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PF 2.00 Managing Your Money (1 Of 2)
Test Description: 2.00 Managing Your Money
Instructions: Answer all questions to get your test result.
1) A key difference between commercial banks and credit unions is that: (2.01)
A
Commercial banks typically pay higher interest rates than credit unions.
B
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
C
Credit unions are more commonly located in rural area while commercial banks are more commonly located in urban areas.
D
Commercial banks offer more services, such debit cards, and online banking, than credit unions.
2) Which statement is not correct? (2.02)
A
Property taxes are assessed at the same rate for all types of property, whether they are used for business or personal use.
B
Property taxes are commonly paid on automobiles. This tax usually paid once per year when the automobile is licensed.
C
Property tax on homes, land and buildings are usually only paid once or twice each year.
D
Property taxes usually pay for local schools and other services and expenses incurred by local governments.
3) To calculate her net worth Jordyn should use the following formula: (2.03)
A
Assets + liabilities = net worth
B
Assets / liabilities = net worth
C
Assets – liabilities = net worth
D
Assets x liabilities = net worth
4) Which of the following would most likely be considered a contractual expense? (2.04)
A
Clothing
B
Cell Phone
C
Entertainment
D
Food
5) Which should be recorded as expenses? (2.04)
A
The scholarship he receives, his car insurance payment, and stock dividends he received from his grandmother
B
Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year’s tax ret
C
Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest fro
D
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
6) If expenses were to exceed income on a spending plan, what would be a financially smart solution? (2.05)
A
Decrease expenses
B
Earn less income
C
Use a credit card more often
D
Increase purchases
7) She has asked you for advice on which type of account would be best for her as she's saving money for a new computer. What would be the best advice? (2.01)
A
Shop for the highest interest rates for savings accounts. She could make deposits and earn interest while saving.
B
Shop for safe deposit boxes, which offer extra security for deposits and can be set up to allow her to withdraw her money
C
Look for a Credit Union that offers share draft accounts. These secure accounts are designed especially for saving for long‐t
D
Choose a free, no‐interest checking account. That way, when Ariel has saved enough for her computer she can simply write a c
8) Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest? (2.01)
A
Interest is the price paid for using someone else’s money.
B
When paying interest, look for low rates.
C
The amount of interest earned or paid is determined by the interest rate.
D
When earning interest, look for low rates.
9) Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do? (2.01)
A
Apply for mobile banking. That way she can access her money with her smartphone to pay for the things she needs.
B
Apply for a credit card and use it to purchase things.
C
Apply for a debit card to use instead of cash to purchase things; the amount spent is immediately deducted from her account
D
Request a cashier’s check. That way she can spend money from her checking account without risk of an overdraft fee.
10) Common fees that may be charged by a depository institution include all EXCEPT: (2.01)
A
Minimum Balance fee
B
Overdraft fee
C
Late fee
D
ATM fee
11) Which statement is NOT TRUE about property taxes? (2.02)
A
Property taxes are most often paid only once or twice each year.
B
The fee paid to license a vehicle is an example of property tax.
C
Property tax is often charged by states or local governments to pay for local schools.
D
The property tax rate is set by the federal government to be equal in every state.
12) Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes? (2.02)
A
Excise
B
Sales
C
Federal use
D
property
13) 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? (2.03)
A
Money in the paycheck he will receive next week
B
The market value of his car
C
Money in his checking account
D
His hockey equipment
14) Amanda and Marcus just finished their Income and Expense Statement for last month. They discovered that they have a net gain. What does this mean and what should they do? (2.04)
A
They are spending more than they are earning. One of them should consider getting a second job to help boost their income.
B
They are earning more than they are spending. They should decrease spending to balance their income with expenses.
C
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
D
They are spending more than they are earning. They need find a way to balance their income expenses by spending less
*select an answer for all questions
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