sider when planning her monthly personal Time Value, one must understand the:
budget? A. Time X dollars amount X interest
A. How many pencils she will trade with rate=
another student. B. Principal amount X Annual interest
B. How many books she will read at the rate X time period=
public library.
C. Amount X Time Period
C. How many beads she will buy at the
NARAYAN CHANGDER
D. Principal amount X interest X desired
craft store.
amount
D. How many movies she will watch this
week. 3854. A deposit account that pays higher inter-
est on deposits than other accounts, gen-
3850. What is this? erally has a minimum balance requirement,
and allows a very limited number of trans-
actions each month is called:
A. Checking Account
B. Money Market
C. Certificate of Deposit
D. none of above
A. The Investment Risk Pyramid 3855. What is an opportunity cost?
B. Credit score A. The think you choose when you make
C. Credit card a decison.
D. Debit Score B. The cost of going to a movie.
3851. The chance of loss from an event that C. The thing you give up when you make
cannot be entirelycontrolled a choice
A. Premium D. An opportunity to spend money.
B. Policy 3856. Which item best reflects your spending
C. Insurance habits?
D. Risk A. property
E. Deductible B. debt
3852. Evan retired from being a firefighter C. income
three years ago. He gets a monthly so- D. expenses
cial security check from the government be-
cause he paid what tax while being a fire- 3857. The initial amount of money invested or
fighter? borrowed
A. Property Tax A. Principal
B. Income Tax B. Time Vale of Money
C. Sales Tax C. Rate of Return
D. Payroll Tax D. Accrued Interest

3858. is the total income after income D. benefits such as cash back and air-
taxes are taken out of a paycheck. line miles given to the cardholder for pur-
chases

A. Gross Income
B. Net Income 3864. A PERSON WHO WORKS PART-TIME
FOR A WAGE ALWAYS GETS PAID FOR
3859. Refers to the likelihood that an invest- SICK TIME.
ment will decrease in value.
A. True
A. Chance
B. False
B. Gamble
3865. What is the effect of paying only the
C. Stake minimum amount on your monthly credit
D. Risk card bill? (Click all that apply)
3860. A credit card does NOT charge interest, A. The credit card company will charge in-
while a debit card does charge interest. terest.
A. True B. It will take a long time to pay off the

balance.
B. False
C. Money is owed every month even if you
3861. Barbara went to the bank to get $20 don’t buy anything.
out of her account to take with her on va- D. Things get cheaper until they’re finally
cation. Which statement is true? free.
A. Barbara withdrew $20 from her bank 3866. Debts are usually repaid with ,
account. which means the borrower will pay back
B. Barbara spent $20 at the bank. more than the actual cost of the item.
C. Barbara deposited $20 into her bank A. interest
account. B. deposits
D. none of above C. debt
3862. What is one benefit of spending money? D. none of above
A. ) It is fun to buy new things. 3867. Which type of productive resource is a
B. ) It is boring to buy new things. tree?
C. ) It takes a long time to spend money. A. a capital good
B. an entrepreneur
D. none of above C. a human resource
D. a natural resource
3863. Rewards
A. investment where you purchase some- 3868. Subsidized Loan
thing you believe people will want to buy A. government pays the interest on the
from you later loan while you’re in college
B. government pays the interest on the B. amount charged by the bank for allow-
loan while you’re in college ing you to use their credit card
C. a partial cash payment paid at the time C. a partial cash payment paid at the time
of sale of sale

D. lenders take advantage of desperate 3874. What is an opportunity cost?

people by offering unfavorable lending
terms and conditions
3869. FICA, federal and state taxes, Medicare

this deducted from what
A. Checking account
B. Paycheck
NARAYAN CHANGDER
A. the tax that is paid on income
C. Social Security check B. the value of an alternative you gave up
D. none of above C. the fees that are paid for education
D. the interest paid on a long term invest-
3870. The amount you are paid before taxes ment
A. Net Income
3875. WHICH OF THE FOLLOWING IS AN EX-
B. Gross Income AMPLE OF A FINANCIAL INSTITUTION?
C. Disposable Income A. Bank
D. Unearned Income B. Brokerage firm
C. Credit union
3871. How early to arrive before a job inter-
view? D. All the above
A. 5-10 minutes before it starts 3876. You’re dying to see the Flaming Eye-
lashes in concert this summer. What’s the
B. 15 minutes after the original time you best way to cop a few tickets?
were suppose to be there
A. Put it on your credit card now and pay
C. don’t show up at all later.
D. none of above B. Ask your parents for tickets as a
“Thanks for being the best kid ever”
3872. Which are the types of nondepository present.
institutions?
C. Add “Entertainment” to your budget
A. Commercial Banks and allocate some cash there each week.
B. Credit Union D. Take money from your other budget
categories until you have enough.
C. Finance Companies
D. Insurance Companies 3877. Lenders look at several different credit
scores to determine eligibility.
3873. lets you buy into cooperate business A. True
profits
B. False
A. stocks
3878. Typically changes from month to month
B. .401 or week to week depending on the need
C. loans A. Fixed Expenses
D. ATM B. Debit Card

C. Variable Expense C. life

D. Income Tax D. disability

3879. A type of financial fraud in which people 3884. Why is trade with other countries impor-
pay to join an organization in exchange for tant for American consumers?
the right to sell memberships to others is A. because it gives them more choices of
called a what goods to buy
A. square scheme B. because it improves the quality of
B. pyramid scheme goods made in America
C. geometric scheme C. because it encourages the govern-
ment to lower their taxes
D. circle scheme
D. because it helps protect the global en-
3880. A DEPOSIT is vironment from pollution
A. when you put money into your bank ac- 3885. There are how many types of credit?
count
A. 5
B. the money you get from a job
B. 4
C. The amount you have saved up
C. 3
D. none of above
D. 2
3881. Someone is able to sue a creditor for? E. 1
under the Equal Credit Opportunity Act
3886. What is property tax?
A. Hiring a collection agency
A. Money subtracted from all income
B. Discrimination
B. Tax from what you own, such as land,
C. Failure to disclose information
homes, or vehicles
D. Giving inaccurate information C. Tax on the time spent in education
3882. One advantage to renting is D. Paid by the consumer when buying
A. You will own your apartment after so goods or services
many rent payments 3887. The best example of a regressive tax in
B. You can write off rent payments on the United States is
your taxes. A. personal income tax
C. You can renovate your apartment any B. sales tax
way you like
C. luxury tax
D. No costs for maintenance.
D. property tax
3883. Sally is not feeling well so her mother
3888. the amount people receive after taxes
takes her to the doctor. The doctor tells
and other deductions are taken out
her she has strep throat, gives her medi-
cation and sends her home. What type of A. Net pay
insurance was used B. Taxes
A. property and liability C. Gross pay
B. health D. Investment

3889. When I apply to borrow money for a car, 3895. What is a consumer?
the loan company will most likely look at A. Someone who buys goods and services
my credit history.
B. Someone who uses goods and ser-
A. True vices
B. False C. Someone who sells goods and ser-
vices
3890. Which is MOST LIKELY to be used in the
US to become a home owner? D. All of the above
NARAYAN CHANGDER
A. paying in cash 3896. What is the benefit of investing money
B. getting the house as a gift in a Certificate of deposit (CD)?
C. borrowing most of the money A. You can make large profits from high
interest rates.
D. money from winning the lottery
B. Your money is protected like a bank ac-
3891. The amount of cash you pay toward the count.
purchase price of a home. C. You can own shares of stock in a com-
A. Buy down pany
B. Prepayment D. You can double your money in a short

amount of time
C. Interest
3897. if you make a late payment, you’ll have
D. Down Payment
to pay a high late fee
3892. Types of ways employers will pay em- A. true
ployees B. false
A. Payroll card
3898. Fair Credit Reporting Act
B. Direct deposit
A. enacted in 1977
C. Paycheck
B. ensures banks
D. Bonuses
C. established rights in 2005
3893. All financial award letters are in consis- D. protects consumers
tent formats
3899. What is a tip to save money with gas?
A. True
A. Carpool or ride a bike
B. False
B. Purchase cheaper clothing
3894. Planned expensese are expenses that C. Order cheaper food
you know about. Which are examples of
D. none of above
planned expenses?
A. groceries 3900. Which of the following should Sally con-
sider when planning her monthly personal
B. auto insurance
budget?
C. utility bill (gas, water, and electric bill)
A. How many pencils she will trade with
D. all of the above another student.

B. How many beads she will buy at the C. You fill out a w4 when you file your
craft store. taxes.

C. How many books she will read at the D. Your employer fills out a w4 when you
public library. leave your job.
D. How much tv she will watch this week 3905. Sally makes $10.50 babysitting. If she
3901. What is the amount of money loaned to babysits for 3 hours on Friday, how much
a person that must be paid back along with would she make all together?
additional interest? A. $21.00
B. $84.00
C. $31.50
D. $52.50
3906. The x25 Rule says that you multiply all

of your expenses in one year by 25. This
tells you what your goal should be.
A. credit A. Nest Egg
B. bankruptcy B. Emergency Fund
C. debt C. Life Insurance
D. interest D. Car Savings
3902. Insurance premium 3907. Andy is starting a new job tomorrow

that requires him to wear a white shirt.
A. the amount one pays out of pocket be-
He found a white shirt at the store. He
fore insurance kicks in
does not have enough cash to pay for the
B. the monthly payment to have insur- shirt and is not sure how much money is
ance in his checking account. Which statement
C. the total amount that insurance will describes the most reasonable choice Andy
cover. could make in order to buy the shirt today?
D. none of above
3903. Which one is NOT a savings tool?

A. Money Market Account
B. savings account
C. Certificate of Deposit A. He could use his credit card since he
D. checking account does not have the money needed with him
at the time of purchase.
3904. Who fills out a w4 and when? B. He could write a check for the shirt
A. You fill out a w4 when you start a new and hope that he has enough money in his
job. checking account.
B. Your employer fills out your w4 and C. He could phone a friend and ask to bor-
mails to you by January 31. row the money needed to buy the shirt.

D. He could tell the sales person that he 3913. Which is a benefit of all types of insur-
doesn’t have the cash to pay for the shirt ance?
and ask if he can take the shirt home to-
A. Those who have the cash live longer
day if he promises to come back next week
than the Peasants
with the cash.
B. Everyone can live longer
3908. Which one of the following would be a
C. It helps people share risk
reliable research tool for purchasing a dish-
washer? D. It has no benefits
NARAYAN CHANGDER
A. eBay
3914. In financial terms a “Need” is
B. Consumer Reports
A. Something needed for survival
C. Kelley Blue Book
B. Clothes, place to live, food
D. Edmunds
C. Something you can live without
3909. Remembering customers’ names is a de- D. A nice thing to have
sirable quality in employees
E. None of the above
A. T
B. F 3915. Which is not a financial mindset?
A. We must do our best.
3910. Things you want to achieve.
B. We have more potential than meets
A. Financial Plan the eye.
B. Net Worth C. We can always change our behavior.
C. Budgeting D. We will have no failures, only reflec-
D. Personal Goals tions.
3911. David’s mother is killed in an automo- 3916. Which of the following is a way to use
bile accident. What type of insurance credit responsibly? (Select BEST answer)
would provide his family financial support
to cover the paid and unpaid work his
mother performed?
A. Property and liability
B. life
C. health
A. Paying only the minimum payment
D. worker’s compensation each month
3912. goods and services beyond the basics B. Understanding the account’s interest
rate
A. needs
C. Paying attention the APR and not the
B. wants AOY
C. opportunity costs
D. Opening several different credit ac-
D. none of above counts

3917. What do we call the person who re- 3923. What is the one thing that allows ca-
ceives money when a life insurance policy reers and personal finance to intercon-
holder dies? nect?

A. Beneficiary A. time
B. Insured B. money
C. Insurable Interest C. risks
D. Insurer D. opportunity costs
3918. Credit can affect your ability to 3924. Waiter:Goods or Service?
A. Get a car
B. Buy things at a store
C. Buy a home
D. Get a business loan
E. Rent an apartment
3919. Diversification risk.
A. Goods
A. increases
B. Service
B. decreases
C. does not affect 3925. Which of the following would NOT be a
D. none of above priority while planning a monthly budget?
A. Mortgage
3920. In terms of insurance What is the re-
lationship between premium price and de- B. TV Upgrade
ductible? C. Car Payment
A. Higher premium = higher deductible D. Groceries
B. lower premium = lower deductible
3926. A business that offers money-related
C. Lower premium = higher deductible services to its customers, including loans
D. none of above and checking and savings accounts.
3921. A short term goal is a goal that can be A. A Bank

achieved in less than a year. B. Credit Union
A. True 3927. You get a present for friend’s birthday
B. False A. Income
3922. What is it called when you move money B. Expense
from one type of account to another ac-
count? 3928. Medium of exchange
A. Transfer A. Coins
B. Deposit B. Currency
C. Withdrawal C. Money
D. Investment D. Goods and Services HIDE ANSWER

3929. Which of the following is paid for with 3934. Loans that are obtained by offering an
money collected through taxes asset to guarantee repayment of the loan
are considered
A. shopping mall
A. Default loan
B. bank
B. Secured loans
C. restaurant
C. Unsecured Loans
D. public library
D. Repossession loans
NARAYAN CHANGDER
3930. Ms. Stender lets a student borrow her
3935. Which of the following is a benefi t of
calculator. She has the student leave their
credit?
phone until the calculator is returned. The
phone is an example of what? A. You can buy things that you really can’t
afford.
A. Property
B. You can buy things you want before
B. Collateral you can save the entire purchase price.
C. Loan C. You can end up in perpetual debt.
D. none of above D. You can pay interest rates of up to 18
percent.
3931. With a traditional IRA there are
3936. What do you call the decisions individ-
A. No annual limits on contributions uals make in the management of their
B. You are not taxed on withdrawals in re- money?
tirement A. Personal Finance
C. You cannot contribute unlimited B. Personal Money management
amounts
C. Personal Investment
D. Annual contributions are not tax de-
D. none of above
ductible
3937. Earnings after taxes or other deductions
3932. Which of the following investments car- have been taken out. Take Home Pay.
ries the most risk?
A. Gross income
A. certificate of deposit
B. Net income
B. savings accounts
C. Sales tax
C. bonds D. Debit card
D. stocks
3938. money put into your account
3933. debt issued by an organization that A. deposit
promises repayment at a specific time B. debit
A. bonds
3939. Interest is a fee paid to use someone
B. stocks else’s money.
C. mutual funds A. True

3940. Should you answer interview questions A. $12.90

in complete sentences or give a one word B. $13.90
answer?

C. $13.95
A. complete sentences
D. none of above
B. one word answers
C. both 3946. What is a want?
D. neither A. any resource necessary for you to sur-
vive
3941. Bob getting paid $10 an hour to keep
Kroger clean is an example of B. any resource unnecessary in order to
survive
A. Salary
C. money earned
B. Hourly Wage
D. none of above
C. Retirement
D. Commission 3947. Victoria earns money every week and
keeps a record of what she plans to save
3942. Leon listed some expenses from last and spend This is an example of what?
month on this table. Which of the follow-
ing is a fixed expense? A. savings
B. budget
C. needs
D. wants
3948. What would you put into a TVM cal-

A. Gifts for friends culator for PMT if 4000 is compounded
B. Sodas monthly for 5 years at 2% interest?
C. Car payment A. 4000
D. Sports tickets B. 0
3943. Keep a steady job C. 1
A. Positive Effect D. 60
B. Negative Effect 3949. Which of the following probably has
the highest credit score? Assume that all
3944. Money that is spent on something.
of them have made regular monthly pay-
A. property tax ments on time.
B. expense A. An 18 year old college freshman
C. income B. A 20 year old waitress with two active
D. budget credit cards
3945. Kyle likes to read. He bought a hockey C. A 40 year old business owner with two
book for $8.95. He bought a book about cars, a house, and four active credit cards
soccer for $4.95. How much did he spend D. A 50 year old with five credit cards who
on books? rents his house.

3950. What needs to happen before you can C. An old retiree from Austin who lives on
spend money? his farm and has no debts, yet he has a
A. You gotta earn it. very small income.
B. You gotta ask permission from your D. A young college student from Boston
parents. who lives in a rented apartment and re-
cently had to take a huge student loan.
C. You gotta put it in a piggy bank.
D. none of above 3954. Willingly working hard to get the job
NARAYAN CHANGDER
done shows you are
3951. Why is it important to prepare and fol-
A. innovative
low a budget?
B. skilled
A. A budget helps people find jobs for in-
come. C. motivated
B. A budget helps people to determine ed- D. valued
ucational decisions.
3955. Melissa is interested in 3 new music
C. A budget helps people choose the best CDs, which cost $12 each. She earns
doctor for the family. $5 per hour babysitting her little brother.
D. A budget helps people make responsi- How many hours will she need to babysit
ble economic decisions. to buy all of the CDs she wants?
3952. A card that borrows money but it has to A. 7 hours

be paid back (a) B. 3 hours
C. 6 hours
D. 8 hours
3956. Mrs. Wolfgang pays a tax every year

because she owns a house. Which term
best describes this tax?
A. Income Tax
A. a Credit Card B. Payroll Tax
B. Debit Card C. Sales Tax
C. Baseball Card
D. Property Tax
D. Pokemon Card
3957. Which of these best defines what a lia-
3953. Which of the following most likely de- bility is?
scribes a person with a negative net
A. Money decisions made by and affect-
worth?
ing an individual person.
A. A middle-aged New York businessman
B. What is hoped to be achieved in the fu-
who has a lot of assets, but also a bunch
ture.
of loans.
B. A middle-aged teacher from Denver C. Factor that helps goals to be met.
who has never taken a loan in his life, but D. Factor that stands in the way of meet-
only owns a small flat. ing your goals.

3958. Which is NOT a typical goal for a sav- 3963. When employees are motivated, they
ings account? are more productive.

A. T
B. F
3964. interest paid by a borrower to a lender

for the use of credit
A. debt
A. To create an emergency fund B. income
B. To pay for higher education
C. salary
C. To save for a new car
D. finance charge
D. To buy groceries for this week
3959. Buying a piano 3965. Money taken in; the source could be a
gift or prize, money earned from perform-
A. goods ing a task, an allowance, earnings at a job,
B. service or earnings from an investment
3960. Which of the following would be consid- A. Income

ered “home expenses?” B. Outcome
A. new tires
C. expenses
B. internet
D. Interest
C. mortgage
D. water/sewer 3966. Which describes the total of a person’s
earnings when they get a job?
3961. OTHER THAN A WAGE OR A SALARY,
WHAT IS ANOTHER EXAMPLE OF IN- A. credit
COME?
B. income
A. Candy
C. investment
B. Money gifts
D. savings
C. Credit cards
D. none of above 3967. Dave Ramsey describes building wealth
as a
3962. When filing an insurance claim, the
policyholder must pay a , which is
the amount you owebefore insurance will
cover the rest of the bill.
A. contract fee
B. commission
C. deductible A. marathon
D. premium B. sprint

3968. Mr. Parson’s income last week was 3973. The practice of pressuring consumers to
$862. He had $610 in planned spending buy a more expensive product than what
and $155 in unplanned spending. He put they had intended is called
the rest of the money in the bank. How A. jumping prices
much money did he put in the bank?
B. trading up
A. $72
C. misrepresentation
B. $103
D. inflating prices
NARAYAN CHANGDER
C. $97
3974. Money paid by a insurance company.
D. $252
A. Umbrella Policy
3969. Jade went to medical school and has
B. Insurance Settlement
a student loan. Every month, she pays
2.4% of her loan. This amount added to C. Insurance Claim
her balance is an example of D. Insurance Deductible
A. Investment
3975. You have $90.43 in your bank account
B. Interest Rate and you make a deposit. Your account bal-
C. Income Rate ance will:
A. Increase
D. Minimum Payment
B. Decrease
3970. A bill you pay that isn’t always the
same amount, isn’t always a necessity, or 3976. What protects your wealth from unpre-
changes amount based on usage is a dictable events
A. savings account A. insurance
B. fixed expense B. bonds
C. variable expense C. stocks
D. payroll tax D. interest
3977. A federal student loan is provided by

3971. How much you make in a year
A. Gross Income
A. Private companies
B. Net Income
B. The state you live in
C. Annual Salary C. US Federal government
D. Commission D. Investors
3972. WHICH OF THE FOLLOWING IS AN EX- 3978. What is is a levy on property that the
AMPLE OF A NEED FOR MOST PEOPLE? owner is required to pay
A. Nail polish A. Property tax
B. Nutritious food B. Business tax
C. A basketball C. State tax
D. none of above D. Federal tax

3979. Which soft skill refers to doing the right C. savings account
thing every time? D. will

A. Work Ethic
3985. Which of the following is NOT a wise
B. Good Character financial decision?
C. Time Management A. using credit for everything
D. Punctuality B. saving for the future
3980. An automobile service contract is typi- C. writing down expenses to track spend-
cally limited to? after the warranty ex- ing
pires. D. creating a budget based on your NET
A. The engine only income
B. Covering regular maintenance 3986. acting within expected ethical, legal and
C. Providing routine services professional guidelines, even when these
may not be specifically stated
D. Repairing mechanical problems
A. Teamwork
3981. An automatic electronic deposit of net B. Work ethic
pay to an employee’s designated bank ac-
count C. Punctuality
A. Direct Deposit D. Good Character
B. Reverse Deposit 3987. net income

C. Debit A. the amount an individual or business
D. Credit Reversal
and taxes.
3982. What is a form of credit other than a B. the portion of your gross income that
credit card? the IRS deems subject to taxes
A. Budget C. income remaining after deduction of
B. Savings Plan taxes and other mandatory charges, avail-
able to be spent or saved as one wishes
C. Bank Loan
D. expenses that are required for living.
D. Investing (childcare, healthcare, etc.)
3983. How long should a resume be? 3988. Which investment vehicle involves an
A. About 2 pages ownership interest in a company?
B. About 1 page A. Stock
C. 2-3 pages B. corporate bond
D. none of above C. savings account
D. U.S. Treasury bond
3984. Which is a plan for saving and spend-
ing? 3989. What can you save money for?
A. budget A. needs
B. checking account B. wants

C. both needs and wants 3994. 12 pay periods

D. neither needs nor wants A. monthly
B. semimonthly
3990. What is a loan?
C. weekly
A. When you borrow money from a bank
D. biweekly
B. When you work a job for pay
3995. When you invest your money, there is
C. When you donate money to charity the chance you can:
NARAYAN CHANGDER
D. When you get a gift of money from fam- A. earn more money
ily B. lose money
3991. A tax on goods and services C. both of these
A. Property Tax D. none of these
B. Sales Tax 3996. This type of insurance provides payment

for liability and property insurance on a ve-
C. Income Tax hicle.
D. Payroll tax A. automobile
3992. a written record collected by a credit B. homeowners

agency that tracks a borrower’s credit pay- C. renters
ments, financial behavior, and credit his- D. health
tory
E. disability
A. book report
3997. Who pays interest on a loan?
B. credit report
A. The borrower
C. report card
B. The bank
D. progress report
3998. This financial investment pools together
3993. You earn by saving money in a sav- money from many investors and buys va-
ings account. riety of stocks and bonds.
A. Stock
B. bond
C. Savings account
D. Mutual Fund
3999. paying for something with money that
is borrowed and must be paid back, usu-
ally with interest
A. money A. credit
B. interest B. income
C. awards C. resources
D. trophies D. salary

4000. Which of the following could be a SE- 4004. Shirley’s account balance is $105. She
CURED loan? (hint:choose 2 correct an- spent $5 at McDonald’s and $20 at Tom
swers) Thumb. Her new balance is:

A. $75
B. $85
C. $105
D. $130
4005. On which day was the balance the high-

A. Auto loan
est?
B. Student loan
C. Mortgage
D. Overdraft
4001. occurs when the total amount of money
spent, saved, and shared equals total in-
come A. 7/7
A. balanced budget B. 7/15
B. low budget C. 7/19
4002. Which of the following is an example of D. 7/20
the ABC Grocery Store using price incen-
tives to gain customers? 4006. An expense that is the same amount and
cannot easily be changed is called:
A. ABC Grocery Store used to sell a gal-
lon of milk for only $1.50, but now it costs A. income
$2.25. B. fixed expense
B. ABC Grocery Store used to sell a spe- C. variable expense
cial milk, but they no longer have it avail-
able in stores. D. budget
C. ABC Grocery Store usually sells candy 4007. not-for-profit financial cooperatives
bars for $1.00, but today only is selling that are typically small and local.
them for $0.75. A. Credit Union
D. ABC Grocery Store gave all of its em-
B. Bank
ployees a raise from $9.00 an hour to
$12.00 an hour. 4008. Only making the minimum payment on
a credit card every month will:
4003. A debt evidences by a “note” which
specifies the principal amount, interest
rate, and date of repayment is called a
A. bank fee
B. loan
C. debit
D. credit

A. lower the amount total paid for the pur- 4013. money that a person earns by working
chase or investing
B. take longer to pay off which will result A. interest
in paying more interest, more money! B. credit
C. pay off the credit card faster C. income
D. none of above D. insurance
NARAYAN CHANGDER
4009. Which is NOT a good reason to have a 4014. What are the fundamentals of personal
credit card? finance?
A. Credit scores help you get loans A. Income, savings and investments, bud-
geting, credit, risk management.
B. Most people need credit
B. Income, savings and investments,
C. Credit cards offer bonus rewards credit, risk management.
D. Credit is bad for you C. Income, savings and investments, bud-
geting, credit.
4010. Alyssa has her first job at the local bak-
ery. After working for one week, she D. Income, credit, risk management.
received her first paycheck. The total 4015. exemptions
amount of money she is able to put in the
bank is $75.62. What type of income does A. exemption is a lawful reduction of the
this amount describe? amount of income that would otherwise
be taxed for a qualifying reason.
A. Gross Income
B. a tax incentive which allows certain
B. Net Income taxpayers to subtract the amount of the
C. Both Gross and Net Income credit they have accrued from the total
they owe the state.
C. financial incentives often used by em-
4011. If Ryan’s take-home pay is $3600, ployers to encourage workers to meet
what percentage does he pay for rent if their goals.
rent is $900. D. any benefits that do not directly put
A. 25% money into an employee’s bank account
B. 4% 4016. terms for one’s work-related financial

C. 0.04 % earning
A. Wage/Salary
D. 0.25 %
B. Liquid
4012. When financing a car, which credit score C. Commission
will warrant the best rate?
D. Loan
A. 850
4017. The difference between a scholarship
B. 950
and a grant is
C. 300
A. scholarships are private aid; grants
D. 250 are awarded by the government

B. grants are based on need; scholar- C. Age

ships are always based on merit D. Goals

C. scholarships are based on need;
grants are based on merit 4022. WHY IS IT HELPFUL TO HEAR ABOUT
ADULTS’ EXPERIENCES AND ADVICE
D. grants need to be repaid; scholarships
ABOUT MONEY?
do not
A. They can help you decide how to spend
4018. Which of the following statements and save your own money
MOST ACCURATELY defines the term inter-
B. You might get ideas of new things to
est rate?
buy
A. the level of attention that economists
C. They can help you work on your math
pay to economic activity at any one time
skills
B. money paid by banks and financial in-
D. none of above
stitutions to the US government
C. money paid by a borrower to a lender 4023. money you owe to someone
in exchange for the use of money A. credit
D. discounts on purchases made with a B. assets
credit card
C. debt
4019. Name two benefits the Kia Rio has over
D. percent
the Ford Mustang
4024. Expenses that are extra and can be cut
back or out of budget if needed.
A. overdraft
B. flexible expenses
C. income
A. Fewer Miles and Lower Price
B. Lower Price and Better Safety D. all of the above
C. Better Reivews and Newer Model 4025. Graduate students account for % of
D. Better Safety and better reviews total student loan debt.
A. 10
4020. Which are you NOT able to do at an ATM
Machine? B. 20
A. transfer money C. 30
B. pay bills D. 40
C. check balance 4026. What’s an example of a utility cost?
D. withdraw money A. Your college savings fund.
4021. Factors impact to Individual Investor B. Your electric and heating bills.
risk tolerance? C. Your grocery budget.
A. Net worth D. The money you spend on online dating
B. Time horizon sites.

4027. Which part of your car insurance covers 4032. Is a technique that reduces risk by in-
damage done in any manner? vesting across different financial instru-
ments, industries, and other categories.
A. Liability
This way you will maximize your returns
B. Comprehensive and minimize the risk.
C. Collision A. Diversification
D. Specialized B. Stock Quote
NARAYAN CHANGDER
4028. In the Paradox of Value EdPuzzle, which C. Portfolio
values are being compared directly before D. Ticker Symbol
the first question?
A. Face Value and Use Value
A. The amount you spend
B. Use Value and Monetary Value
B. The amount you don’t save
C. Exchange Value and Use Value
C. Money taken in
D. Exchange Value and Sentimental Value
D. none of above
4029. What are two characteristics of a bank?
4034. In general, are there differences in risks
A. They are non-profit organizations and returns for stocks and bonds? If so,
owned by members. how?
B. They pay profits to their shareholders A. Stocks are high risk and high return
and can be used by anyone. while bonds are low risk and low return.
C. They charge better interest rates on B. Both stocks and bonds are high risk
loans and have low fees. and high return.
D. Deposits are insured for $100, 000 by C. Both stocks and bonds are low risk and
the NCUA. low return.
4030. Communist countries have what type of D. Stocks are high risk and low return
economnic system? while bonds are low risk and high return.
A. Market 4035. What do you use to make a purchase

that you have to pay back in the future?
B. Traditional
A. Credit card
C. Command
B. A check
D. Mixed
C. Debit Card
4031. Those things we lose because of our de- D. Credit report
cisions, basically what you give up to get
something else is called 4036. Budgets compare
A. benefit A. Income and Expenses
B. opportunity cost B. Income and Saving
C. expense C. Expenses and Saving
D. savings D. Saving and Debt

4037. Stocks in young, often small corpora- B. Pure Risk

tions that have higher overall risk than C. Threshold
stocks of successful, long-established com-

panies are called D. Insurance Settlement
A. emerging stocks 4042. market economy

B. defensive stocks A. governemnt controls business
C. blue chip stocks B. consumers make choices and busi-
D. growth stocks nesses are privately owned
C. government has significant role
4038. What’s a good way to earn and save
money? D. none of above
A. Starting a business (like babysitting or 4043. Prior to its military involvement in both
snow shoveling) the War of 1812 and World War l, the
B. Getting an allowance from your par- United States attempted to maintain a pol-
ents icy of
C. Saving money and letting it earn inter- A. neutrality

est B. internationalism
D. all of these C. collective security
4039. Interest is D. detente
A. An additional amount added to the cost 4044. What must one do in order to figure
of borrowing out the amount that is left over after each
B. An amount you pay to the government month?
C. An extra amount added to your wages A. One must subtract the expenses from
the income.
D. A bank charge
B. One must add the expenses from the
4040. You earn $300 a week and you are able income.
to save half of that each week. You are
saving money to go on a trip with your 4045. Amortizing a loan means:
friends after you graduate high school. the A. Calculate only the interest that is built
trip is going to cost $1, 350. How many up when you take out a loan
weeks will you have to work to save B. To calculate the even monthly pay-
enough money to go on the trip? ments over the life of the loan
A. 4 and a half weeks C. Calculate only the principle you borrow
B. 11 weeks money from a lender
C. 9 weeks D. Figure the interest on a car lease
D. 7 weeks 4046. Choose all the following POSSIBLE influ-
4041. Policy that covers loss amounts that are encers on Social Media. (Choose all that
higher than those covered by primary poli- apply)
cies. A. Fitness
A. Umbrella Policy B. Food

C. Money B. volume
D. Music C. market capitalization
4047. By investing you should more D. dividend

money than you in due to interest. 4051. What is a Business Grant?
A. put, get A. This is money awarded to business in
B. get, put need.
NARAYAN CHANGDER
C. get, save B. Money for a small business.
D. get, borrow C. This is money you have to send away
for.
4048. Identify E
D. None of the above.
4052. There is a(n) relationship between

RISK and RETURN
A. Inverse
B. Opposite
A. Account and Routing Number
C. Direct
B. Check Number
D. NO
C. Numeric Amount
4053. One of the benefits of home ownership
D. ABA Number
includes
4049. Jake’s credit application has been de- A. Building equity
clined because of his negative credit his-
B. Purchasing insurance
tory. Which is most likely to be true?
C. Paying property taxes
A. Jake pays his bills consistently and on
time. D. Funding large capital outlays
B. Jake has applied for 4 credit cards and 4054. Goals that are to be achieved in less
a car loan in the past 6 weeks. than a year are
C. Jake has received 3 traffic tickets in A. short term
the past 2 months.
B. long term
D. Jake holds 2 store credit cards, a bank
credit card, a car loan, and a mortgage. C. intermediate term
D. personal
4050. The total current market value of all out-
standing shares of a company. 4055. What is a budget?
A. a plan for balancing your income and
spending
B. money earned
C. something you need in order to survive
D. something you do not need in order to
A. beta survive

4056. The bank you are using fails, but you A. Better Business Bureau
get all of your savings back. Where did B. Consumer Product Safety Commission
you deposit your money?

C. Equal Employment Opportunity Com-
A. cash-checking place mission
B. payday loan company D. Federal Trade Commission
C. bank with FDIC insurance
4061. Which of the following would you NOT
D. stockbroker insured by the FSLC have to put money into savings for?
4057. A(n) is a payment for a good or ser- A. college
vice B. peanut M&Ms
A. budget C. a house
B. expense D. a vacation
C. income 4062. What is interest?
D. cash flow A. The price paid to borrow money at a
specified rate
4058. Alivia sells jewelry. She make a total
of 12% of commission off of her sales. B. Managing money through budgeting,
How much commission Alivia make when spending, and savings
she sells $22, 540 worth of jewelry. C. Mandatory payment or charge col-
A. $304.80 lected by local, state, or federal govern-
ment
B. $450.80
D. A prediction of credit behavior based
C. $2, 704.80 on likelihood to pay loans
D. none of above
4063. When you report a lost or stolen credit
4059. Gabriela has dinner at a cafe and the card you are
cost of her meal is $45.00. Because of A. Responsible for up to $50
the state she’s in, her sales tax is 9.9%.
What is her total? B. Protected by your bank at any point
when it is reported
A. $49.46
C. Not protected the same way as a debit
B. $51.88 card
C. $49.22 D. All of the above
D. $40.54
4064. What is an Expense?
4060. Rob’s Roofing replaced shingles on A. The spending of some or all of your
Meredith’s house. When the first hard money for various purposes
rain and wind came, the house leaked. No B. The amount of money that a person ob-
one at Rob’s Roofing is returning Mered- tains
ith’s calls. Another roofer looked at the
poor workmanship and said the job needed C. The amount of money a person invests
to be redone. Meredith cannot afford anin a Stock
other new roof. Who can Meredith contact D. The amount of money that the bank
to help her? pays an account holder for saving money.

4065. A person or organization that uses a A. Gross Pay

product or service B. Net Pay
A. consumer C. Trick Question! You have to take out
B. borrower taxes. So Neither!
D. I am SOOOO confused.
4066. How do banks make a profit?
A. interest 4071. Which of the following correctly de-
scribes an entrepreneur?
NARAYAN CHANGDER
B. customer service
A. Omar babysits his little brother while
C. selling toys
his parents go to the movies.
D. buying cars and houses B. Simone starts a car-washing business
4067. The government sets a price ceiling in a and hires her closest friends.
market. This is MOST likely to cause C. Tatiana mows the lawn every weekend
A. efficiency because it is one of her chores.
B. a surplus D. Rashad gets a job at the mall so he can

earn money for a new skateboard.
C. a shortage
4072. the money in your account
D. equilibrium
A. debit
4068. Tameka went to the store. She wanted
B. deposit
to buy a new dress and a pair of shoes.
She only had enough money for one item. C. balance
She decided to buy the dress. What is her D. none of above
opportunity cost?
A. the dress
B. the money
C. the shoes
D. saving the money
A. A
4069. Trish had a pen, but she wanted a pencil.
Greg had a pencil, but wanted a pen. They B. B
voluntarily exchanged the pen and the pen- C. C
cil with each other. Who benefited from D. D
this exchange?
4074. Which statement is true?
A. Only Trish benefited
A. The less money you make the more
B. Only Greg benefited
taxes you pay.
C. Both Trish and Greg benefited
B. Your income does not impact the
D. Neither Trish nor Greg benefited amount of taxes you pay.
4070. Kevin sees two amounts on his C. The more you make the more taxes you
paycheck. Gross Pay:$3500.00 Net pay.
Pay:$2800.00 Which one will actually be D. Everyone pays the same amount of
deposited into his bank account? taxes.

4075. You haven’t finished your homework, 4080. is the interest based on the principal
but you decide to go to the movies any- amount and the interest that accumulates
way. What is this an example of? on it every period.

A. This is an example of an expense. A. Compound Interest
B. This is an example of an opportunity B. Duplex Interest
cost.
C. This is an example of savings. C. Multi Interest
D. This is an example of income. D. Uni Interest
4076. Jackie usually earns $60 a week, but 4081. Trinity is investing into a IRA account
usually spends $30 a week. How much for retirement. The plan she has chosen
can Jackie save in a month (4 weeks)? will yield 4.25% compounded quarterly.
A. $30 If Trinity invests $750 at the beginning of
each quarter, what is the future value of
B. $90
the account after 15 years.
C. $60
A. $62, 498.44
D. $120
B. $63, 162.48
4077. When a person buys shares of stock,
that person is C. $50, 217.63
A. becoming a part owner in a company. D. $49, 798.25
B. borrowing money from a company.
4082. Gross Income is
C. lending money to a company.
A. the same as net income
D. voting on how a company will operate.
B. the amount you take home in a pay-
4078. Bankruptcy is only caused by being fi-
check
nancially irresponsible.
A. True C. wages or salary minus bonuses
B. False D. wages or salary before payroll deduc-

tions
4079. Commercial banks
A. Financial institutions that do not offer 4083. Refers to the ability to put off some-
federally insured deposit accounts, but thing mildly fun or pleasurable now in or-
provide various other financial services. der to wait for something that is more
fun, pleasurable, or rewarding later. e.g.
B. Nonprofit depository institutions that
Could watch Netflix that night before an
serve members who have a common affil-
exam, or you could study for the exam and
iation
watch Netflix the next night.
C. Financial institutions that accept de-
posits and provide mortgage and personal A. Debit Card
loans to individuals. B. Supply and demand
D. Financial institutions that accept de-
C. Delayed gratification
posits and use funds to provide commer-
cial and personal loans D. Scarcity

4084. Wealth C. Interest

A. Financial assets purchased with the D. Debt
4088. To much money in our economy leads to
appreciate in value to make it possible to
sell at a higher price in the future. A. Inflation
B. A measurement of how much a person B. Recession
or household owns once all debts have
4089. When you allow a bank to use the
been paid.
NARAYAN CHANGDER
money you deposit, you receive
C. A debt or obligation owed to others
A. interest
D. A financial statement that describes B. a thank you note
on a specified date by showing assets, li- C. deductibles
abilities, and net worth D. a budget
4085. Which situation is an example of lend- 4090. 2 things you can do with money are
ing? A. Save and spend
A. Danielle takes a $10 bill from her sav- B. Save and Eat
ings box and puts it in a birthday card for
C. Hold and love
his brother Thomas.
D. Live and Laugh
B. Victor is selling shirts for his team. His
customer will pay him when he gives them 4091. May result in either financial gain or fi-
the shirts. nancial loss.
C. Letty will use her money to help Mariah A. Speculative Risk
pay for a necklace if Mariah pays her back B. Pure Risk
later.
C. Premium
D. none of above
D. Depreciation
4086. “Income Tax Amendment Passes””Congress
Enacts Federal Reserve Act””Pure Food 4092. Which account type lets you spend your
and Drug Act Passed by Congress”Which money easier?
reform movement supported the actions A. savings account
described by these headlines? B. checking account
A. Progressive C. certificate of deposit
B. Prohibition D. mortgage
C. Labor
4093. Which of the following is not a long-
D. Conservation term savings goal?
4087. What is a legal agreement by which a A. Saving for retirement in 28 years
bank or other creditor lends money at in- B. Saving for college tuition for a 4 year
terest in exchange for taking title of the old
debtor’s property? C. Saving for college tuition for a 16 year
A. Finance old
B. Mortgage D. All of the above

4094. principles by which a person lives by are 4099. Hourly rate that you get paid
? A. Wage

A. basic needs B. Income
B. values C. Salary
C. collective values D. Register
D. no shoes, no shirt, no service
4100. Which form do we use to help us fill out
4095. What is net pay our taxes? It’s from our employer and
shows us our gross income, total taxes
A. Pay after tex
paid, and total voluntary deductions.
B. Pay before tac
A. W2
4096. is when the cost of goods increase B. W4
A. Unemployment C. 1099
B. GDP D. 1040
C. Deflation
4101. Property used to pay off debt
D. Inflation
A. Dividend
4097. Which of the following shows the most B. Stocks
accurate method for calculating net income
C. APR
to calculate personal income tax?
D. Collateral
A. Assessable income-expenses-
deductions 4102. What does it mean to call cash “liquid”?
B. Income from assets-deductions- A. money that is owed.
expenses
B. money that can be obtained by selling
C. Income from work-expenses- property.
deductions
C. Cash that you can get your hands on
D. Income from work + income from now.
assets-expenses-deductions
D. You have extra cash left after selling
4098. Savings Account all property and paying all debts.
A. investment where you purchase some- 4103. A person or organization that
thing you believe people will want to buy buys/uses goods or services.
from you later
A. Economy
B. purchasing a share of ownership in a
B. Consumer
company; profits come from selling that
share at a higher price C. Producer
C. used for depositing money at a bank D. Loan Officer
or other financial institution, with low in-
terest rates 4104. EFT stands for electronic funds transfer.
D. investors pool their money for a fund A. True

manager to invest in a collection of stocks B. False

4105. Salary is 4110. Which two of the following cards below

charges interest on purchases?
A. a long term payment (fixed)
A. health savings card
B. hourly payment
B. debit card
C. no payment
C. credit card
D. none of above
D. American Express card
4106. The five steps to financial success is:
NARAYAN CHANGDER
4111. In Terms of credit, what does APR stand
A. emergency fund for?
B. interest rate A. Annual Penalty Rate

B. Annual Payoff Rate
C. five foundations
C. Annual Payment Rate
D. sinking fund
D. Annual Percentage Rate
4112. How are a credit score and credit report
related?
A. A
B. B
C. C A. A credit report is determined by the
factors in your score
D. D
B. A credit score is determined by the fac-
4108. Which of the following is an investment tors in your report
which allows someone to transfer financial C. Credit reports are less important than
risk? your credit score
A. Embargoes D. They’re not related at all
B. Capital 4113. What is liquidity?
C. Entrepreneurship A. Turning investments into cash
D. Insurance B. Real estate that we sell for cash
C. Credit card payments
4109. Money received or earned on a regular
basis. D. Money people get from the Stock mar-
ket
A. Sales tax
B. expense 4114. Which is the most complete set of finan-
cial goals according to SMART principles?
C. budget
A. Ju wants to have 20, 000 baht in the
D. income next 5 years.

B. Joe wants to have 10, 000 baht to B. Regressive

spend on his degree.
C. Proportional

C. Jump wants to have 15, 000 baht, so
he saves 5, 000 baht per month. D. Illegal
D. Jum wants to make a down payment of 4118. Shannon makes a deposit in her check-
15, 000 baht on a motorbike in the next 3 ing account. She has checks for $178.16
years by saving 5, 000 baht per month. and $36.00. She gets back $20.00 in cash.
What is her total deposit?
4115. Why is compound interest more benefi-
cial than simple interest? A. $214.16
B. $198.16
C. $194.16
D. $234.16
4119. To buy a house, you will most likely

need a
A. Your money grows faster when it is A. Mortgage

compounded B. investment
B. You earn interest on your interest
C. Fees for compound interest are 4120. A valuable resource that is owned by a
greater than simple interest person, company, or government in order
to get an economic benefit.
D. Compound interest is hard to calculate,
so fewer use it A. asset
B. equity
4116. If Sarah and Tommy live in the same
household, and Sarah makes $2000 a C. income
month and Tommy makes $3000. What
D. budget
is their household income?
A. $5000 4121. A tax credit reduces the tax?
B. $2000 A. Net value
C. $50
B. Income
D. none of above
C. Liability
4117. Linwood and Sylvia both go to the store D. Refund
to buy the latest MP3 player. They
both pay the same amount for the prod- 4122. Discount is from the price.
uct. However, because Sylvia earns less
money than Linwood, she actually ends up A. added
paying a higher percentage of her income B. divided
than Linwood does in sales tax. Such a tax
is called SSPEF3 DOK 1 C. subtracted
A. Progressive D. divided

4123. What actions can decrease your credit 4127. Which is NOT a way to establish credit?
score? A. Getting married, having a few kids,
A. Pay your bills on time buying some stuff, retiring to Florida, and
B. Only check your credit score once a dying.
year B. Having a parent co-sign a card
C. Max out your credit cards C. Creating an account with a bank
D. Pay off your full debt at one time D. Obtaining a credit card
NARAYAN CHANGDER
4124. Where should you look to find your cur- 4128. An example of a variable (flexible) ex-
rent expenses when building your budget? pense is
A. your parents A. Car Insurance
B. bank and credit statements B. Rent
C. your friends C. Entertainment
D. your wallet D. Student loan payment
4125. If, one month, you decide to pay your 4129. What is one way to maintain a good
bank more than the amount you owe on a credit score?
fixed 30-year mortgage, how would this A. Pay your bills on time.
affect your loan?
B. Keep a running balance on your credit
A. It would decrease the time you have card
left before your morgage is paid off
C. Get a second job.
B. It would decrease the amount of
money you owe to your bank each month D. cancel a credit card account.
C. It would decrease the amount of inter- 4130. Which of the following is deducted from
est you owe on the following month’s pay- everyone’s paycheck in the United States
ment whether they like it or not?
D. It would increase the amount of princi- A. Sales Taxes
pal you owe to the bank each month B. Food Costs
4126. Sarah will turn 18 next month. She C. Utilities
plans to apply for a credit card. Which D. Federal Taxes
statement is true?
A. Sarah cannot obtain a credit card until 4131. Line of Credit
she turns 21. A. benefits such as cash back and air-
B. Sarah will need to use a special appli- lines miles given to the cardholder for pur-
cation since she is under 25. chases
C. Sarah can only obtain a credit card if B. the maximum amount you may borrow
she has a co-signer or proof of sufficient at one time
income to make the required payments. C. amount charged by the bank for allow-
D. Sarah can obtain a credit card by filling ing you to use their credit card
out an application as long as she waits un- D. a partial cash payment paid at the time
til after her 18th birthday of sale

4132. A card that allows the holder to buy shows other points that satisfy the equa-
goods and services by taking out a bank tion y = x + 3?
loan.

A. Credit Card
B. Debit Card
C. Charge Card
D. Bank Card
4133. The charge for the privilege of borrow-

ing money.
A. expenses
A. (4, 6) ; (7, 9) ; (10, 12) ; (13, 15)
B. interest
B. (12, 9) ; (15, 12) ; (18, 15) ; (21, 18)
C. overdraft
C. (9, 12) ; (12, 15) ; (15, 18) ; (18, 21)
D. philanthropy
D. None of these
4134. When you choose not to spend your
money, what is this called? 4138. How are credit cards and debit cards dif-
A. spending ferent?
B. saving
C. debt
D. mortgage
4135. A type of job where a person performs

some sort of work for another is called a A. They’re both linked to a checking ac-
count in different ways
A. goods B. Some debit cards say VISA on them;
credit cards don’t
B. service
C. With a credit card, you are borrowing
C. credit
from yourself
D. tax
D. A credit card can offer perks such as
4136. What is considered a really good credit purchase protection
score?
4139. Someone concerned that they could not
A. 700+ afford to pay their medical bills if they
B. 500+ were ever in a serious accident should def-
initely consider investing in
C. 400+
A. Health Bonds
D. 900+
B. Stocks that are likely to perform well
4137. The ordered pairs for the points on the
C. Insurance
coordinate plane satisfy the equationy = x
+ 3.Which of these groups of coordinates D. Workout equipment

4140. What is another benefit of spending D. the study of how people seek to satisfy
money? their needs and wants using mathemati-
A. ) Having less money to spend. cal models and statistical analysis
B. ) Not buying something for yourself. 4145. is money that is owed to another
person.
C. ) Making someone happy by buying
them a gift. A. Income
D. none of above B. Debt
NARAYAN CHANGDER
C. Withdraw
4141. Why do we have to make choices when D. none of above
spending money?
A. ) We have too much money to spend. 4146. Which statement about interest is true?
A. you pay interest when you borrow
B. ) We cannot have everything we want.
money and earn interest when you loan
C. ) We do not want to miss out on any- money
thing. B. you earn interest when you borrow
D. none of above money and pay interest when you loan
money
4142. You get in a little fender bender (ahem,
C. you pay interest both when you loan
texting and driving) and it was your fault.
and borrow money
Which of the following is true about auto
insurance? D. you earn interest both when you loan
and borrow money
A. You’ll be responsible to pay for dam-
ages, but insurance will cover any medical 4147. Something you make to help you spend
expenses. or save money wisely
B. Your insurance won’t cover the costs A. finance
because you were at fault. B. budget
C. Insurance will cover damages. C. withdrawal
D. Insurance is an unnecessary expense, D. wants
and therefore, you didn’t have it.
4148. What is your credit score based on?
4143. Fewer Fees, Better Rates A. how well you pay your bills
A. Credit Union B. how much you use the card
B. Bank C. how much interest you have paid all
year
4144. Economics
D. none of above
A. the study of how people seek to satisfy
their needs and wants by making choices 4149. Which of the following is an expendi-
ture?
B. the study of how people seek to satisfy
A. Buying an ice cream at lunch
their needs using personal finance
B. Selling an old game to a friend
C. the study of how people seek to satisfy
their needs and wants based on opportu- C. Getting paid for helping your neighbor
nity costs D. Allowance from your parents

4150. Malia had 15 lb of birdseed. She fed her order to induce individuals to reveal per-
birds 1/5 lb of birdseed every day until sonal information, such as bank details
all the birdseed was gone. For how many and credit card numbers.

days did Malia feed the bird seed to her
B. wrongful or criminal deception in-
birds?
tended to result in financial or personal
C. the fraudulent acquisition and use of
D. the fraudulent practice of sending text
utable companies in order to induce in-
A. 20 days bers.
B. 3 days 4154. Which branch of government INTER-

C. 90 days PRETS or EXPLAINS the laws?
D. 75 days A. Legislative
B. Executive
4151. Viola bought a video game for $14.
Sales tax is 6% or 0.06 times the pur- C. Judicial
chase price. How much did the video game D. Memorial
cost with sales tax?
A. $13.16 4155. An economy in which economic decisions
are made by the markets.
B. $14.06
A. Scarcity
C. $14.36
B. Goods and Services
D. $14.84
C. Consumer
4152. A high school student is trying to decide
D. Free Enterprise
whether to go to college, join the military,
or get a job after high school. Which tool
4156. List three benefits of buying a home.
would be MOST helpful in this situation?
A. helping society, you feel good, tax de-
A. A graduation coach
ductions
B. Imitate a successful friend
C. A life coach capital gains at time of sale, tax deduc-
D. a rational decision-making model tions for mortgage interest and property
4153. what is Smishing your own likes and needs
A. the fraudulent practice of making C. must follow lease requirements, no eq-
phone calls or leaving voice messages pur- uity build up, subject to possible rent in-
porting to be from reputable companies in creases

D. no maintenance and upkeep costs, 4162. The value of your next best alternative
easier mobility, indirect payment of prop- when you make a choice is
erty taxes
A. values
4157. Our debt system keeps us from build- B. loss leader
ing wealth because we are constantly giv-
ing our money away for things we bought C. opportunity cost
years ago. D. economy
NARAYAN CHANGDER
A. True
4163. Tax placed on the value of possessions
B. False after somebody dies.
4158. The local representation of a big bank in A. Sin Tax
a smaller town is called ‘branch’.
B. Estate Tax
A. TRUE
C. Excise Tax
B. FALSE
D. Regressive Tax
4159. A business in which one person provides
the permanent finance and, in return, has 4164. Label each item as an asset or liability
full control of the business and is able to stock
keep all of the profits.
A. asset
B. liability
4165. A person’s net worth would increase as

a result of
A. reducing amounts owed to others.
A. Sole Proprietorship B. reducing earnings.
B. Partnership C. decreasing the value of assets.
4160. Chris makes $200, 000 a year, how D. increasing spending on current living
much does he make a week? expenses.
A. $3, 846
4166. A fixed amount you have to pay when
B. $5, 000 you borrow money
C. $2, 000 A. interest rate
D. $16, 666 B. donation
4161. If one spouse stays at home, how might C. budget
a family benefit financially from this deci-
D. savings
sion?
A. Increased Social Security benefits. 4167. What is the difference between needs
B. Increased disposable income. and wants?
C. Reduced commuting costs. A. Needs-other thingsWants-survival
D. Reduced costs of rent. B. Needs-survival Wants-other things

4168. The amount of goods or services avail- 4172. Which of the following can have a neg-
able is called? ative effect on your credit score?

A. Paying on time
B. Having a long credit history
C. Using too much credit
D. Paying off debt
4173. What do people use income for?

A. to pay for supplies
A. supply B. goods and services
B. demand C. taxes
C. producer D. budget
D. consumer
4174. What is a finance charge?
4169. I want to purchase a new pair of shoes
and a new video game. I can only afford A. The amount of interest charged to an
one. The item I chose not to buy becomes account for the billing cycle.
the (note:two answers apply here). B. A fixed annual percentage rate of the
A. item I want less finance charge.
B. item I want more C. A charge from the bank for getting a
C. trade-off credit card.
D. opportunity cost D. None of the above.
4170. Which is the correct type of insurance
4175. You can diversify your investments to
that would be used:Joey’s father is in a car
reduce
accident and cannot work. What type of
insurance replaces his father’s earnings? A. risk
A. Property and liability B. debt
B. Health C. inflation
C. Life
D. interest
D. Disability
E. Workers’ compensation 4176. what is progressive tax?
4171. A type of savings that signifies that you A. nothing important

own a part of a corporation and a claim to B. income tax
their assets and earnings.
C. tax that takes larger percentage from
A. Stock people that make more money than other
B. Share
D. tax that takes larger percentage from
C. Dividend people that make less money than every-
D. none is correct one else

4177. What is #8 for? 4182. Complete record of your borrowing and

repayment performance. (a)
A. a Credit history
B. Personal info
C. Personal history
D. Credit info
A. preprinted name and address of ac-
NARAYAN CHANGDER
count holder 4183. allows individuals to buy goods or ser-
vices now and pay for them later
B. date line
A. credit
C. account/routing number
B. credit score
D. bank information of whom you have an
account with C. credit check
E. written amount of the check D. credit card
4184. Cathy has $30 in the bank. She makes a

4178. Exercise
withdrawal of $4. How much money does
A. a “want” she have in the bank now?
B. a “need” A. $43
4179. Belief that a person can repay money B. $26

borrowed for an item. C. $34
A. savings D. none of above
B. credit 4185. Why are non-essential items budgeted
C. spending last in a personal budget?
D. income A. They can be cut if necessary, espe-
cially if an unexpected emergency arises.
4180. The money the employer pays for the B. The categories in a personal budget
employee to the government. are arranged alphabetically.
A. payroll C. Non-essential items are needs and
B. income cannot change, so they are considered
last.
C. property
D. Non-essential items are not important
D. sales in a budget, and should not be included.
4181. The least amount of money you can pay 4186. The least amount that must be paid on
on a credit card per month. a credit card each month is
A. Credit Limit A. Late Fee
B. Minimum Payment B. Credit Limit
C. Annual Percentage Rate C. Payment amount
D. Opportunity Cost D. Minimum Payment

4187. Lenny’s employer deducts 0.2 times his B. stop you from spending too much
gross income in payroll taxes. What is his C. increase the balance of your savings
net income if his gross income is $367?

account
A. $7.34 D. tell me how much you owe the govern-
B. $73.40 ment
C. $293.60 4193. Which of the following is considered a
D. $440.40 want?
4188. What are the types of investments
A. Lottery, stocks, stock mutual funds,
Bonds, and savings account
B. Credit, character, Collateral
C. Credit union and banks
D. none of above A. a warm jacket
4189. Which would be the best choice for a B. ice cream
credit card? C. transportation
A. One with a high annual fee and a high D. deodorant
interest rate
4194. The total amount of earnings before any
B. One with no annual fee and a high in-
deductions are taken out
terest rate
C. One with a high annual fee and a low
interest rate
D. One with no annual fee and a low inter-
est rate
4190. Email has both advantages and disad-

vantages as a form of communication.
A. T
B. F
A. Gross Pay
4191. A written contract specifying the le-
gal responsibilities of both the tenant and B. Net Pay
landlorg C. After-tax Income
A. lease D. Yucky Pay
B. paper 4195. A plan for your estimated income, ex-
C. signing your life away penses, and savings.
D. loose A. Credit Rating
4192. The purpose of a budget is to: B. Budget
A. help you plan how you will spend the C. Bankruptcy

money you earn and receive D. Financial Goals

4196. Sally’s net income this week was man, deprives him of his property with-
$389.60. If her deductions were $97.40, out due process of law, nor denies him
what was her gross income? the equal protection of the laws within
A. $292.20 the meeting of the Fourteenth Amendmen-
tWhich Supreme Court decision is reflected
B. $302.02 in this passage?
C. $486.60 A. Wabash, St. Louis and Pacific R.R. v.
D. $487.00 Illinois (1886)
NARAYAN CHANGDER
B. United States v. E. C. Knight Co. (1895)
4197. A spending or savings plan for an indi-
vidual or company is called C. In Re Debs (1895
D. Plessis v. Ferguson (1896)
A. budget
B. income 4201. flyer
C. bank A. individual who does not consider
D. scholarship much of an opinion on money
4198. A debit card is B. individual who enjoys spending money
A. Like a credit card, but it takes money
directly from your checking account. C. expenditures which are essential for
an individual to be live and function
B. A card that lets you buy goods and ser-
vices based on a promise to pay later. D. expenses which help an individual to
live more comfortably
C. A card which you may only make online
purchases with. 4202. What are goods?
D. none of above A. products people buy and sell
4199. Becky no longer wants to use her Belks’ B. money earned

store credit card. What is the best thing C. resources necessary to survive
she could do with the credit card? D. none of above
A. File the credit card away for use at a
later time 4203. Monetary gain a business owner makes
by selling goods or providing services; cal-
B. Let a family member take over the culated by subtracting the total expenses
credit account so her credit score will not from the total income.
be affected
A. Revenue
C. Close the account by phone and in writ-
B. Credit
ing, then destroy the card
C. Profit
D. Keep the credit card in her wallet in
case she needs proof of identification. D. Savings
4200. we think the enforced separation 4204. A(n) is the fee charged as a percent
of the races, as applied to the internal of your entire portfolio every year to pay
commerce of the State, neither abridges the fund managers.
the privileges or immunities of the colored A. Dividend

B. Expense Ratio 4210. services provided by outside compa-

C. Income Tax nies that allow you to live in com-
fort(electricity, water, etc.)

D. Capital Gains
A. utilities
4205. The US tax revenue relies the most on B. collateral
which of the following
C. expenditures
A. Consumption tax
D. the bills
B. Individual tax
4211. cost of credit expressed as a yearly per-
C. Property tax
centage
D. Corporate tax
A. Annual Percentage Rate/ APR
E. Social insurance tax
B. net pay
4206. Income after taxes and deductions C. interest rate
A. Gross income D. Social Security Tax/ FICA
B. Net Pay (Income) 4212. Plan for spending and saving income.
C. Disposable income A. Loans
D. Adjusted gross income B. expenses
4207. How can budgeting help in personal fi- C. budget
nance? D. overdraft
A. By encouraging impulsive spending
4213. The main difference between a credit
B. By tracking income and expenses to card and debit card is
achieve financial goals
A. A debit card requires that you have
C. By speculating on cryptocurrency the cash available in the account; a credit
prices card doesn’t
D. By avoiding investments B. A credit card has the Visa or Master-
Card logo; a debit card doesn’t
4208. Time to buy TP! What’s the best way to
save money while shopping for basics like C. A debit card does not offer the same
food, hygiene items, and even gas? protections as a credit card.
A. Buy less than you think you really need. D. A credit card requires that you have
the cash available in the account, a debit
B. Shop your parents’ storage room.
card doesn’t
C. No worries; you budgeted enough.
4214. Weaknesses in the central government
D. Shop around to find the best deal.
under the Articles of Confederation ex-
4209. The amount borrowed is called posed by Shays’ Rebellion contributed di-
rectly to the
A. interest
A. signing of the Declaration of Indepen-
B. capital dence
C. credit B. creation of the United States Constitu-
D. principal tion

C. development of a policy of neutrality 4220. What is the 30% of the rule

D. passage of the Northwest Ordinance A. Wants
B. Donations
4215. A partial refund of the price of the prod-
uct C. Needs
D. Savings
A. warranty
B. rebate 4221. Joe goes to the ATM to take cash out of
his checking account. This is called a
NARAYAN CHANGDER
C. mediation
A. withdrawal
D. arbitration B. deposit
4216. Which of these forms of taxation has C. loan
been criticized for placing an excessive bur- D. profit
den on people with less ability to pay?
4222. what is a budget
A. luxury taxes
A. A plain for manageing your money
B. regressive taxes
B. Finding money
C. progressive taxes C. Added money
D. proportional taxes D. Asking for money
4217. True or False:Your credit score can 4223. How an individual saves and spends
change quickly. money.
A. True A. Checking Account
B. False B. Savings Account
C. CD Account
4218. What is the purpose of a PIN? D. Personal Finance
A. To stick people
4224. How might taxes have an impact on
B. So you can give it to others to access your financial plan?
your information
A. Taxes impact how high interest rates
C. To keep your information protected are.
D. Because the bank gives it to you B. Taxes control how much of your in-
come you keep.
4219. An account that pays interest on a spe- C. Taxes control the rate of inflation.
cific sum of money that a person has de-
posited for a specific period of time. If D. none of above
withdrawn before that time, the bank im- 4225. the money you earn
poses a penalty fee.
A. expenses
A. Savings Account B. income
B. Certificate of Deposit (CD) C. collateral
C. Checking Account D. charge
D. Money Market Account E. surplus

4226. What is a way to describe a money mar- rate of return of 12%, Investment B a re-
ket? turn of 5%, and Investment C a return
of 10%. David wants to make the in-

A. a hybrid checking account
vestment and decides that he will cash in
B. the same as a checking account a Certificate of Deposit that is currently
C. the same as a savings account earning a 7% return. Which investment
should David NOT purchase because he
D. none of above
would lose money?
4227. WHICH OF THE FOLLOWING IS AN EN- A. Investment A
TREPRENEUR?
B. Investment B
A. An owner of a plumbing business
C. Investment C
B. A waitress
D. Neither investment
C. A flight attendant
D. none of above 4232. What is a good reason to borrow
money?
4228. The entire amount of money a person
owes to lenders. A. To buy a concert ticket
A. Assets B. To buy groceries
B. Debt C. To buy the newest iphone

C. Equity D. none of above
D. Capital 4233. The total amount of money you make
4229. Which condition leads to high prices? before taxes
A. low supply, high demand A. gross income
B. high supply, high demand B. net income

C. low supply, low demand C. fixed income
D. high supply, low demand D. adjusted income
4230. what are the 3 C’s of credit 4234. Car Payment

A. C one, C two, and C three A. Fixed Expense
B. Credit, character, collateral B. Variable Expense
C. Cash, cash, and more cash
4235. What are some common pitfalls of credit
D. Credit score, Credit report, Credit
cards? (select all that apply)
union
A. Overspending
4231. David is wanting to grow his money and
is considering three investment projects B. Confusing credit terms
which are known as Investment A, Invest- C. Damaging credit score
ment B, and Investment C. Each invest-
D. Accruing interest
ment requires an initial purchase of $10,
000. Investment A offers an expected E. Making more money

4236. Who would need the most life insurance C. Liabilities should not exceed half of as-
A. Your grandma sets.
B. Your older brother who is in college D. Short-term assets should be greater

than short-term liabilities.
C. Your parents
D. Your newborn sister 4242. Money that you earn before taxes and
deductions.
4237. Which type of financial institutions sell
A. gross income
NARAYAN CHANGDER
the highest cost (fees and interest) loans?
A. Banks B. net income
B. Credit Unions C. deductions
C. Payday Loan companies D. property tax
D. Stock brokers
4243. Which expenses would be considered
4238. You earn $550 weekly. How much do “car expenses?”
you make per year? A. electricity
A. $23, 500
B. oil changes
B. $28, 600
C. car insurance
C. $29, 200
D. groceries
D. none of above
4244. Vicky made some purchases at the Sun-
4239. What is the purpose of a 529 plan?
flower Market. She bought strawberries
A. Retirement savings for $3.50, carrots for $2.25 and a bou-
B. Emergency fund quet of flowers for $9.95. If sales tax is
5%, what will Maria pay altogether
C. College savings
A. $16.49
D. Home purchase
B. $16.48
4240. protection from loss; a policy that must
be bought to help recover from losing C. $15.70
something valuable D. $16.50
A. loss protection
4245. investing may be risky, but it is the best
B. loss prevention way to combat the devaluation of your
C. Superman money over time.
D. insurance A. true
4241. Which statement does not correctly ex- B. false
plain the meaning of the statement of fi-
nancial position? 4246. Routinely paying my bills late could neg-
atively affect my credit history.
A. Wealth at any one time
A. True
B. Wealth can be increased by increasing
investment assets. B. False

4247. The interest rate on a CD is than that 4251. can be money, time or relationships
on a regular savings account. A. immediate gratification

B. trade offs
C. producers
D. none of above

A. 120
B. 540
C. 650
A. Lower
D. 150
B. Higher
4253. Something that is held as important,
C. Same
worthwhile, or useful.
D. Does not earn interest
A. Value
4248. Which retirement account do you pay B. Variances
taxes on BEFORE the money goes in the
C. Assets
account?
D. Liabilities
A. Traditional IRA
B. Roth IRA 4254. Check all that apply Which of the fol-
lowing are services offered by both banks
C. 401k
and credit unions.
D. 403b A. Checking Accounts
4249. A person who creates, organizes, and B. Savings Accounts
manages a new business; usually involves C. Roth IRAs
the risk of invested money (capital) in or-
der to make money. D. Credit Cards
A. Budget 4255. What is one difference between saving

B. Savings and investing?
C. Entrepreneur A. People cannot grow wealthy by invest-

ing money, only saving.
D. Investing
B. People can earn more money by saving
4250. When financial planning, what should than they can by investing.
you determine first? C. People cannot get back money they
A. earnings total save, but they can get back money they in-
vest.
B. needs & goals
D. People who save their money are less
C. type of home you want likely to lose money than people who in-
D. save money vest.

4256. Which of the following are necessary 4261. 4 reasons a spending plan is an impor-
costs of car ownership? tant part of financial planning:
A. Gas, insurance, maintenance. A. manage money, increase networth,
reach goals, increase financial well-being
B. Insurance, registration, tinting.
B. step 3
C. Car payment, rims, registration.
C. required to pay expense for a specific
D. Sweet tunes, sunglasses, fuzzy dice. amount of time; not easy to reduce or
NARAYAN CHANGDER
4257. Asuggested goal setting framework is
SMART. This framework involves setting D. step 5
4262. are taxes on the value of a prop-

A. Scientific, Moderate, Achievable, Real- erty.
istic and Termed goals
A. Payroll Taxes
B. Specific, Measurable, Achievable, Re-
B. Income Taxes
alistic and Timely goals
C. Sales Taxes
C. Specific, Measurable, Accurate, Re-
markable and Timely gals D. Property Taxes
D. None of the above 4263. Only one ATM is ever applied when us-
ing an ATM
4258. Which of the following is not a charac-
teristic of demand? A. True
B. False
A. willingness
B. desire 4264. Managing money continuously through
life in order to reach your financial goal.
C. surplus
A. Money management
D. ability
B. Financial Planning
4259. Money that you spend is called a(n) C. Financial Well-Being
A. expense D. Personal Well-Being
B. income
4265. The deadline for filing your federal tax
C. debt return each year is
D. profit A. January 1st
B. December 15th
4260. Net Gain
C. March 15th
A. Money spent
D. April 15th
B. An individual’s income earned as
salary or wages before taxes and other 4266. Which of the following best describes
deductions what dividends are?
C. When income is greater than expenses A. The increased value of a stock.
D. The portion of current income not B. A periodic payment to the owners of a
spent on consumption stock.

C. A reward for selecting good stocks. 4273. Job elements that dissatisfy when ab-
D. none of above sent but do not add satisfaction when
present are called

4267. Dog walker A. Maslows hiearchy
A. goods
B. hygiene factors
B. services
C. money
4268. What is opportunity cost? D. differentiators
A. your choice
4274. Which type of financial institution offers
B. what you give up to make a choice the biggest variety of financial services?
4269. What is the purpose of creating a bud- A. Credit Unions
get?
B. Banks
A. To make more money
C. Title Pawn lenders
B. To spend more money
D. Payday Lenders
C. To save your money
D. none of above 4275. Savings is
A. Money you have spent.
4270. Omar makes $9.75 an hour. This week
he worked 21 hours and had $40.95 de- B. Your allowance.
ducted for payroll taxes. What was his C. All the money you have saved.
net income?
D. Using coupons.
A. $50.70
B. $163.80 4276. What type of growth does compound in-
terest represent?
C. $204.75
D. $245.70 A. Linear
B. Exponential
4271. A plan for saving and spending.
A. Assets on Hand 4277. Horizontal communication (among em-
ployees of equal rank” is usually informal
B. Financial Plan
A. T
C. Budget
D. Assets B. F
4272. I chose to do my homework instead of 4278. Juan goes to the bank to get a loan. His
playing a video game which helped me savings account at the bank currently pays
gain more knowledge. The homework was 2.2% interest. The rate of interest on his
my from the decision loan will be
A. benefit A. lower than 2.2%
B. cost B. unknown until he actually applies
C. expense C. higher than 2.2%
D. budget D. equal to 2.2%

4279. What is a tax that you pay to the gov- 4285. When you write a check from your
ernment of the country? checking account, the amount of the check
A. Sales tax will be from your account.
B. State tax A. added added

B. subtracted subtracted
C. Federal tax
C. multiplied multiplied
D. Liability tax
D. divided
NARAYAN CHANGDER
4280. The credit company can charge interest
if the credit card bill is not paid in full by 4286. interest rate by 72
the due date A. rule of 72
A. True B. time value of money
B. False C. interest
4281. What is a tax bracket? D. interest rate
A. The rate at which income is taxed 4287. Expenses that don’t change month after
B. The form used to file taxes month
C. The way the government calculates tax A. Fixed

returns B. Variable
D. none of above C. Occasional
4282. Which part of the SMART goal is miss- D. Liabilities

ing? “Instead of signing up for cell phone 4288. Which is the “M” in SMART Goal?
plan, I will save that money to buy a new
computer in one year. I will do this by A. Measurable
saving $50 I would have spent on the cell B. Magnificent
phone bill every month.”
4289. True or False:This is a balanced bud-
A. Attainable get:Income:$ 750Expenses:$ 150
B. Time Bound A. True
C. Specific B. False
D. Measurable
4290. What type of tax is paid to the local
4283. Something you desire or wish for government and can increase or decrease
based on the value or real estate?
A. a “want”
A. Property Tax
B. a “need”
B. Income Tax
4284. A house loan is also called a what?
C. Sales Tax
A. Expense Loan
D. Payroll Tax
B. Credit Loan
4291. Kelly wants a promotion at work, so
C. Personal Loan she works as hard as she can to impress
D. Mortgage her boss. She is motivated by a

A. Negative incentive 4296. Check all statements that are true about
a balanced budget.
B. Positive incentive

A. A balanced budget is when you have
C. Rational decision
more expense than income.
D. list of alternatives
B. A balanced budget is when you have
the same number of ten dollar bills as one
4292. Define Philanthropy
dollar bills.
A. The act of giving money to your mom
C. A balanced budget is when income is
so she can put gas in her car
equal to or greater than expenses.
B. The act of giving money for charitable
D. A balanced budget helps you make re-
purposes
sponsible spending and saving decisions.
C. The plan for how money will be used
4297. What is a surplus?
D. The amount of money the bank lets an
account holder go over when spending A. Money left over after balancing a bud-
get
4293. The time value of money refers to B. Money you wish you had
A. increases in an amount of money as a C. Negative money
result of interest
D. none of above
B. financial decisions that require bor-
rowing funds from a financial institution 4298. What is real property?
C. personal opportunity costs such as A. moveable things you own
time lost on an activity B. debts you owe
D. changes in interest rates due to C. land, houses, buildings
changes in supply and demand for money D. stocks, bonds, and retirement
in our economy
4299. which group of people do not benefit
4294. The best way to invest for long-term from compounding interest
growth and security.
A. Creditors
A. Invest in lottery tickets
B. Investors
B. put money in a savings account
C. Savers
C. invest in mutual funds
D. Borrowers
D. purchase livestock
4300. Investing is how you make your money
4295. Which term refers to money taken out grow, or appreciate, to gain a financial re-
of your pay before you receive your pay- turn.
check? A. True
A. income B. False
B. deductions
4301. Saving for early retirement is likely
C. gross pay what type of goal?
D. expenses A. short term

B. long term 4306. Which of the following is the best rea-

C. intermediate son to have a budget?
D. delayed A. You can try and make more money.

B. You can save money.
4302. The acts as the federal govern-
ment’s bank C. You can avoid paying bills.
A. Federal Reserve Bank D. You can learn how to spend money
wisely.
NARAYAN CHANGDER
B. Bank of America
C. First Bank of the United States 4307. Which of the following impact credit
D. National Bank of the United States worthiness?
4303. money put into your account A. Missing a payment

B. How much you owe
C. How frequently you apply for credit
D. All of the above
4308. When you borrow a pencil from your

teacher who requires something of value
as collateral you have obtained a loan
A. Secured loans
B. Pay off your debts
C. Net worth
D. You feel good
A. deposit
B. debit 4309. Salutation contains?
4304. A part-time receptionist earns $6.75 A. your love for the cyclones
per hour. If she works 30 hours, how B. goodbye
much will she earn?
C. question
A. $4.44
D. dear mr. bob
B. $202.50
C. $30 4310. Eating ten times a day
D. $5, 400
4305. are retirement accounts paid into by

the individual
A. IRA
B. 401K
C. Pension A. Need
D. Social Security B. Want

4311. The component that has the most impact 4315. INTEREST is
on your credit is A. Money the bank pays you to keep your

A. Types of Credit Used money in a savings account
B. Amounts Owed B. Money you earn
C. Length of Credit History C. Money you spend on needs and wants
D. Payment History
D. none of above
4312. Deposit
4316. Hugo’s new job allows him to invest in
A. a sum of money placed or kept in a a 401K plan for retirement. He decides
bank account, usually to gain interest: to put in $275 at the end of each month
B. money paid regularly at a particular in a plan that has 3.9% rate compounded
rate for the use of money lent, or for de- monthly. What is the future value of
laying the repayment of a debt Hugo’s 401K account after 20 years?
C. an account at a bank against which A. $56, 731.70
checks can be drawn by the account de- B. $3, 359.63
positor.
C. $99, 737.42
D. When someone pays you with a check,
D. $25, 078.60
you’ll usually have to sign the back of it
before you can deposit it in your account. 4317. W2 is
A. showing how much an employee earns
upon what you want to do with the check
throught the year ; January 31.
B. Shows that one can work in the usa
4313. A budget keeps track of which two basic C. Determine amount of federal taxes
things? withheld
D. none of above
4318. Colin worked for 20 hours this week
and he gets paid $10 per hour. What is
Colin’s GROSS Income?
A. $30
B. $20
A. Savings and Interest C. $300
B. Income and Expenses D. $200
C. Income and investments
4319. A expense is something that does
D. Expenses and expenditures NOT change from month to month like rent,
insurance, utilities, etc.
4314. Investors who buy and hold stocks for
the long-term have better overall returns A. Variable
than those who are active traders. B. Solid
A. True C. Statute
B. False D. Fixed

4320. A financial intuition that is owned and 4325. deductions

operated by members to provide savings A. n expense that can be subtracted from
accounts and low interest loans is a taxable income in order to reduce the
A. Savings and loan amount owed.
B. Credit union B. exemption is a lawful reduction of the
amount of income that would otherwise
C. Commercial bank
be taxed for a qualifying reason.
D. Savings bank
NARAYAN CHANGDER
C. a tax incentive which allows certain
taxpayers to subtract the amount of the
4321. The amount of salary received after
credit they have accrued from the total
taxes and deductions
they owe the state.
A. Gross Pay
D. financial incentives often used by em-
B. Net Pay ployers to encourage workers to meet
C. Total Earnings their goals.
D. Bill 4326. Mike has $42 to spend on greeting

cards that cost $2.35 each. If the tax on
4322. Alan goes to the store and sees an awe- each card is $0.14, how many cards can
some sale on candy! He thinks to himself Mike buy?
“I love candy!” and buys it. He had
A. 14
not included this in his budget. This is an
example of a(n) expense. B. 15
A. Planned C. 16
B. Unplanned D. 17
4323. Which of the following are true about 4327. Benefits we receive as a result of gov-
supply and demand? ernment spending EXCEPT
A. Tax refunds
A. If demand is greater than supply, then
prices are lower. B. 401k
B. If supply is greater than demand, then C. Credit card forgiveness
prices are lower. D. none of above
C. If supply is equal to the demand, then
4328. What should be included in a letter of
prices are higher.
complaint?
D. If supply is greater than demand, then
A. Serial #, model, exactly what is wrong,
prices are higher.
what you want done
4324. When dealing with investments, as risk B. Serial # and what happened to the
of losing money increases product
A. The rate of return is usually higher C. Exactly what is wrong and how long
you’ve had the product
B. More people are willing to take the risk
D. Exactly what happened to the product,
C. The rate of return is usually lower how long you’ve had it and what you want
D. The investment is short lived done

4329. Karolyn Yoder is paid a salary of $4, 4335. Which of the following is considered a
600 a month. What are her total annual need?
earnings?

A. $5, 520
B. $55, 200
C. $53, 700
D. $70, 750 A. An Apple Watch
B. Designer jeans
4330. a legal agreement that lets someone use
a car, house, etc., for a period of time in C. A beach vacation
return for payment D. A place to live
A. loan 4336. Cable Bill
B. budget A. Fixed Expense
C. co-sign B. Variable Expense
D. lease 4337. Which of the following would be a vari-
4331. This is an obligation of repayment, usu- able expense
ally including principal plus interest; any A. Rent
time you owe someone money. B. Car payment
A. compound interest C. Student loan payment
B. emergency fund D. Groceries
C. APR
4338. Which pair of Supreme Court cases up-
D. debt held the right to counsel for defendants in
state criminal cases?
4332. Which market is the only one companies
receive money in? A. Mapp v. Ohio (1961) and Heart of At-
lanta Motel v. United States (1964)
A. Secondary Market
B. Baker v. Carr (1962) and Engel v. vi-
B. Capital Market
tale (1962)
C. Primary Market C. Gideon v. wainwright (1963) and Mi-
D. Money Market randa v. Arizona (1966)
4333. Interest paid only on the principal in- D. Tinker v. Des Moines (1969) and Roe
vestment. v. Wade (1973)
A. compound interest 4339. Denise spent $3.45 on snacks every day
B. simple interest for 11 days. What is the amount of money
Denise spent on these snacks?
C. principal interest
D. time interest
4334. File for bankruptcy

A. Positive Effect
B. Negative Effect

A. $379.50 4344. Which two things does a budget com-

pare?
B. $14.45
A. Savings and Interest
C. $37.95
B. Income & Investments
D. $6.90
C. Income & Expenses
4340. A financial statement that reports what D. Expenses & Interest
an individual or family owns and owes as
NARAYAN CHANGDER
of a specific date is known as a 4345. workers that have a profession
A. Balance sheet also called a net worth A. blue collar
B. Transmittal sheet B. white collar

C. laborers
C. Goods and Services
D. service workers
D. Liquid assets forms
4346. Use the information to answer the ques-
4341. a negative balance tion.Mitch needed a pencil for math. Ser-
A. deficit gio needed a glue stick. Sergio gave
Mitch a pencil, and Mitch gave Sergio a
B. credit glue stick.”Which of the following best de-
C. debit scribes what happened between Mitch and
Sergio?
D. loan
A. ) They bartered for the items they
4342. When you need to use your insurance, needed.
the amount you are expected to “Chip in” B. ) They borrowed the items they
before insurance goes into effect is called needed.
a
C. ) They paid for the items they needed.
A. Contribution
B. Deductible D. none of above
C. Payout 4347. Megan’s credit card statement indicates
D. Premium that she is now paying a Penalty APR.
Which scenario best describes what may
4343. Which situation is an example of bor- have happened?
rowing? A. Megan’s missed making her January
A. Aunt Celia gives Anthony an envelope and February credit card payments while
with money for his birthday. she was participating in her college’s
Study Abroad program when the friend
B. David and Julian put their money to- she left in charge of sending the payments
gether to buy a bicycle they will share. in forgot.
C. Loretta asks her sister for money to B. Megan’s credit card payment has been
buy a magazine and says she will pay her paid in full each of the last 6 months.
back later.
C. The new computer Megan purchased
D. none of above made her account go over the credit limit

for 1 week, until the credit card company C. money that is given away
processed her credit card statement. D. none of above

D. none of above
4353. What should the objective statement in-
4348. What should you NOT do to prepare for clude?
an interview? A. Position you are interested in
A. Visit the company’s website and read B. Examples
about its products, history, and financial C. Personal Information
performance
D. none of above
B. ask for information from an acquain-
tance who works for the company 4354. Which of the following may NOT always
appear on your paycheck stub?
C. find articles that DON’T include any in-
formation that discuss the company’s eco-
nomic health or plan
D. none of above
4349. The granting of a loan and the creation

of debt.
A. credit A. Gross Pay
B. debit B. Net Pay
C. expense C. Your Role/Title
D. compound interest D. Local Tax
4350. A debt evidenced by a “note”, which 4355. Something you need to sustain life
specifies the principal amount, interest A. a “want”
rate and date of repayment (exam-
B. a “need”
ple:house mortgage),
A. Debt 4356. What are three costs of declaring per-
sonal bankruptcy?
B. Loan
A. risk of decline in value of investment,
C. CD risk of lost of purchasing power, risk of
D. Money Market failure or default, risk of illiquidity
B. it’s a legal requirement, coverage of
4351. What is spending? unexpected expenses, some life insur-
A. Trading money for goods or services. ance plans build equity to borrow against,
B. A plastic card used to make purchases. possible tax credit to cover insurance pre-
mium
C. Money you earn.
C. can help with problems due to unex-
D. Money you save. pected catastrophic expenses, can lower
debt payments, can stop collection effort
4352. Income is
A. money earned ture credit options, could loan personal
B. money spent property

4357. The borrower gives the lender his/her B. expense

automobile title in exchange for a set
amount of cash. 4361. How should we pay for the things we
want?
A. Payday loan
A. with money
B. Title loan
B. steal them
C. Rent-to-own loan
C. borrow money to get them
D. none of above
NARAYAN CHANGDER
D. none of above
4358. How does diversification contribute to
the investment risk management? 4362. Which of the following is most likely to
have the highest rate of return?
A. Increases risk
B. Reduces risk A. CD
C. Has no effect on risk B. money market account
D. Shifts risk to others C. checking account

D. stock
4359. Which of the following is crucial to fi-
nancial planning? Looking ahead to the 4363. Money earned through work, invest-
next quarter to make sure your net income ments, business, and other sources
isn’t affected by changes in monetary pol-
A. Income
icy Looking ahead at your future expecta-
tions for income and expenses and mak- B. Debit Card
ing a plan to meet your goals Having a C. Credit Card
planned set of interrelated tasks to be ex-
D. Check
ecuted over a fixed period and within cer-
tain cost and other limitations Having a 4364. All of the following are benefits of
low enough cash flow to prevent you from having a good credit score EXCEPT
paying too much in federal taxes (hint:choose 2 correct answers)
A. Looking ahead to the next quarter to
make sure your net income isn’t affected
by changes in monetary policy
B. Looking ahead at your future expecta-
tions for income and expenses and mak-
ing a plan to meet your goals
C. Having a planned set of interrelated
tasks to be executed over a fixed period A. You can get a higher return on your Re-
and within certain cost and other limita- tirement fund
tions
B. Higher interest rate on credit cards
D. Having a low enough cash flow to pre- and loans
vent you from paying too much in federal
taxes C. Easier approval for rental apartments
and houses
4360. You download 3 songs from iTunes. D. Better car insurance rates Better car
A. income insurance rates

4365. Which of the following doesn’t have to 4371. Emilee is looking to grow her money as
be paid back? fast as possible and is not at all concerned
with risk-just speed. She’s even stated

A. Subsidized Federal Loan
she’s fine if he loses some money early
B. Un-subsidized Federal Loan on as long as pays off big. Of the invest-
C. Federal Pell Grant ments listed in this lesson, Emilee’s BEST
D. PLUS Loan option is
A. Stocks
4366. Millionaires don’t actually work. They
have people who work for them. B. Bonds
A. True C. Savings account
B. False D. Mutual Funds
4367. This for occupants who do not own the 4372. Which financial institution makes loans
property but want to protect their per- based on individuals collateral?
sonal belongings that are in the home or on A. Bank
the property. It is important for renters to
note that the property owner’s insurance B. Credit Union
policy does not cover them, and their items C. Payday Loan
are lost in the event they are damaged or D. Title Pawn
destroyed.
A. Renter’s insurance 4373. A(n) occurs when withdrawals have
gone over the available amount.
B. Homeowner’s Insurance
A. overdraft
4368. a nonprofit organization owned and op-
B. statement
erated by its members for the purpose of
saving money on the purchase of goods C. cleared Check
and services D. check Register
A. grace period
4374. Payday lending and cash advance ser-
B. cooperative vices are
C. private mortgage insurance A. A thing of the past that no one uses to-
D. none of above day
4369. are taxes paid out by anyone who B. Highly effective at cutting down debt
earns an income. C. Huge Ripoffs
A. Payroll Taxes D. the best way to build a credit score
B. Income Taxes
C. Property Taxes
A. What you pay in exchange for borrow-
D. Sales Taxes ing money.
4370. You should only save money as you get B. How much you care about what you
older purchase.
A. True C. The amount of money you save.
B. False D. It means the same thing as income.

4376. everything you own or have paid for 4381. What is financial investment?
that have value A. putting money into things like stocks
A. cell phone and bonds as a way to make money in the
future
B. checking account
B. Putting things into physical things
C. assets
C. The first Amendment
D. savings account
D. none of above
NARAYAN CHANGDER
4377. Account Balance
4382. What is a tool to keep track of how
A. the amount of money present in a fi- much money you spend and how much
nancial repository, such as a savings or money you save?
checking account, at any given moment.
A. budget
B. an act of taking money out of an ac-
B. income
count
C. savings
C. a sum of money placed or kept in a
bank account, usually to gain interest: D. spending
D. money paid regularly at a particular 4383. Pay received from an employment

rate for the use of money lent, or for de- agency for short term jobs at various com-
laying the repayment of a debt panies
A. Salary
4378. One of the benefits of renting a home is
that the cost of maintenance is B. Temp employee
A. Refunded with the deposit C. Contract employee
B. Cheaper in a rental property D. Benefits
C. Covered by renters insurance 4384. a summary of your credit history

D. The responsibility of the landlord A. Credit Report
B. Government Report
4379. Many people keep their money in a
in a bank. C. Credit Score
A. savings account D. Budget Statement
B. deposit 4385. is temporary, but is a state of

mind.
C. budget
A. broke; poor
D. none of above
B. poor; broke
4380. Which branch of government MAKES or C. wealthy; rich
WRITES the laws?
D. poor; wealthy
A. Legislative
4386. Which soft skill refers to how seriously
B. Executive
one pursues the expectations associated
C. Judicial with employment.
D. Memorial A. Work Ethic

B. Punctuality 4391. A process to control the amount of

C. Time Management goods and services being used; typically
when there is scarcity.

D. Teamwork
A. rationing
4387. The is at the top right corner of the
check. B. communism
A. Endorser C. socialism
B. Date D. interdependence
C. check number 4392. A formula design to estimate how long
D. what it is for it will take to double your money at a cer-
tain expected interest rate.
4388. Does he have an Overdraft fee?
A. rule of doubling
B. rule of 12
C. rule of 78
D. rule of 72
4393. What is a warranty?

A. FALSE A. A specific, written promise about prod-
B. TRUE uct performance
B. A guaranteed discount on a product
4389. is a fee received or paid for the use
of money. C. A price adjustment policy
A. Investment D. An informal agreement about product
B. Donation performance
C. Interest 4394. is the amount of money that you
D. none of above have not spent after buying the things that
you want or need.
4390. Which types of insurance are most ap-
propriate for a single, working, 24-year- A. savings
old? (hint:choose 3 correct answers) B. debt
C. income
D. spending
4395. Private businesses create products to

satisfy the and of household con-
sumers
A. Health insurance A. labor and resources

B. Disability insurance B. goods and resources
C. Life insurance C. wants and needs
D. Auto insurance D. loans and accounts

4396. Amount accrued that will be available at C. CD Account

a later date (later) D. Market Money Account
A. Future Value of Money
4402. Eric purchased a movie ticket with his
B. Current Value of Money
card. This money will come straight out
C. Time Value of Money of his checking account. What card did he
D. Present Value of Money use?
A. Credit Card
NARAYAN CHANGDER
4397. When you buy now and pay later you
are using B. Debit Card
A. credit C. Gift Card
B. debit D. Rewards Card
C. savings
4403. a measure of the changes in prices for
D. checking commonly purchased goods and services in
the US
4398. Net Worth statement and statement of
financial position are both better known as A. liquid assets
a B. down payment
A. Financial Settlement C. consumer price index
B. Reconciliation Sheet D. none of above
C. Budget Statement
4404. What are stocks?
D. Balance Sheet also called a net worth
statement A. sharing something
B. An ownership share in a company
4399. Some credit companies lure people into
signing up by C. A graph with pointy arrows that are
A. Offering low initial APR’s red and green
B. Offering debit and credit cards D. none of above
C. Linking up with commercial banks 4405. What is the Vietnamese Government’s

D. Engaging in heavy advertising target GDP growth in 2022?
A. 5-5.5%
4400. True or False Consumers will borrow
more money from banks and credit unions B. 6-6.5%
when interest rates increase. C. 7-7.5%
A. True D. 8-8.5%
B. False
4406. A plan for making and spending money
4401. This account allows you to withdraw
A. Real investment
money, pay a bill, or make purchases eas-
ily. B. investing
A. Checking Account C. budget
B. Savings Account D. none of above

4407. This tax has everyone paying the same 4413. People often use which of the following
%. Toledo income tax is an example. when they do not have enough money to
pay for something at the time they pur-

A. Regressive
chase it?
B. Progressive
A. personal check
C. Proportional
B. credit card
D. none of above
C. money order
4408. When you “bounce a check” that means
D. debit card
you
A. had too much money in your account 4414. Money borrowed that must be repaid,
B. not enough funds in your checking ac- usually with interest.
count A. Loan
C. the check is bouncing like a ball B. Debt
D. write a check to pay for a bill C. Interest
4409. Willis had a balance of $546.24 in his D. Debit
checking account. He wrote a check for
4415. Items that are owned by an individual
$100.35. What is his new balance?
A. assets
A. 645.63
B. 445.89 B. liabilities
C. 646.59 C. property
D. 446.85 D. expenses
4410. A sum of money given at a specific time 4416. A company needs to hire a new man-
that must be repaid is a ager. The table below shows the years
of training/education and the years of ex-
A. savings
perience for 5 people who applied for the
B. commission manager job.Based on the information in
C. loan the table, which person is most likely to
get the manager job?
D. wage
4411. A check will bounce if

A. You have sufficient funds
B. You have insufficient funds
4412. What is debt?

A. Elisa, because the company might pre-
A. items you buy with cash fer to hire a woman than a man.
B. Money you borrowed and has not re- B. Daniel, because he is listed first in the
paid table.
C. money you have available in your ac- C. Greg, because he has the fewest years
count of experience and training/education
D. money used to buy clothes compared to the rest of applicants.

D. Rita, because she has the most years C. withdrawal fee

of experience and training/education D. loser fee
compared to the rest of applicants.
4421. APR stands for
4417. James earns £4 375 per month. How
A. Annual Percentage Rate
much income tax will he pay in the year?
Use the income tax table, the personal al- B. Average Percentage Rate
lowance for the year is £12, 500. C. Annual Percentage Rise
NARAYAN CHANGDER
A. £9, 000 D. Average Percentage Rise
B. £5, 000 4422. The amount of interest due based on the
C. £21, 000 total amount of money borrowed:
D. £16, 000 A. Accrued
B. Simple
4418. The things you spend your money on.
C. Compound
A. savings
D. Principal
B. expenses
C. credit 4423. Exercising good credit management
mean
D. budget
A. using credit for at least 80 percent of
4419. I have a really big social studies project your purchases
due tomorrow. But, my friends are play- B. following an individual plan for using
ing soccer tonight in the park near my credit wisely
house. I will play with them instead of
C. always getting someone to cosign your
working on my project. Which of the fol-
loans
lowing BEST describes the choices of this
student? D. never using credit under any circum-
stances
A. This is an income.
B. This is an expenditure. 4424. Name two “rights” that a worker has
in the workplace
C. This is a cost.
A. the right to have snack
D. This is an example of savings.
B. the right to workplace child care
4420. The amount charged if your payment is C. the right to get paid for the work you
received after the billing due date. do
D. the right to a safe workplace
4425. Your account was charged $30.00 for
an overdraft fee. What is an overdraft
fee?
A. A fee for maintaining your account.
B. A state tax.
A. late payment fee C. A fee for over spending.
B. overdue fee D. none of above

4426. What does having an absolute advan- B. Income is earning money, while ex-
tage mean? penses are saving money.

A. a business can supersede other busi- C. Income is money that is earned and ex-
nesses’ revenue in the same market penses are spending money.
B. a company can take advantage of a D. Income is saving money, while ex-
smaller company’s goods and services by penses are investing money.
buying them out of the market
C. a business allows another business to 4431. A finance company (lender) agrees to
move ahead in the marketplace loan money to a buyer for a new washer
and dryer. What is this an example of?
D. a company or country can produce a
product at a lower cost than another coun- A. The lender is taking on a new debt for
try their company.
4427. Which is not a smart buying strategy? B. The lender is giving credit to a buyer.
A. Set a budget before spending. C. The lender is creating a savings plan
B. Compare prices before buying for the buyer.
C. Summary of spending regularly D. The lender is saving the buyer money

on a new loan.
D. If you want to buy, buy.
4428. The cost of credit expressed as a yearly 4432. provides checking accounts, and loans to
interest rate is known as: people
A. Annual Percentage Rate (APR) A. private business
B. Annual Fee B. banks
C. Penalty APR C. government
D. Introductory Rate D. households
4429. is the amount of good or service
4433. Which is not a legal right that employ-
there is and is determined by how
ees receive?
many people want the good or service.
A. supply; demand A. Leave of absence
B. demand; supply B. sick leave
4430. Income vs Expenses C. Social Security Fund

D. provident fund
4434. Financial goals are targets, usually

driven by specific financial needs.
A. past
B. future
C. personal
A. Income is spending money, while ex-
penses are earning money. D. current

4435. Joey has bad credit, he likely B. mortgage

C. savings
D. lender
4440. What factors impact the cost of your

auto insurance premium?
NARAYAN CHANGDER
A. always paid his credit card bill on time
B. doesn’t have a credit card and never
borrowed any money
C. will be able to make a large purchase A. Deductible amount
like a car B. The vehicle you are insuring
D. will have a hard time getting approved C. Your credit score
for a loan
D. Your income
4436. An example of a “good” is
4441. When determining and setting a finan-
A. a car cial goal, it is important to
B. painting a portrait A. consult with a professional financial
C. giving a haircut expert
D. paying taxes B. decide on the length of time it’s going
to take you to reach your goal
4437. Clear ice
C. focus only on your liquid assets like
A. Offered by every retailer cash and money in the bank
B. A method of payment that allows you D. measure your progress toward reach-
to spread the cost over 3 payments ing the goal on a daily basis
C. A method of payment that means you
must pay imediately 4442. Financial assets purchased with the
D. A bill you pay appreciate in value to make it possible to
4438. Which of the following is an example of sell at a higher price in the future.
income? A. investment asset
A. trading pokemon cards with a friend B. monetary asset
B. money you earn from working C. tangible asset
C. buying pencils at the school supply D. wealth
store
4443. Future Value of Money
D. charging a lunch you will pay tomorrow
A. Amount that will be available at a later
4439. An individual, bank, or company who date
loans money is a B. The increased value of money from in-
A. borrower terest earned

C. All of the above 4449. Your dog has to go to the vet for his
D. Amounts to which current savings will rabies vaccination. Your mom pays with a
card. The cost of the visit to the vet shows

increase
up on her monthly bill. What card did your
4444. Which lender would it be best to use for mom use?
a 30 year fixed rate mortgage?
A. BBT A. credit card

B. Regions Bank B. debit card
C. Bank of America
4450. A shorter auto loan term means
D. none of above
monthly payments total interest you’ll
4445. value is the value today of an pay.
amount to be received in the future.
A. extrinsic
B. future
C. discounting
D. present
4446. WITHDRAWL means A. higher, less
A. When you save enough money B. lower, more
B. A way to track your spending C. higher, more
C. When you take money out of a bank ac- D. lower, less
count
4451. Money you receive after taxes is called:
D. none of above
A. gross income
4447. True or False:When you use a credit card
the money comes out of your bank account B. net income
straight away. C. salary
A. True D. pay day
B. False
4452. Phil pays $500 a month for healthcare
4448. a plan that helps you save money regu- plan for his family. Phil’s monthly pay-
larly, so you can reach you goals ment is called a(n)
A. credit A. deductible
B. savings plan B. premium
C. borrow C. investment
D. credit D. co-payment

4453. This is the fee for using some other per- 4458. A CD is a certificate of deposit.
son’s or bank’s money. A. True
A. Credit B. False
B. Bill
4459. A number assigned to a person as a gen-
C. Interest
eral indication of their creditworthiness
D. Principal
A. Credit report
NARAYAN CHANGDER
4454. Dividends are ? B. Credit score
A. Money shareholders lose in stock. C. Loan
B. Money shareholders pay to buy stock. D. Loan score
C. Stock that splits.
4460. Which of the following is true about
D. Money shareholders received from credit cards?
stock profits.
A. A credit card balance is the equivalent
4455. is when money is taken out of an of a loan.
account. B. It’s the best way to pay your utilities.
A. debit C. You’re guaranteed a credit card as
B. credit long as you have a checking account.
C. interest D. Credit cards are free to use.
D. deposit 4461. What is gross pay
4456. True or False:Insurance is based on the A. Pay before deduction
concept of shared risk, or risk pooling. B. Pay after deduction
4462. What does the term default mean?

A. Failing to repay a loan
B. A term used when you miss one loan
payment
A. True C. Paying more than the minimum pay-
ment required on a loan
B. False
D. none of above
4457. Personal needs and wants
4463. It accepts deposits from individuals and
A. Goods and services purchased and
organizations that have excess funds and
provide loans to those who are in need.
B. Expense items used to reduce individ- This financial institution is called
A. investment banks
C. Temporary reduction or elimination of
it acts as an incentive for customers to B. commercial banks
spend C. credit unions
D. Money earned from working for pay D. insurance companies

4464. What does ATM stand for in finance? 4469. Which of the following is NOT an im-
portant part of rational economic decision
A. automated teller machine
making?

B. at the moment
A. Analyzing needs and wants
C. account tracking maching
B. Considering short-term goals
D. another teachable moment
C. Considering long-term goals
4465. Which card takes the money out of your D. Focusing on instant gratification
account immediately?
4470. Where should contact information go?
A. Credit
A. Top corner or the page
B. Debit
B. Middle of the page
C. Installment
C. Top of the page
D. Store
D. none of above
4466. This term pays for protection against
4471. The most effective way to manage
loss of life, property, and finances.
credit card debt is by
A. collision
A. Paying the minimum balance
B. premium
B. Paying off the balance each month
C. insurance
C. Working a part-time job to pay for
D. deductible credit
4467. Under current law, one pays 6.2% of D. Finding a credit card with the lowest
his/her income in Social Security taxes interest rate
only on the first $97, 500 of income, but 4472. First paragraph of application letter con-
none on income beyond that.Social Secu- tains?
rity is what kind of tax?
A. Favorite color
A. Marginal
B. Tells the employer the purpose of your
B. Progressive letter
C. Proportional C. To tell the employer your interests and
D. Regressive desire to learn more about the job
D. none of above
4468. Marie is considering whether or not to
buy a car. If she is using rational decision 4473. What is debt?
making, she should primarily consider
A. Money borrowed (but has to be paid
A. whether her decision will carry any op- back) when you spend more than you
portunity costs have; the state of owing money.
B. the marginal costs and marginal bene- B. A fee paid for the use of borrowing
fits of her decision money.
C. if the car will lose value over time C. Trading money for goods or services.
D. only the price of the car D. Money you earn.

4474. Percentage paid to a lender for the

use of borrowed money or the percentage
earned on invested principal is
A. interest rate
B. savings rate
4475. Which sector of the US economy pro- A. A loan an investor makes to a com-
duces the most public goods?
NARAYAN CHANGDER
pany or government that pays interest
A. banks over time.
B. Households B. A share of ownership in a company

C. A collection of investments sold as a
C. government
package.
D. private businesses
D. An option to purchase something in the
4476. Stock Market future at todays price.
A. purchasing a share of ownership in a 4480. Characteristics of a successful budget

company; profits come from selling that take into consideration all but does not in-
share at a higher price clude
B. used for depositing money at a bank A. Memorized
or other financial institution, with low in- B. Realistic and Flexible
terest rates
C. Clearly communicated
C. loan from the bank to buy a home, to
D. Well Planned
be paid back with interest
D. amount charged by the bank for allow- 4481. Money taken out of an account.
ing you to use their credit card A. deposit
4477. The actions of depositing and withdraw- B. withdraw
ing money. C. transfer
A. Microtransactions D. none of these
B. Saving Money
4482. FOOD, HEAT, CABLE, INTERNET, AND
C. Transactions DOG FOOD ARE EXAMPLES OF
D. Shoe Laces A. Household assets
B. Household expenses
4478. What is labor?
C. Household income
A. Donating money.
D. none of above
B. Saving money.
4483. What’s the term that describes the op-
C. Money you earn.
posite of inflation?
D. Work you do to earn money.
A. Recession
4479. What is a stock? B. Price decline

C. There is no such term, prices always 4488. As part of Nicholas’ new job, his em-
rise ployer will provide health, life, and disabil-
ity insurance. Access to this insurance is

D. Deflation
provided in addition to his regular salary.
4484. A period of temporary economic decline This is known as:
during which trade and industrial activity A. government programs.
are reduced; generally identified by a fall
in gross domestic product (GDP) B. household production.
A. recession C. coverage.
D. employee benefits.
B. failure
C. crash 4489. What is this?
D. none of above
4485. using your savings to earn more money
A. debit
B. Real Investment
A. a credit card
C. investing
B. a budget
D. none of above
C. a cheque
4486. What is #3 for? D. a check
4490. Use the table above to answer the
following question:Asim earns $250 per
month. Which statement below is most
correct?
A. date the check was written

B. numeric amount box
C. written amount of the check A. Asim makes more than she spends.
D. memo line-why the check was written B. Asim spends more than she makes.
E. Payee-to whom the check is written C. Asim should save more in the future.
D. Asim should stop saving in the future.
4487. Which is an example of a want?
4491. If a credit card is used properly, what
benefits does it have for the cardholder?
A. The cardholder will pay higher interest
rates on other forms of credit
B. The cardholder will develop a positive
credit history
A. rent
C. The cardholder will develop a negative
B. food credit history
C. shelter D. There are no benefits for the card-
D. fancy shoes holder

4492. Bill makes $ 600 a week. If he wanted B. income

to save 25% of that, how would he do it?
C. debt
A. divide 25 by 600 and multiply by 100
D. none of above
B. Multiply 600 times.25
C. Subtract 25 from 600. 4497. What is the current amount of money in
your bank account called?
D. Subtract 25% from 100% and then mul-
tiply by 600. A. debt
NARAYAN CHANGDER
4493. is when people make choices about B. payment
what to give up so they can have what C. withdraw
they really want or need.
D. balance
A. choices
B. bartering 4498. How long does a missed or late payment
stay on your credit report?
C. trading
A. 2 years
D. opportunity cost
B. 4 years
true? C. 7 years
A. hearing and listening are basically the D. 10 years

same thing
4499. Demand for gasoline is said to be fairy
B. changing the subject is a useful rule to inelastic for most people. This is probably
follow if you want to be a good listener because
C. there is really only one type of effec-
A. It has few substitutes and is necessary
tive listening
for transportation
D. hearing and listening are not the same
B. it is difficult to make cheaply
thing
C. It has many substitutes and is easily
4495. Which deceptive advertisement is a vac- attained
uum sales company using when they of-
fer a cheap $50 vacuum that does every- D. It has few substitutes and is in large
thing and then when people get to the supply
store, they don’t have any of that model
in stock? They do have a lot of the $200 4500. What is a disadvantage to using credit
ones in stock that do something similar. cards for purchases?
A. Bait and switch A. You will be charged interest if you don’t

pay the card balance off in time.
B. Misleading endorsements
B. You will not be able to say you owe
C. Deceptive sale pricing
someone else money.
D. Buy one get one free
C. You can purchase things you want with-
4496. A is a plan for managing your out having money.
money. D. You will earn interest from the credit
A. budget card company.

4501. Daycare can be very expensive! My B. salary

friend pays $972 every month for her 3 C. family
year old daughter. This is considered a

D. interest inventory
A. Fixed Expense
B. Variable Expense 4506. Discretionary income is
D. Income
4502. What is money you make from work-

ing?
A. income
B. wages
C. salary
D. all of these A. extra money after you pay your bills
4503. What is the first step in the financial B. part of your monthly bills
planning process? C. money you can’t spend
A. Establish the goal/relationship D. money lost to taxes
B. . Analyze the data. 4507. Which is the most accurate description
C. Implement the plan. of the meaning of financial freedom?
D. Gather the data. A. Work income and asset income exceed
expenses.
4504. money earned is called
B. Income from work is more than ex-
penses
C. The income from assets is more than
expenses.
D. All correct.
4508. A is something that is critical to live

A. income such as food, clothing, shelter, and water.
B. purchase A. Need
C. spend B. Want
D. none of above 4509. Identify A
4505. Lora is a high school computer and tech-
nology teacher. She enrolls in a computer
class at least twice per year to stay cur-
rent on recent technology changes and up-
dates. By continuing her education, Lora is
investing in her
A. human capital A. Signature line

B. How much cash you have 4514. Choose the correct option
C. how much you are depositing into ac-
count
D. date of deposit
4510. These provide more protection against
loss because the investment is spread
across many different companies rather
NARAYAN CHANGDER
than just one company. You may also se-
lect funds that reflect specific levels of risk
or your values.
A. Certificates of Deposit
B. US Treasury Bills
C. Mutual Funds
A. need
D. Savings Accounts
B. want
4511. income left after all taxes on it have
been paid 4515. Mr. Jones has a large sum of money he
wishes to invest. He wants the largest
return possible and is not very concerned
B. discretionary income with high risk. Based solely on this infor-
C. dividend income mation, the best type of investment for
D. reactionary income Mr. Jones would be a
A. savings account.
4512. Why do banks loan money to house-
holds and businesses? B. stock
A. The government pays banks for provid- C. treasury bonds
ing the loans.
D. mutual funds
B. Banks earn a profit by charging inter-
est on the loans. 4516. expresses your interest in a specific
C. Banks are publicly funded and provide job
public services. A. Resume
D. The loans are used to buy goods pro- B. References
duced by the banks.
C. Cover Letter
4513. What is an income?
D. Career Portfolio
A. The amount of money a person is
worth 4517. Which of the following are responsibili-
B. Loans a person can take out from a ties that a worker has in the workplace
bank A. be professional
C. The amount of debt a person has accu-
B. come to work on time
mulated during their lifetime
C. pay taxes
D. The money received from completing a
job D. none of above

4518. Which financial institution is MOST 4523. Money you pay for bills is an
LIKELY to require membership and offer A. expense
low loan rates to its members?

B. income
A. savings and loan
B. credit union 4524. What are you called if you buy or use a
C. retail store good?
D. bank A. teacher
B. consumer
4519. Memorize the PIN number and keep it
in your wallet. C. want
A. True D. none of above
B. False 4525. Which is the “M” in SMART Goal?
4520. Why do cities use tax dollars to fund A. Measurable
services such as garbage removal?
B. Magnificent
A. because the services are necessary
C. Monetary
for a healthy city
D. Model
B. because public taxes are limitless and
must be used correctly 4526. Which deceptive advertisement does
C. because private companies refuse to McDonald’s use when they raise the price
throw out their garbage of a mcdouble from $1 to $2 only to say
D. because the services take jobs away buy one mcdouble and get one free?
from people in the community A. Bait and switch
4521. Which of the following BEST explains B. Misleading endorsements
why mechanical engineers are paid more C. Deceptive sale pricing
than janitors?
D. Buy one get one free
A. Engineers make more money for a firm
and are in shorter supply. 4527. A measure of volatility in stock prices of
B. Engineers are less educated than jani- a particular company.
tors.
C. Engineers do mental work but janitors
do physical work.
D. Engineers work longer hours than jan-
itors.
4522. Who should you always take care of

first when saving money?
A. you A. volume
B. bank B. beta
C. loan company C. P/E ratio
D. friends D. earnings per share

4528. Insurance coverage to protect you from 4532. Joey and Chris are both drivers. Joey
damage to your car other than by collision lives in the country and has been in 0
or vehicle overturning car accidents. Chris lives in the city and
has the following driving history:5 speed-
ing tickets, 2 automobile accidents, and he
drives a sports car. Who is probably going
to have a lower rate for insurance?
A. Joey
NARAYAN CHANGDER
B. Chris
C. The price will be exactly the same.
A. Floater D. LeBron James
B. Collision
4533. Amount of money originally borrowed
C. Comprehensive
A. Mortgage
D. Liability
B. Principal
4529. Which of the following is an example of C. Annual percentage rate (APR)
a fixed expense?
D. Finance company
A. Rent
B. Telephone bill
C. Food A. $510
D. Entertainment B. $490
4530. What is a credit card? C. $340
A. a small plastic card issued by a bank, D. $170
chase goods or services on credit. 4535. You may choose to have depository in-
stitutions cover your transaction if you
B. A card that has a set balance that you don’t have sufficient funds in your ac-
can only use at one place. count.
C. A card with the money from your check- A. True
ing account.
B. False
D. none of above
4536. The Neutrality Acts (1935-1937) were
4531. Which of these charges interest, and passed to
that interest is paid by the US government
A. support the policy of appeasement
until 6 months after you graduate or dis-
enroll? B. provide troops to halt Italian aggres-
sion
A. Subsidized Federal Loan
C. increase the profits of United States
B. Un-subsidized Federal Loan
weapons manufacturers
C. Federal Pell Grant D. avoid the actions that led the United
D. PLUS Loan States into World War l

4537. are retirement accounts set up by 4541. stores money and loans
employers
A. credit

A. IRAs
B. 401ks B. bank
C. Social Security C. debt
D. Roth IRAs D. budget
4538. Which of the following is TRUE about
finding errors on your credit report? 4542. The amount you MUST pay out of pocket
before insurance takes over is called the
A. premium
B. bonus payout
C. term payment
D. deductible
A. You may have to file a dispute with
each credit bureau 4543. managing your money through budget-
B. You should wait until the end of the ing, saving, and investments
month before reporting
A. budget
C. Finding errors is common is not a big
deal B. surplus
D. Overlooked errors may result in you C. personal finance
paying a fine
D. none of above
4544. Which of the following refers to the

payee’s signature on the back of the
check?
A. signature card
B. check register
A. the amount you spent
B. the amount you don’t save C. endorsement
C. money that you earn D. bank statement
D. none of above
4540. An amount subtracted directly from the 4545. How many TOP TIPS are there?
taxes owed is called A. 6
A. Standard Deduction
B. 5
B. Itemized Deduction
C. Tax Credit C. 7
D. Dependent D. 8

4546. What does “debt” mean? 4550. a part of a whole

A. percent
B. dependents
C. exemption
D. premium
4551. Of the four parts of auto insurance cov-
NARAYAN CHANGDER
erage, which part will pay for repairing
your car?
A. Liability
A. an additional amount you pay to use
B. Comprehensive
borrowed money
C. Collision
B. loaning someone money
D. Medical Payments/Bodily Injury
C. the amount of interest paid over an en-
tire year 4552. In personal finance an I.R.A. is
D. money borrowed by person/company A. Independent Revenue Assignment
from a person/company/bank
B. Independent Research Agency
4547. How is a surplus and deficit the same? C. Individual Retirement Account
A. They both have extra money D. Itemized Retirement Agenda
B. They both are the end result of balanc- E. Irish Republican Army
ing a budget
C. They both are good things 4553. What is the purpose of a will?
D. They both are bad things A. Manage daily expenses

B. Pay off debts
4548. You go to the gas station to fill up and
you pay with cash. Which jar do you take C. Invest in real estate
money from? D. Transfer assets after death
A. Food
4554. Which services is a bank likely to offer?
B. Car
A. net deposit and balance
C. Other Expenses
B. online banking and savings accounts
D. Entertainment
C. check writing and car wash
4549. something, typically money, that is D. credit card and Tootsie Rolls
owed or due
4555. People diversify their investments by in-
A. income tax
vesting in several different kinds of invest-
B. savings ments.
C. debt A. True
D. interest B. False

4556. You sold your bike to a friend for $15. 4562. Which of the following terms mean the
Is this an example of an income or ex- amount of money earned?
pense?

A. Bill
A. income B. Income
B. expense C. Debt
4557. Money recieved on a regular basis D. Credit
through work or investments.
4563. Interdependence means on other
A. expenses
countries for resources, goods, or services.
B. charity
A. relying
C. credit
B. avoiding
D. income
C. disregarding
4558. Checks and debit cards can be used to D. neglecting
withdraw funds or make purchases from a
checking account. 4564. A shareholder
A. True
B. False
4559. The purpose of Insurance is NOT to:
A. Diversify an investment portfolio
B. Share risk with other policy holders
and the insurance company
A. lends money to a company to be paid
C. Protect assets back later
D. Protect against potential losses B. owns a portion of a company
4560. What are the four most common taxes C. invests money on someone else’s be-
that come out of a person’s payroll check? half
A. Federal Income Tax D. shares your investments with you
B. State Income Tax
4565. In the box, what is written?
C. City/Local Income Tax
A. One’s Name
D. Medicare Tax
B. The Amount of Money in Words.
E. Social Security
C. One’s Signature
4561. An investment is when you buy things D. The Amount of Money in Numbers.
that will pay off in the future. Which of
the following would NOT be considered an 4566. Not spending money because of a goal
investment? or reason.
A. land A. budget
B. stocks B. spending
C. home C. savings
D. video game system D. borrow

4567. Budgeting B. savings plan

A. itemized summary of the expected in- C. scarce
come and expenses for a defined period D. purchase
of time
B. individual’s belongings which have 4572. What tax does everyone have to pay
value (including criminals, illegal immigrants,
etc)
C. process of creating a plan to spend
A. Sales Tax
NARAYAN CHANGDER
and save money
D. none of the above B. Income Tax
C. Proportional Tax
4568. Which type of card is issued by a bank,
business, etc., allowing the holder to pur- D. None of the Above
chase goods or services on credit. 4573. a person that pays to live in a residence
A. Debit Card owned by someone else
B. Spending Card A. landlord
C. Credit card B. complex
D. Rewards card C. deed
D. tenant
4569. Which savings vehicle has the highest
interest rate? 4574. The ability to borrow money and pay it
A. Passbook Account back later
B. Money Market Deposit Account A. debit
C. Money Market Mutual Fund B. credit
D. Certificate of Deposit C. income
D. bank
4570. Which is the correct type of insurance
that would be used:Sally is not feeling well 4575. This statement was made by a customer.
so her mother takes her to the doctor. The Were they referring to a credit card, debit
doctor tells her she has strep throat, gives card, or both? “When I used this card, the
her medication, and sends her home to re- store clerk made me type in my PIN num-
cover. What type of insurance would be ber.”
used in this case? (a)
A. Debit
A. a Health
B. Credit
B. Property and liability
C. Both
C. Life
D. none of above
D. Disability
4576. A monthly account of the money that
E. Workers’ compensation you have in your bank and how you spent
4571. the money paid by the borrower to the it.
lender for the use of the lender’s money A. Annual Fee
A. interest B. Certificate of Deposit

C. Bank Statement A. Is the use of capital and assets of oth-

D. none of above ers with the reputation and trust of the
user.

4577. Lydia is a babysitter. Which of the fol- B. Is an expense that does not change by
lowing ways can she increase her human month (for example:rent, electricity and
capital? water bills, wifi internet fee, )
C. Expenses that change each month (en-
tertainment, car repair, medical examina-
tion, etc.)
plan over a set period of time.
4582. Donald wants to become a millionaire.
A. babysit only one child at a time What should be included in his plan to be-
come a millionaire?
B. charge a higher price for her babysit-
ting A. How much money he spends on suits
C. purchase toys she can use while she B. How he plans to spend money on him-
babysits self
C. The amount of money he plans to do-
D. attend a class to improve her babysit-
nate to charity
ting skills
D. His plan for saving money over a long
4578. True or False:You should start saving for period of time
retirement as early as possible.
4583. What is this?
A. True
B. False
4579. What is located on the second line from

the top?
A. Who is receiving the check
B. The signature
C. The Memo A. Credit history
D. The Date B. Credit card

C. Credit score
4580. The higher the risk the, the reward
A. Higher
4584. You see a new shirt in the mall and you
B. Lower just can’t leave without it. The shirt is on
C. There is no relationship between risk sale for $100. You want to pay for it with
and reward your credit card but you only have $75 in
your clothes jar. What do you do?
D. All of the above
A. Don’t buy the shirt. Wait until you have
4581. Which of the following concepts about enough money in your clothes jar before
Credit is correct? using the credit card.

B. Take the money from your clothes jar 4589. A card that debits money to pay for pur-
and take the rest of the $25 out of your chases straight from your checking or sav-
other expenses jar. ings account
C. Take all of the money from your cell A. Credit Card
phone payment jar and leave the $75 in B. Debit Card
your clothes jar to buy more clothes an-
other day. 4590. Identify F
D. Take all the money from the Entertain-
NARAYAN CHANGDER
ment jar.
4585. Plan for making and spending money
A. Budget
B. Income
C. Taxes A. total Cash you want to keep
D. Discretionary Income B. Total cash putting into bank
4586. What is the role of a FICO score in per- C. Total Checks putting into bank
sonal finance? D. Total money putting into bank
A. Evaluate job performance
4591. Sally is making a personal budget.
B. Assess insurance eligibility What should she consider?
C. Measure creditworthiness
A. How many hours of video games she
D. Determine tax liabilities plays a week
4587. Which one of the following are checks B. How many hours she plays outdoors
for which you pay in advance and, if per week
they are lost or stolen, the company from C. How many times she goes to the
whom you bought these checks will replace movies with her friends
them?
D. How many pencils she trades with
A. traveler’s checks friends
B. outstanding checks
4592. If you have $2, 000 of expenses each
C. canceled checks month, you should have at least $ in
D. negotiable checks savings
4588. Karla earns $3, 500 each month as A. 9000
a high school teacher. She has to pay B. 15000
roughly $900 in federal and state taxes,
C. 12000
and she has a small loan she needs to pay
off, which costs her an additional $600 per D. 18000
month. What is her gross income?
4593. was one of the earliest transactions
A. $2, 000 on earth. This is when a person trades an
B. $3, 500 item or service for another item or service.
C. $2, 600 A. Barter
D. $2, 900 B. Spending

C. Investing 4598. What does it mean, “buy needs before

D. Budget wants?”

A. to have a lot of money
4594. What is it called if we ran out of coffee
creamer? B. to go to the nearest store
C. buy the things you must have
D. to buy everything you would like
4599. If you hear the word “finance”, what

comes into your mind?
A. bank
B. treasurer
C. money
A. Scarcity
D. ATM
B. Opportunity Cost
C. Producer 4600. What is the difference between income
D. Services and expenses?
4595. Money that you owe A. Income is money that is earned, while
expenses are spending money.
A. investment
B. pay off B. Income is saving money, while ex-
penses are investing money.
C. debt
C. Income is spending money, while ex-
D. interest rate
penses are earning money.
4596. When you buy something now and pay D. Income is earning money, while ex-
for it later. penses are saving money.
A. Income
B. debit 4601. the total amount of money you earn
C. Credit
D. overdraft
4597. Need or want
A. want A. gross income

B. need B. net income

4602. If you make $1800 a month, how much 4609. Less liquid than savings accounts but
should you spend on “needs”? earns higher interest rates.
A. $180 A. Certificate of Deposit
B. $360 B. Checking Account
C. $540
C. Money Market Deposit Account
D. $900
D. Savings Account
4603. In the marketplace, who is a consumer?
NARAYAN CHANGDER
4610. Student loans impact your credit score.
A. A person who works at a job.
B. A person who provides a service.
C. A person who gets a loan from a bank.
D. A person who buys goods and ser-
vices.
4604. Invest in bonds when you’re young be-
cause they have the highest returns
A. true A. Myth
B. false B. Fact
4605. If you are a salaried worker,
4611. I should review my credit report for er-
A. you will probably be paid only twice a rors.
year.
A. True
B. your overtime pay rate is higher than a
hourly worker. B. False
C. no deductions will be taken from your 4612. Label each item as an asset or liability
paycheck. Cash
D. your gross pay is the same as your
A. Asset
salary.
B. Liability
4606. You get candy from a concession stand.
A. Income 4613. Which of the following people would re-
B. Expense ceive a better credit score if they all have
spent $500 on their credit cards?
4607. When you use credit, money is bor-
A. Paula, who only pays the minimum
rowed and repaid at a later date.
amount each month
A. True
B. Ellen, who always pays off her credit
B. False card bull in full on time.
4608. TRUE or FALSE? It is a good idea to plan C. Barbara, who generally pays off her
for your savings before you add any other credit card in full but occasionally pays the
items into your budget. minimum
A. True D. Nancy, who usually pays about half of
B. False her credit card bill each month.

4614. Someone concerned that they could not 4619. A wage is

afford to pay their medical bills if they A. hourly
were ever in a serious accident should def-

initely consider investing in B. long term
A. health bonds 4620. What happens if you do not pay a credit
B. stocks that are likely to perform well card bill on time?
C. insurance A. Use your debit card
D. workout equipment B. You go into debt
4615. Which of these would increase your C. Declare bankruptcy

credit score? SSEPF4a D. Pay interest
A. pay minimum payment on your credit 4621. As long as you are 18 years old and
card balance each month have some money, you can invest it in the
B. check your credit score as frequently stock market.
as possible
A. True
C. earn more income
B. False
D. get as many loans as you can
4622. What do people use money for?
4616. The relationship between risk and re-
turn in investing can be stated as: A. ) To buy goods.
A. higher risk indicates lower potential B. ) To sell goods.

return C. ) To barter goods.
B. higher risk indicates higher potential D. none of above
returns
4623. insurance covers the personal items
C. lower risk indicates higher potential
of a person renting a dwelling.
return
A. Renters’
D. No relationship exists between risk
and return B. Apartment
C. Temporary
4617. What does the W-2 form tell you?
A. How much you’ve earned and how D. Inclusion
much taxes you’ve paid in the last year. 4624. The money you receive, aka inflow
B. When to file your tax return. A. inflation
C. How much federal income tax your em-
B. net worth
ployer will withhold from your paycheck.
C. income
D. How often your employer will be pay-
ing you. D. none of above
4618. The more education you have, the more 4625. I need to first pay bills, such as a loan
money you earn. or a phone bill to establish credit history.
A. True A. True
B. False B. False

4626. Using the Rule of 72, if you had $1, 000 C. setting a savings goal will help
at 6% interest, how long would it take D. all of the above
you to double your money?
A. 8 years 4631. What is interest computed on the princi-
ple, excluding previously earned interest?
B. 9 years
A. Simple Interest
C. 12 years
D. 15 years B. interest computed on the principle, ex-
NARAYAN CHANGDER
cluding previously earned interest
4627. to pay by using borrowed money
4632. shares of ownership in a corporation.
A. expenses
A. stocks
B. income
B. bonds
C. collateral
D. charge C. treasuries
E. surplus D. none of above
4628. Which types of insurance are most ap- 4633. a small plastic card issued by a bank al-
propriate for a single, working, 24-year- lowing the holder to purchase goods or ser-
old? vices on credit with a payment of interest
added to purchases
A. debit card
B. credit card
C. library card
D. none of above
4634. Term that applies to the ability to buy

A. Health insurance
something now and pay for it later over
B. Disability insurance a period of time (usually with having to
C. Life insurance pay a finance charge and/or the addition
of interest).
D. Auto insurance
A. Savings
4629. The three basic parts of a budget are
B. Profit
A. income, costs, and savings.
C. Budgeting
B. income, expenses, and balance.
D. Credit
C. surplus, collateral, and balance.
D. surplus, deficit, and expenses. 4635. Which of the following may impact your
car insurance rates?
4630. What are some benefits to starting a
A. all of these choices are correct
savings account early?
B. age
A. you can earn interest on money saved
B. putting money aside will help avoid C. number of accidents you have had
spending it on something else D. marital status

4636. What should a person make sure to bal-

ance when creating a personal budget?

A. play and work time
B. spending and saving
C. purchasing and spending
D. competition and entrepreneurship
A. Revolving
4637. What is a recall? B. Installment
A. Calling people who have bought the C. Non-Installment
car D. Floating
B. Manufacturer’s request to bring a car
back that has a defective part 4642. earnings that result from working
A. income
C. A part on a car that has been rebuilt
B. social security
D. A timetable for servicing your vehicle
C. medicaid
4638. Safe debt load is D. medicare
A. The amount of credit that a person can
4643. A majority of students receive student
afford and still stay within a safe budget.
loans/aid to help pay for college
B. A safe amount of debt to go into, even
A. True
if you don’t have enough money to cover
it. B. False
C. Your debt in weight. 4644. Your friend wants to open up a checking
D. The maximum amount of debt anyone account. Which of the following items is
have. NOT necessary to do so?
4639. A credit is a form of income?

A. True
B. False
4640. A list of salaries based on experience,

years on the job, education, etc.
A. poverty rate A. His (or his parents’) previous year’s
tax return
B. job scale
B. Proof of address
C. tax scale
C. Identification
D. pay scale
D. Opening Depo
4641. What type of credit allows you to bor- 4645. Medium of exchange
row a specific amount and agree to pay
in a specific number of payments in equal A. Coins
amounts? B. Money

C. Currency A. Real Investment

D. Goods and Services B. Financial Investment
C. income
4646. How do you get high credit scores?
D. expense
A. You have loans and pay them monthly
B. You have a credit card and are respon- 4651. What is the consequence of having a
sible with your payments poor credit score?
NARAYAN CHANGDER
C. You have a history of paying all of your A. None of these answers are correct
bills, rent, mortgage, and student loans on B. May pay a higher APR
time.
C. May pay a lower APR
D. All of the above
D. Go to jail
4647. The primary difference between a debit
4652. What does APR stand for?
card and a credit card is Credit cards charge
interest and debit cards directly deduct A. Annual Preceipt Rate
funds from your account. B. Annual Percentage Ratio
A. True C. American Payment Rate
B. False D. Annual Percentage Rate
4648. what is Pharming 4653. An account attached to a debit card
A. the fraudulent practice of directing in- A. Checking Account
ternet users to a bogus website that mim-
B. Savings Account
ics the appearance of a legitimate one, in
order to obtain personal information such C. CD Account
as passwords, account numbers, etc. D. LR Account
B. the fraudulent acquisition and use of
4654. What do taxes collected under the Fed-
eral Insurance Contributions Act (FICA)
fund?
C. the fraudulent practice of sending
A. Medicaid & Supplemental Security In-
emails or other messages purporting to
come
be from reputable companies in order to
induce individuals to reveal personal in- B. Medicare & Medicaid
formation, such as passwords and credit C. Social Security & Medicare
card numbers.
D. Social Security & Medicaid
D. none of above
4655. A(n) is a type of mutual fund that
4649. It is important to spend all of your matches a market index like the S&P 500,
money as soon as you get it. Russell 2000, or Wilshire 5000.
A. True A. Small Cap Value Fund
B. False B. Managed Fund
4650. Putting money into something physical C. Sector Fund

such as real estate or equipment. D. Index Fund

4656. four categories of value B. Payday Loan

A. Physical value C. Refund Anticipation

B. Social value D. Rent to Own
C. Financial value 4662. the inability to pay one’s debts
D. Inner value A. disposable income
E. Mental value B. bankruptcy
4657. A blank endorsement allows anyone to C. warranty
cash a check.
D. dividend
A. True
4663. Which of the following is a financial
B. False
goal?
4658. not controlled by the government- A. Graduating from high school
provides goods and services needed by the
B. Learning to play the violin
people
C. Renting an apartment
A. private business
D. none of above
B. banks
C. government 4664. For every house I sell, I make 10% of
the sale in income. You could characterize
D. households
my job as:
4659. Which of the following is a non-profit A. Commission
institution, for members only?
B. Credit
A. Investment bank
C. Wage
B. Credit Union
D. Lender
C. Savings & Loan
4665. A micro-loan is different from other
D. Commercial Bank
loans because
4660. Income and Expense Statement A. usually targeted to small business
A. Money spent owners at very low rates
B. A payment, usually monthly, applied to B. higher interest
the balance of a home loan used when pur- C. needed in an emergency
chasing housing.
D. paid back over the course of 30 years
C. Lists and summarizes income and ex-
pense transactions that have taken place 4666. What financial habits determine your
over a specific period of time, usually a credit score?
month or year. A. Payment History & Amount you owe
D. When income is greater than expenses B. Length of credit history & Amount of
4661. A loan based on the value of personal new credit applied for recently
property C. Types of credit open
A. Pawn Loan D. All of these are correct

4667. A Check 4672. Which item is not an expense?

A. *Can be converted to an electronic A. Electric Bill
debit by the recipient by using the digits
B. Mortage
in the MICR line.
C. Savings Account
B. *Directs your financial institution to
transfer money from your account to an- D. Phone Bill
other person’s or business’s account.
4673. Which is a fixed expense?
NARAYAN CHANGDER
C. *Both of the above
A. car repairs
D. none of above
B. medical expenses
4668. How can a credit card holder avoid pay- C. monthly car payments
ing interest on a credit card?
D. gas
4674. The development and movement of

goods and services through an economic
system.
A. globalization
B. capitalism
A. Do not pay anything C. chain of production
B. Pay the minimum balance every month D. rationing
C. Pay the minimum payment after its due 4675. Who is a consumer?
date
A. A person who buys things.
D. Pay the balance in full every month
B. A person who sells things.
4669. Saving money over time for a large pur-
4676. Career planning is done
chase is called
A. after high school.
A. a sinking fund
B. in college.
B. an installment loan
C. throughout a lifetime.
4670. Trippe pays his rent every month. This
is an example of a(n) expense. D. once in a lifetime.
A. Planned 4677. Orrin had $541.06 in his checking ac-

B. Unplanned count, and a check that he wrote to his
landlord for $560.00 was just deposited.
4671. the lowest amount an employee can be This will result in which of the following
paid due to governmental law fees?
A. surplus A. overdraft fees
B. lowest wage B. service fees
C. minimum wage C. atm fees
D. $2.00 D. over spending fee

4678. Your lease is up and you need to look for 4683. What is credit?
a new place to rent. Which of the follow-
A. When one party provides money/resources
ing should you consider before you sign a

to another party with the intention money
new lease?
gets paid back
A. Budget. That’s all that matters. B. What you get when you finish a test
B. Budget, location, amenities. and Mr. Beltz puts it in the gradebook
C. Proximity to your work and noise level. 4684. for a household can be limited.
D. What’s to consider? You’re moving A. Income
back in with your parents.
B. Budget
4679. Darius wants to buy a new car. He C. Savings
has a well-paying job, but knows that he
must save his money for a while before he D. Interest
can afford the car. What should Darius do
4685. It’s tornado and storm season. The
first?
house you live in now needs roof repairs
A. sell his old car after the hail damage. Which insurance
B. create a budget would be used?
A. Home Liability
C. get a different job
B. Home Property
D. apply for a credit card
C. Renter’s Liability
D. Renter’s Property
A. money decisions that affect the individ-
ual 4686. Cost of credit expressed as a yearly per-
centage
B. money decisions that affect countries
A. Mortgage
C. money decisions that affect states
B. Principal
D. money decisions that affect companies
C. APR
4681. You’ll always receive lower rates from D. Finance company
federal loans (as opposed to private loans)
A. True 4687. Interest Rates
A. payment to a lender to compensate
B. False
them for the inconvenience of not having
4682. Which of the following is a way to track their money now
your spending? B. investors pool their money for a fund
A. an app
C. repaid at regularly scheduled inter-
B. envelope method
vals, or installments
C. spreadsheet budget
D. a numerical rating of your credit his-
D. allowance tory

4688. David made a mistake in his checking ac- 4692. Which of the following items can be
count recordkeeping and spent $10 more found on a credit card statement?
than he had deposited in his account. As a
A. payments made and new charges
result, he can expect to be charged a/an:
B. fees and interest charged
A. ATM fee.
C. year to date totals and how long it will
B. contact fee.
take you to pay it off w/minimum only
C. safe deposit fee.
D. all of these
NARAYAN CHANGDER
D. overdraft fee.
4693. Sophie is the sole financial provider for
4689. What may NOT impact the interest rate her family. She is worried about what
on your loans? would happen to them if she got hurt and
could not work, or worse, died. The BEST
answer you could give her is to tell her to
A. invest in liability insurance
B. invest in promising stocks
C. invest in life and disability insurance
D. invest in health and life insurance
A. Your relationship with the financial in- 4694. Money you bring home each month after
stitution taxes.
B. Your credit score A. checking account
C. The loan amount B. debit card
D. Your level of education C. income
4690. Which of the following are MOST LIKELY D. stocks

paid with money collected through taxes? E. bond
A. barbers, waitresses, cooks
4695. What is the primary purpose of a bud-
B. reporters, farmers, painters get?
C. builders, mechanics, truckers A. Increase debt
D. teachers, firefighters, mayors B. Track and control spending
4691. During the Persian Gulf War (1991), the C. Pay off credit cards
primary aim of the United States was to D. Invest in the stock market
force Iraq to
4696. Fortnite is
A. withdraw its troops from Fuwait
A. Crazy
B. hold democratic elections
B. Nuts
C. increase the price of its oil exports
C. Great
D. submit to weapons inspections by the
united nation D. Blah

4697. A financial “fresh start” for an individ- B. expenditure

ual might be found through which of the C. saving
following?

D. income
A. Filing Chapter 1
B. Filing Chapter 7 4703. Which of the following is an expendi-
ture?
C. Filing Chapter 17
A. allowance from your parents
D. Filing Chapter 21
B. buying an ice cream at lunch
4698. Which scenario will earn you the highest
C. Selling an old game to a friend
profit?
A. High Supply, Low Demand D. Getting paid for helping your neighbor
B. Low Supply, High Demand 4704. Expense

C. High Supply, High Demand A. Money spent
D. Low Supply, Low Demand B. Take home pay
4699. How can someone establish credit? C. A product that transfers risk from an
individual to an insurance company or or-
A. credit/savings account
ganization.
B. debit card
D. A payment, usually monthly, applied to
C. paying with cash the balance of a home loan used when pur-
D. having a parent pay chasing housing.
4700. Expenses are the cost required for some- 4705. Shelter
thing; the money spent on something A. a “want”
A. True B. a “need”
B. False
4706. A consumer has a $20, 000 medical bill.
4701. You should keep your emergency fund in The deductible is $1, 000 with an 80/20
the same account as your spending money. coinsurance health policy. What is the out-
of-pocket expense?
A. True
B. False A. $2, 000
B. $4, 800
4702. The amount of money a person earns
during a year? C. $1, 900
D. $4, 500
4707. an individual, bank, or company who

loans money
A. Creditor
B. Debtor
C. Lender
A. investing D. Investor

4708. FV = PV (1 + i)n C. 1-3 Years

A. 5 D. None of these
B. 10
C. 20 4714. In the rule of 6 financial jars, what per-
centage of the total income does the enjoy-
D. 1.25
ment jar account for?
4709. Why open a checking account?
A. 50%
NARAYAN CHANGDER
A. It’s a safe place to store money.
B. 5%
B. It lets you use a debit card.
C. It makes it easy for you to pay others C. 10%
and for others to pay you. D. 30%
D. All of the above.
4715. What do debit cards and checks have in
4710. People can’t have everything they
common?
want. They must make about what to
give up so they can have what they really A. The money comes directly out of your
want or need. account
A. choices
B. You can pay the full amount later
B. trades
C. You are really taking out a small loan
C. forces
D. barters D. none of above
4711. A payroll deduction collected by employ- 4716. Which tax’s is also known as a sales tax
ers by law and sent to the federal govern-
ment to support governmental programs A. Proportional tax
A. Compound interest B. Progressive tax
B. Capital loss
C. Property tax
C. earned interest
D. Regressive tax
D. federal income tax
4712. What type of federal funding is free 4717. Things that are made for you to buy and
money, but is based on financial need use are called
only?
A. goods
A. All federal scholarships
B. opportunity costs
B. All private scholarships
C. Federal grants C. benefits
D. The 529 Plan D. services
4713. A Short Term Goal.
4718. Ms. Parvin pays a tax every year be-
A. 3-6 Months cause she owns a house. Which term best
B. 7-12 Months describes this tax?

4723. In 2007, the US experienced record

numbers of home foreclosures, because
many people had signed loans that they

could not pay back. Lenders were able to
take these homes because the homes were
A. illegally bought
B. uninsured
C. collateral
D. part of a housing surplus
4724. Define Interest Rate:
A. Income Tax A. the amount of debt not yet collected
B. Payroll Tax from the date a loan is issued.
C. Sales Tax B. the amount of wealth built to give.
D. Property Tax C. the investments that grow for years
which is beneficial for saving.
4719. True or False:Note is another name for D. the percentage of principal charged by
a principal. the lender for use of its money.
A. True
4725. The more you add to yours savings, the
B. False better
4720. To secure a loan banks may require A. True

in case you do not pay the loan back B. False
A. Bond 4726. When you are self-employed, you will
B. Premium normally pay tax
C. Collateral A. When you complete a tax return
B. When they turn 22
D. Principal
C. When they are unemployed
4721. Who buys goods or services? D. When they have savings of more than
A. Producers £2, 000 per annum
B. consumers E. When your employer deducts it
4722. Ms. Christopher wants to buy a new 4727. Deter-minimize your risk by safeguard-
house. Which of the following is most ing your personal info
likely to be seen as a positive from her A. true
credit history? B. false
A. She has zero late payments
4728. Work for which you plan in advance to
B. She has three open lines of credit get the education/training necessary to
C. other credit agencies have pulled her work in a field that you enjoy
credit rating 3 times this month A. job
D. none of above B. career

4729. An employer will ask you to complete 4733. Ellen plans to spend $35 on gas and $48
an which asks for information related for a tune-up for her car. She finds out
to employment. that she also has to spend $110 to get
A. Personal Data Sheet her brakes repaired. How much does she
spend on her car, between planned and un-
B. Application
planned costs?
C. References
A. $193
D. Cover Letter
B. $145
NARAYAN CHANGDER
4730. Which of the following is generally bet- C. $83
ter for your personal finances?
D. $198
A. Paying a bank interest on a loan
B. A bank paying you interest on money in 4734. A square
your account A. 2 pairs of parallel sides 4 sides of equal
C. Borrowing a lot of money for a car length 4 right angles
D. Putting money in your piggy bank B. has one pair of parallel lines
4731. Mischa’s acting class does not meet one C. has one pair of equal vertices
week. She buys a blouse for $11.25. D. has two right angles
FACT or FIB Mischas saves $0.75 for
that week. 4735. A condition of limited resources and un-
limited wants by people.
A. limitations
B. resourcefulness
C. scarcity
D. rationing
4736. True or False:A debit card operates like

a check.
A. FACT. The difference of $10.50 and A. True
$11.25 is $0.75.
B. False
B. FIB. Her expenses are $5.35 + $8.40
+ $11.25, or $25, which is $5 less than her 4737. is paid when you own property, such as
income. She saves $5. a home
4732. What are the three main US stock mar- A. income tax
ket indices? B. sales tax
A. Nasdaq, Dow Jones Industrial Aver- C. property tax
age, Invesco QQQ
D. payroll tax
B. S&P 500, Nasdaq, Dow Jones Indus-
trial Average 4738. Which form do you need in order to com-
plete your 1040 Tax Return form?
C. Nasdaq, Dow Jones Industrial Aver-
age, SPDR S&P 500 ETF A. I-9
D. S&P 500, Invesco QQQ, FTSE 500 B. W-2

C. W-4 A. She can decrease her expenses.

D. none of above B. She can increase her income.

4739. The original amount of money borrowed C. She can increase her expenses.
A. Principal D. She can decrease her income.
B. Credit History 4744. Cash is the physical bills and coins,

C. Annual Percentage Rate (APR) while is/are the actual medium of ex-
change.
D. Interest
A. bills
4740. amount of money left over after sub- B. currency
tracting expenses from income; money still
C. a bank note
owed on a credit card or bank loan
D. an electronic transfer
A. balance
B. debit 4745. income left after taxes on it have been
paid and that you can choose to spend
C. credit
A. discretionary income
D. taxes
B. disposable income
4741. Antonio has calculated that his gross
C. dependable income
pay for his current pay period is $1680.
He decides to put away $200 in a pre- D. reactionary income
tax retirement account and by doing so
4746. What is insurance?
moves down into a 15% tax bracket. If
he contributes to Social Security (6.2%)
and Medicare (1.45%) and falls into a tax
bracket of 15%, what is his net pay?
A. $1129.48
B. $1329.48
C. $1131.48
D. $1480
A. A service purchased to protect assets
4742. Payment history accounts for around and income against financial loss.
of your credit score. B. A type of savings account where you
A. 1/2 put aside money for emergencies.
B. 3/4 C. A type of investment account where
C. 35% you can buy shares of stock.
D. 90% D. A kind of taxes charged by the govern-

ment.
4743. Jackie realizes it will take her 5 months
to save for her new phone. She wants to 4747. What is a sum of money that a buyer
purchase it within at least 3 months. What pays in the early stages of purchasing an
are the ways she can adjust her budget to expensive good or service
purchase it sooner? Check all that apply. A. Early payment

B. Full payment 4752. A brand new bike is a want.

C. Down payment A. True
D. Half payment B. False
4748. The amount of money you actually re- 4753. a special loan that generally refers to
ceive after the deductions are taken from money borrowed to buy a house
your gross income.
A. interest
A. Net income
NARAYAN CHANGDER
B. finance charge
B. Deductions
C. rent
C. Wages
D. mortgage
D. Tax
4754. Why is a budget an important tool to
4749. What is this? use for effective personal money manage-
ment?
A. It creates a step-by-step plan to mak-
ing profitable financial investments.
B. It helps guide you through purchasing
a home.
C. It is a plan for spending and saving
money.
A. Credit history
D. It establishes a legal contract between
B. Credit card you and a potential client.
C. Credit score
4755. How old to you have to be to apply for
D. None of the above a credit card?
4750. Money you receive before taxes is A. 21
called: B. 18
A. gross income
C. 16
B. net income
D. 25
C. pay day
4756. Why are financial advisors useful?
D. bank loan
A. Because they assist in making sure
4751. Someone concerned that they could not a company’s mission and vision are inte-
afford to pay their medical bills if they grated within their strategic policies
were ever in a serious accident should def-
initely consider investing in B. Because they help you pay taxes
A. health bonds C. Because they can provide a cus-

tomized financial plan to ensure clients
B. stocks that are likely to perform well meet their financial goals
C. insurance D. Because they can assist you with legal
D. workout equipment problems in case of bankruptcy

4757. The amount the insured is responsible 4762. If an expense can be cut from your bud-
for paying when a claim is made is the get to save money, it is considered a

A. Deductible A. Income
B. Premium B. Want
C. Threshold C. Need
D. Comprehensive coverage D. Savings
4758. Bess wrote four checks last month, and 4763. Check all statements that are true about
these were the only transactions for her a balanced budget.
checking account. According to her check
register, her balance is $869.96, but the A. A balanced budget is when you have
bank statement she just received says her more expense than income.
balance is $1054.13. If the four checks B. A balanced budget is when income is
were for $175.17, $175.35, $184.17, equal to or greater than expenses.
and $184.35, the check for which amount C. A balanced budget is when you have
has not yet cleared? the same number of ten dollar bills as one
A. $175.17 dollar bills.
B. $175.35 D. A balanced budget helps you make re-
C. $184.17 sponsible spending and saving decisions.
D. $184.35 4764. to set aside income for a time so that
you have it to use later
4759. Has a specific date of maturity, earns
high interest, if withdrawal early you pay A. save
a fee. B. debit card
A. loan C. time deposit
B. Certificate of Deposit D. risk
C. types of money
E. mutual fund
D. none of above
4765. Why do we have to build a budget?
4760. The money that you take in or receive
from a job/career. A. To fulfill your own desires and needs.
A. Income B. To solve a very necessary problem at

a urgent time.
B. Expense
C. All are correct
C. Interest normalfont
D. Supply
D. Both of the above ideas are wrong.
4761. are storage houses for people’s
4766. If an employer has a “matching” pro-
money.
gram for your 401(k) that means:
A. banks
A. They will match your saving contribu-
B. credits tions in your stock options.
C. grants B. They match your salary to those in
D. none of above comparable companies.

C. They will put money into your retire- 4771. An individual can “bounce a check” if
ment account up to a certain amount to he/she has sufficient funds in a checking
match what you put into it. account.
D. They will match the amount of stocks A. True
you buy in the company which you plan to B. False
put towards retirement.
4772. What does “interest” mean?
4767. money earned
NARAYAN CHANGDER
A. salary
B. income
C. purchase
D. spend
4768. Read the following information to

choose the card type:“Usage limit depends A. an additional amount of money paid to
on the bank’s creditworthiness towards use borrowed money
the user.” B. borrowing money from a person/bank
A. Credit Card Credit Card. C. mortgage amount paid over an entire
year
D. when a person loses all their money
D. Visa card 4773. I avoid paying a PMI if I make a down
payment of or more.
4769. Liability A. 0%
A. A debt or obligation owed to others B. 5%
B. A measurement of how much a person C. 10%
or household owns once all debts have D. 20%
been paid.
4774. The money owed by a person is known
C. A measure of financial wealth and in-
as
sions that a person or household owns, mi- A. Debt
nus the total amounts owed to others. B. Saving
D. A debt or obligation owed to others C. Credit
4770. Assessment Questions:1. What term D. Investing

means giving part of what you have to oth- 4775. Who is most negatively affected by in-
ers? flation?
A. donating A. People lending out money (creditors)
B. savings B. People on a fixed income
C. spending C. People trying to save
D. budgeting D. All answers are correct

4776. All of the decisions and activities of an A. money used to invest in companies in
individual or family regarding their money, hopes of making more
including spending, saving, budgeting, etc

B. money a person earns in a year
is:
C. money set aside for future use
A. financial literacy
D. money spent on a particular item
B. compound interest
4781. Which one is TRUE about Credit Unions?
C. interest rate
A. same as commerical banks
D. personal finance
B. for profit
4777. When purchasing a video game you
C. owned by members
would use what method of payment?
D. largest depositories
A. Cash
B. Credit Card 4782. In March, Viola’s savings account had
a balance of $243. In April, her balance
C. Bank Loan was $263. Which statement could explain
D. Coins what happened to Viola’s savings account
during these two months?
4778. Martin spends $25 on his products for
Desktop Stores. At the end of selling, Mar- A. She withdrew $20.
tin has $38 in his cash register. How much B. She deposited $20.
profit did Martin make? C. She spent $20.
A. $13 D. none of above
B. $38
4783. The set amount of money, per depen-
C. $53 dent, you can subtract from your taxable
D. none of above income
A. Pay
4779. If an expense can NOT be removed from
your budget to save money, it is consid- B. Salary
ered a C. Exemption
A. Income D. Income
B. Want 4784. “I want to open my own restaurant.
C. Need I will need to take out a loan from my
D. Savings bank.”-Jayla Smith, EntrepreneurWhich of
the following BEST explains what Jayla
4780. What does “income” mean? should expect after taking a loan from her
bank?
A. to do very little as a new business
owner and be successful
B. to repay the bank based on the amount
of the loan plus interest
C. to receive money from her employees
to help her repay the loan

D. to be so successful that she will be 4789. Cost of credit expressed as a yearly per-
able to repay the loan in full right away centage
4785. What do you call a plan for spending and A. Mortgage

saving your money? B. Principal
A. budget C. Annual percentage rate (APR)
B. plan D. Finance company
NARAYAN CHANGDER
C. credit
4790. Which of the following records should
D. none of above you keep for more than a year?
4786. How does a bank make most of its A. Tax returns and supporting documen-
profit on its business? tation
A. By collecting fees on credit card pur- B. Utility bills
chases. C. Auto and homeowner Insurance poli-
B. By collecting fees on safety deposit cies
boxes, traveler’s checks and certified
D. Credit-card statements
checks
C. By receiving fees from the government 4791. In the United States, the money is called
for handling federal and state accounts
A. franc
D. By paying out less interest on deposits
B. pound
than it earns in interest on loans
C. dollar
4787. The Orlov family pays $2, 580 per year
D. yen
in property taxes. They pay in equal
monthly payments. FACT or FIB, they pay
4792. This type of schedule or table lists all
$258 each month.
payments of a loan, and tells the borrower
A. FACT. There are 10 months in a year how much of each payment goes toward
and $2580 divided by 10 is $258. the principal, as well as how much they
B. FIB. There are 12 months in a year and will pay in interest over the life of the
$2580 divided by 12 is $125. loan.
4788. Which of the following is an advantage

of using a credit card?
A. It comes directly out of your bank ac-
count
B. It is accepted everywhere
C. You can use money that you might not A. delinquency
have yet and pay it back later
B. amortization
D. If you lose it, you cannot get it back
C. liquidity
and might be charged for any fraudulent
purchases D. none of above

4793. A particular market where stocks and A. 2, 000.00

bonds are traded. B. $315.30

C. 2, 315.30
D. 1, 684.70
4797. Amount charged if your payment is re-

ceived after the billing date
A. market capitalization
B. portfolio
C. stock market
D. shareholder
4794. The current amount of money in an ac-
count. A. late payment fee
A. Balance B. withdrawal fee
B. Debit C. overdue fee
C. Credit D. loser fee
D. Investment
4798. The process used to find the value today
4795. Which of these is an annuity? of an amount to be received in the future.
A. Bob gets $10 this year and $20 next A. extrinsic
B. Betty gets $50 in six months and $20 B. future
six months later
C. discounting
C. Jack gets $10 in three months and $10
six months later D. present
D. Joan gets $100 every year for the rest 4799. Net is:
of her life
A. Total pay plus payroll taxes.
4796. What is the net income?
B. Total pay minus payroll taxes
4800. A(n) is a check that is dishonored

because of insufficient funds.
A. Overdraft
B. Statement
C. Cleared Check
D. Bad Check

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PRACTICE BOOK» NOT FOR SALE

DESIGNED FOR SURE SUCCESS

JAI SHREE RAM

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It is my deepest gratitude and warmest

To my mother JOYTSNA CHANGDER

who has been a constant source of Knowledge and in-

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PRACTICE BOOK» NOT FOR SALE

A. Borrowing C. Pete and Sarah

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8. D 9. A 10. A 11. B 12. C 13. D 14. C 15. A 16. A

16. A Demand Deposit Account

21. SSEF2b Use the table to answer the ques-

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PRACTICE BOOK» NOT FOR SALE

C. ) You can buy something more expen- B. Savings Account

35. All of the following are tips for creating a

A. CREDIT CARD B. From their clients’ savings accounts

37. Co-signer 41. One reason the decision in Dred Scott v.

B. a person who agrees to share respon- A. strengthened the idea of popular

36. A 37. B 38. A 39. C 40. B 41. C 42. D 43. A

PRACTICE BOOK» NOT FOR SALE

A. Consumer D. to have an emergency fund

44. D 45. A 46. A 47. C 48. C 49. A 50. A 51. A 52. A

53. occurs when the total amount of money A. index

57. If the demand of a product drops, you

58. an individual, business or government that

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PRACTICE BOOK» NOT FOR SALE

66. Your capacity to borrow, or the maximum

61. C 62. A 63. A 64. C 65. C 66. B 67. B 68. A 69. B

A. Credit Card D. Discounts on purchases made with a

C. Money paid by a borrower to a lender C. Buffalo Market

PRACTICE BOOK» NOT FOR SALE

B. return A. Certificate of Deposit (CD)

91. Which of these are possible ‘deductions’ D. All of the above

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100. PEOPLE WHO ARE PAID BY THE HOUR D. none of above

PRACTICE BOOK» NOT FOR SALE

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110. Which of the following is an advantage B. expenses

D. a plan for spending and saving money 116. Commodity

B. market capitalization D. Investing deals with companies, trad-

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PRACTICE BOOK» NOT FOR SALE

121. Using a debit card is like borrowing

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130. Money paid regularly for working (every

131. Because mutual funds spread your invest- D. payroll tax

132. Which payment option takes money out

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138. When talking about credit cards, your C. insurance

PRACTICE BOOK» NOT FOR SALE

D. The number you call if your credit card D. none of above

C. Money paid to the IRS. D. none of above

A. Receiving permission to use a parents’ A. $66, 000, 000

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PRACTICE BOOK» NOT FOR SALE

C. a state of being under obligation to pay C. Income

162. If payroll taxes and insurance were not