Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Managing Your Money
Test Description: Review Test Questions for Managing Your Money
Instructions: Answer all questions to get your test result.
1) A key difference between commercial banks and credit unions is that:
A
Credit unions located in rural areas, banks in urban areas
B
Banks typically pay higher interest rates than credit unions
C
Banks - for-profit and credit unions not-for-profit
D
Banks offer more services than credit unions
2) Which aspect of security at a depository institution is NOT TRUE?
A
Information about depositors is kept in secure data storage
B
Deposit institutions have insurance as long as account not over $100,000.
C
Deposit institutions have insurance up to $250,000 per depositor/account
D
Money at a deposit institution is kept safe by security measures
3) If you're concerned about safety, which type of depository institution should you choose?
A
Credit union: insured by NCUA
B
Bank: deposits insured by FDIC
C
Either as long as savings meets insurance requirements
D
Neither: money is safely kept at home in a safe or vault.
4) David made a mistake in his checking account and spent $10 more than he had. He will be charged
A
Contact Fee
B
ATM Fee
C
Safe Deposit Fee
D
Overdraft Fee
5) Common fees that may be charged by a depostiory institutions include all EXCEPT
A
ATM Fee
B
Minimum Balance Fee
C
Late Fee
D
Overdraft Fee
6) Ariel asked advise on which type of account would be best for her. She wants to save money safely
A
Look for a Credit Union that offers share draft accounts
B
Look for depository institutions that offers safe deposit boxes
C
Find a depository institution that offers a free, no-interest checking
D
Look for highest interest rates for savings accounts
7) Savings tools offered by depository institutions may earn interest. Which is NOT TRUE about interest?
A
When earning interest, look for low rates
B
Interest earned or paid is determined by the interest rate
C
When paying interest, look for low rates
D
Interest is the price paid for using someone else's money.
8) Which statement is NOT TRUE about property taxes?
A
The rate is set by federal government to be equal in every state.
B
These taxes are most often paid only once or twice a year
C
The fee paid to license a vehicle is an example of this tax.
D
They are often charged by states to pay for local schools
9) Who is Medicare designed to help?
A
Children of unemployed parents
B
Low income families
C
Single parents
D
Senior citizens
10) Which statement is TRUE about Payroll Taxes?
A
Payroll taxes are paid on both earned and unearned income.
B
They fund the Social Security Medicare programs.
C
The amount paid increases as icome increases.
D
They fund different programs of the federal government.
11) Taxes that are charged on consumption items, such as gasoline are called ___ taxes
A
Federal use
B
Excise
C
Property
D
Sales
12) If you are charged 7% more than the price tag showed for an item, what is this charge for?
A
Property Tax
B
Sales Tax
C
Payroll Tax
D
Excise Tax
13) To increase his net worth, Jackson should:
A
Increase his liabilities.
B
Increase his market value.
C
Increase his assets
D
Decrease his assets.
14) To calculate your net worth, you should use the following formula?
A
Assets - liabilities = net worth
B
Assets x liabilities = net worth
C
Assets + liabilities = net worth
D
Assets / liabilities = net worth
15) You are writng down your liabilities for the Statement of Financial Position. You should include:
A
the value of your retirement account
B
the market value of your car
C
the combined total of his savings and checking accounts
D
the balance on your credit card
16) Which of the following would most likely be considered a contractual expense?
A
Entertainment
B
Cell phone
C
Food
D
Clothing
17) When is your spending plan complete?
A
Spending plans are always under revision.
B
Complete on December 31 at end of year and another year begins.
C
When you have allocated all your income into categories.
D
When you have all your current income expenses recorded.
18) The three (3) forms of financial management are:
A
Balance Sheet, Property Tax Listing and Income and Expense Summary
B
Statement of Financial Position, Income and Expense Summary and a Budget
C
Statement of Financial Position, Budget and Tax Listing
D
Income and Expense Summary, Balance Sheet and Tax Listing
19) Which of the following statements is NOT TRUE about spending plans?
A
Spending plans are used to record planned income.
B
A spending plan includes items NOT included in a budget.
C
You should examine your trade-offs and opportunity costs.
D
Spending plans are used to record planned expenses.
20) What would be a FIRST step in developing a spending plan for a final year of high school?
A
Decide how much money can be spent on each of the bills
B
What income and spending groups reflect values, needs, wants
C
Develp a ontrol system that reflects life style
D
Track current income and expenses
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?