Review
The borrower will be charged interest unless a credit card is paid completely each month. True or False
True
Most people 65 and older can receive health coverage through a program called Medicare. True or False
True
When you use a credit card, you
A buy now, pay later, B buy now, pay now
C buy now, pay never D buy now, pay forever
A buy now, pay later
Financial trust extended to a person by a lender is called A. budget B. interest C. credit D. stock
C. Credit
The three variables that affect saving money are
A. amount, interest and credit B. amount, interest and time C. amount, stocks and time D. none of the above
B. amount, interest and time
A disadvantage of credit is A. it allows you to track expenditures B. it encourages impulse spending C. it allows you to establish credit D. it allows you to buy now and pay later
B. it encourages impulse spending
B. a social insurance system
The total amount of monthly income remaining, after all deductions have been taken out A. gross annual income B. gross monthly income C. net annual income D. net monthly income
D. net monthly income
A record of spending or of probable expenditures and income for a given period of time is called A. a budget B. interest C. credit D. investments
A. a budget
Which stock had the highest closing price? A. AAPL
B. DIS C. RJF D. HD
C. RJF
Which of the following statements is NOT correct?
A. a debit card allows for an immediate electronic transfer of money from cardholder's savings or checking account. B. a debit card is essentially a paper check but doesn't require the processing time a check does C. a debit card is handy in an emergency when you have the money to spend D. a debit card is a pay-now payment type with no grace period for payment.
B. a debit card is essentially a paper check but doesn't require the processing time a check does
Lenders use credit agencies to determine: A. an applicant's credit score B. an applicants credit history C. whether an applicant has outstanding debts or defaults D. all of the above
D. all of the above
The amount of earnings made over one month, after deductions, is known as: A. total annual income B. net monthly income C. gross monthly income D. gross annual income
B. net monthly income
A record of income and expenditures for a given period of time is called: A. Credit B. Investment C. Budget D. Interst
C. Budget
When budgeting, the first categories to consider are those that meet your: A. Wants B. Needs C. Discretionary Funds D. Important Expenses
B. Needs
What are the three main types of taxes? A. Income, Sales and Property B. Unemployment, Sales and Property C. Federal Income, Unemployment and State D. Sales, Property and Underemployment
A. Income, Sales and Property
The total amount of earnings made over one-year period after all deductions have been taken is: A. gross annual income B. gross monthly income C. net annual income D. net monthly income
C. net annual income
When it comes to personal savings, what does acronym PYF stand for? A. Prepare Your Future B. Prepare Your Finances C. Pay Yourself First D. Prepay Your Finances
C. Pay Yourself First
A saver who wants her savings insured by FDIC (Federal Deposit Insurance Corporation) wants to use this savings option. A. Stocks B. Bonds C. Mutual Funds D. Savings Account
D. Savings Account
Protection against risk is the primary reason people purchase this type of policy. A. Auto Insurance B. Health Insurance C. Home Insurance D. All of the above
D. All of the above
Gina is a single woman who lives by herself and is a district manager for a chain of home improvement stores. She earns an annual salary of $55, 000. However, she pays $1,040 a month for federal income taxes, $475 a month for Social Security, and $200 a month for Medicare. Gina also has several fixed expenses. She drives a 2003 vehicle her payment is $466 per month. She pays $117 per month for car insurance. Her rent is $985 per month, her health insurance is $95 per month. She puts $200 a month in her savings account. Gina also has variable expenses which is food $249 a month, $145 a month for gas for her car and $260 a month for entertainment. What is Gina's gross annual income A. $23,000 B. $55, 000 C. $23, 300 D. $36, 500
B. $55, 000
Gina is a single woman who lives by herself and is a district manager for a chain of home improvement stores. She earns an annual salary of $55, 000. However, she pays $1,040 a month for federal income taxes, $475 a month for Social Security, and $200 a month for Medicare. Gina also has several fixed expenses. She drives a 2003 vehicle her payment is $466 per month. She pays $117 per month for car insurance. Her rent is $985 per month, her health insurance is $95 per month. She puts $200 a month in her savings account. Gina also has variable expenses which is food $249 a month, $145 a month for gas for her car and $260 a month for entertainment. What is Gina's net monthly income? A. $2, 788.33 B. $2, 868.33 C. $2, 878.33 D. $2,768.33
B. $2, 868.33
Gina is a single woman who lives by herself and is a district manager for a chain of home improvement stores. She earns an annual salary of $55, 000. However, she pays $1,040 a month for federal income taxes, $475 a month for Social Security, and $200 a month for Medicare. Gina also has several fixed expenses. She drives a 2003 vehicle her payment is $466 per month. She pays $117 per month for car insurance. Her rent is $985 per month, her health insurance is $95 per month. She puts $200 a month in her savings account. Gina also has variable expenses which is food $249 a month, $145 a month for gas for her car and $260 a month for entertainment. After Gina has paid her fixed expenses, how much money does she have left over for monthly variable expenses and other expenses? A. $654 B. $954 C. $1, 654.33 D. $1, 005. 33
D. $1, 005. 33
Your abilities include: A. The things you do well B. Your mental competence C. The skill you need to do something D. All of the above
A. The things you do well
Career Planning is done: A. After High School B. In College C. Throughout a lifetime D. Once in a lifetime
C. Throughout a lifetime