Family, friends, media (TV, music, computers), religion.
100
In order to make an informed career decision, a high school student will want to:
develop personal goals, complete an interest inventory, and research careers.
100
Chance is 25 years old, single, and has no children. He has just graduated college and has accepted a job as a mechanical engineer. These are examples of Chance’s:
a. lifestyle conditions
b. life cycle needs
c. financial needs
d. goals
a. lifestyle conditions
100
Electronic banking allows the consumer to:
a. eliminate the need to reconcile their bank account.
b. correct fraud or identity theft as soon as it occurs.
c. have 3‐4 days of float time after a check is written.
d. have 24/7 access to banking transactions.
d. have 24/7 access to banking transactions.
100
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.
c. The cardholder will develop a negative credit history.
d. There are no benefits for the cardholder.
b. The cardholder will develop a positive credit history.
200
What is a need?
something thought to be a necessity or essential items required for life.
200
Individuals with more formal educational training usually have:
a. higher estimated lifetime earnings.
b. lower personal satisfaction.
c. greater amounts of leisure time.
d. more comfortable work environments.
a. higher estimated lifetime earnings.
200
What is financial planning?
A tool used to achieve financial success based upon financial goals.
200
Funds deposited in a federally insured account (FDIC) are protected against loss for up to:
$250,000.00
200
Which of the following best describes the benefits of having insurance?
a. The policyholder may become better off financially if an accident occurs.
b. Insurance combined with emergency savings provides a sense of financial security and peace of mind.
c. The policyholder no longer has to worry about paying for financial losses resulting from an accident because all risk of financial loss is transferred to the insurance company.
d. It is required by law to purchase insurance so the benefits do not matter.
c. The policyholder no longer has to worry about paying for financial losses resulting from an accident because all risk of financial loss is transferred to the insurance company.
300
Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. What type of goal is this?
Short-term goal
300
. Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
a. salary
b. human capital
c. family
d. interest inventory
b. human capital
300
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
Decrease expenses.
300
In order to use online banking safely when making a purchase or when paying a bill, a person should make sure to:
make sure that the bank website uses https in the URL and the closed pad lock icon.
300
Before a renter is allowed to take possession of a rental property, they will be expected to:
a. pay the utility bill and give notice of moving date.
b. receive a mortgage and pay the down payment.
c. acquire renter’s insurance and pay property taxes.
d. pay a security deposit and sign a lease.
d. pay a security deposit and sign a lease.
400
Goals are most likely to be accomplished if an individual:
a. lets his/her parents set their goals.
b. lets their friends set their goals.
c. writes their goals down.
d. ignores their goals often.
c. writes their goals down.
400
A dependent is a person who:
a. relies on the taxpayer for financial support.
b. relies on the government for their Social Security benefit check.
c. pays the taxes for all the members of the family.
d. depends on their job for needed financial support to
pay their expenses.
a. relies on the taxpayer for financial support.
400
Everyone has a unique spending plan. What has the greatest effect on a person’s spending decisions?
Values
400
Which of the following actions will not make an individual vulnerable to identity theft?
a. Purchasing an item online with a credit card.
b. Responding to an e‐mail from your depository institution.
c. Paying cash for a movie ticket.
d. Throwing mail in the garbage.
c. Paying cash for a movie ticket.
400
What is a lemon?
A vehicle in and out of the repair shop with problems monthly.
500
What does each letter in SMART goals stand for?
Specific, Measurable, Attainable, Realistic, Time bound
500
What is the difference between net pay and gross pay?
Net pay is: money taken home after deductions are taken out.
Gross pay is: money made before deductions
500
What is the benefit of having a spending plan?
A spending plan helps track income and expenses and leads to long‐term financial security and wealth.
500
What is inflation?
The rise in the general level of prices.
500
What should you do before buying a vehicle?
Prioritize your needs and do research on various vehicles.