Money Management & Budgeting - 1st Grade
What is the purpose of a personal budget?
1. To Figure out how much you earn
2. To figure how much you spend
3. Both of the above
Both of the above
A bank sort code identifies what about a bank?
1. The twitter feed
2. The name and branch
3. The telephone number
The name and branch
To have the best credit-profile impact, what is the maximum amount of your monthly credit line that should be used?
1. 70%
2. 30%
3. 50%
30%
What is a bond?
1. A type of debt that a company issues to investors for a specified amount of time
2. A share of ownership in a company
3. A type of investment that is only offered by depository institutions
4. A type of Certificate of Deposit with a higher than average interest rate
A type of debt that a company issues to investors for a specified amount of time
Income taxes are the single largest source of revenue for the federal government. Which is the second largest source of tax revenue?
1. Excise taxes on gasoline and other consumer items
2. Payroll taxes to fund the Social Security and Medicare programs
3. Corporate income taxes
4. Customs duties on imported goods
Payroll taxes to fund the Social Security and Medicare programs
At what age do most American first begin thinking about saving for retirement?
1. 30 years old
2. 40 years old
3. 50 years old
40 years old
Credit unions share their profits with who?
1. Members
2. Shareholders
3. Family
4. Government
Members
To have a credit score, I must have at least one creditor reporting activity on my credit report for:
1. 12 months
2. 8 months
3. 6 months
6 months
A growth stock is associated with a company:
1. That is new with a consistent record of relatively rapid growth and earnings
2. With a spotty earnings pattern but potential for substantial earnings in the future
3. Which dominates its respective industry and has a good company management reputation
4. With a steady stream of income paying high dividends and retaining only a small portion of profits
That is new with a consistent record of relatively rapid growth and earnings
Generally, how long should taxpayers keep the supporting documents for their tax returns?
1. Five years from the due date.
2. Three years from the due date.
3. Two years from the due date.
4. One year from the due date.
Three years from the due date.
What is the average age that working American think they will retire?
1. 60 years old
2. 65 years old
3. 70 years old
65 years old
A current account is used for what?
1. Storing our money and everyday transactions
2. Saving money
3. Long term borrowing of money
Storing our money and everyday transactions
Paying ‘points’ when obtaining a mortgage means that you:
1. Have paid money for having a riskier loan.
2. Have an expensive mortgage company.
3. Are paying money to get a lower interest rate.
4. Will have to pay a pre-payment penalty if you pay off your mortgage.
Are paying money to get a lower interest rate.
A blue chip stock is associated with a company:
1. With a consistent record of relatively rapid growth and earnings
2. With a spotty earnings pattern but potential for substantial earnings in the future
3. Which dominates its respective industry and has a good company management reputation
4. With a steady stream of income paying high dividends and retaining only a small portion of profits
Which dominates its respective industry and has a good company management reputation
Federal taxes are higher now than they've been in more than 50 years.
1. True
2. False
False
Which is considered a type of revolving credit?
1. Car Loan
2. Credit Card
3. Mortgage
Credit Card
Money must stay in this type of savings account for a SET PERIOD OF TIME. It is called a ___________________.
1. Custodial Account
2. Money Market Account
3. Savings Account
4. Certificate of Deposit
Certificate of Deposit
When did credit scores first become available to consumers in the United States?
1. 1989
2. 2001
3. 1996
2001
The market condition that occurs when investors are pessimistic about the economy and sell stock is called a __________.
1. Bull market
2. Bear market
3. Total return
4. Security
Bear market
What is Adjusted Gross Income?
1. Your after-tax income
2. Your taxable income after deductions
3. Your taxable income before deductions
4. None of the above
Your taxable income before deductions
What two categories should you divide your spending into?
1. Fixed and discretionary spending
2. Essential and miscellaneous spending
3. Priority and secondary spending
Fixed and discretionary spending
Payee
1. Person who you "Pay to the Order Of"
2. Person writing the check
3. The bank name
Person who you "Pay to the Order Of"
What does the term FICO stand for?
1. Fair Isaac Corporation
2. Fixed Income Credit Organization
3. Financial Investigation Commentary
Fair Isaac Corporation
Payments that result from the sale of securities in a fund's portfolio are called ______________.
1. Income dividends
2. Net asset values
3. Capital gains
4. Shares
Capital gains
Which taxpayer is required to have an Individual Taxpayer Identification Number (ITIN)?
1. All nonresident aliens
2. All nonresident and resident aliens
3. Anyone who doesn't have a Social Security Number
4. All nonresident and resident aliens who must file a return or who are claimed on someone else's return and are not eligible for a valid SSN
All nonresident and resident aliens who must file a return or who are claimed on someone else's return and are not eligible for a valid SSN