PF1
PF2
PF3
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PF5
100
Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institutions are safer than her piggy bank. Some student comments were based on fact while others were based on myths. Which aspect of security at a depository institution is not true?
What is Depository institutions have insurance protection. Depositors can have multiple accounts insured at the same depository institution as long as each account has no more than a $100,000 balance.
100
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
What is Decrease expenses?
100
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she not need to include for this statement?
What is Taxes she paid based on her income last year?
100
David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a/an:
What is overdraft fee?
100
When Rob graduated from college, he considered two different job offers before accepting his job as an accountant in the IT department of a local manufacturing plant. He loves that he can walk or ride his bike to work each day. He also loves to travel and his job will require him to travel several times each year to conduct audits in manufacturing plants throughout the U.S., Europe, and Asia. He receives a monthly salary and his employer pays his health insurance. His employer also matches the funds he saves in his personal retirement account. Rob has always been very healthy, but he appreciates knowing that he has several days of paid sick leave each year if he needs them, along with 1 week of paid vacation. His company is encouraging him to complete the classes he needs to earn his CPA by paying for half of the tuition for the classes he needs to take. Rob’s parents asked him what employee benefits his employer was providing. Which would be considered an employee benefit?
What is Paid sick leave?
200
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which items should be recorded as expenses. Which should be recorded as expenses?
What is Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance?
200
Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his first step?
What is Track his current income and expenses—if he has already created an Income and Expense Statement then he has completed this step?
200
Dane is researching the topic of property taxes for a presentation he is doing in his Personal Finance class. He has come across the following statements he is considering adding to his presentation. Which should he exclude from his presentation because it is not correct?
What is Property taxes are assessed at the same rate for all types of property, including homes, land, and buildings, regardless of location or whether they are used for business or personal use?
200
Which would most likely be considered a contractual expense?
What is Cell phone?
200
Career assessments help to identify:
What is possible career areas related to one’s interests?
300
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
What is Excise?
300
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his noncontractual expenses. Which of his expenses best fit that category?
What is Gasoline, food, and entertainment?
300
Austin has just received his first paycheck. He worked 22 hours at his new job and is being paid $8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it to be?
What is Austin neglected to deduct the amount required to pay income and payroll taxes?
300
Savings tools offered by depository institutions may earn interest. Which of the following statements is not true about interest?
What is When earning interest, look for low rates?
300
Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City’s Cost of Living Index is 100 and Indianapolis’ Cost of Living Index is 125, which is true?
What is Susan will have more spending power if she stays in Kansas City?
400
Ariel is saving money to purchase a new computer before she leaves for college in two years. She wants to open a special account at a depository institution to keep her saved money safe. What would be the best advice for Ariel?
What is Shop around for the depository institution with the highest interest rates for their savings accounts. She would be able to make regular savings deposits and earn interest while she is saving up for the computer.
400
Who is Medicare designed to help?
What is Senior citizens?
400
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
What is Samantha, because her income minus her net worth is a larger amount than Maggie’s?
400
Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
What is He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements?
400
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she most likely to have answered as a result of her job shadow?
What is Common tasks and typical daily activities?
500
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
What is Sales tax on the shirt she purchased?
500
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he not list as an asset?
What is Money in the paycheck he will receive next week?
500
To increase his net worth, Jackson could:
What is increase his assets?
500
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is Bob’s gross pay on his paycheck?
What is $640.00?
500
To be considered for lifelong employment a person must continually maintain their employability. Which of these actions will not help maintain employability?
What is Seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work?
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