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Money Management
Test Description: Final Exam Review: Budgeting & Banking
Instructions: Answer all questions to get your test result.
1) An example of a Fixed Expense is
A
Paying your credit card bill
B
Car Payment
C
Buying gas once a week for your car
D
Going shopping each month
2) An example of a Variable Expense is
A
Car payment
B
Buying gas once a week for your car
C
Rent payment
D
Car insurance payment
3) How much does the FDIC/NCUA insure your money?
A
$250,000 for an individual account
B
$250,000 for a joint account
C
$100,000 for an individual account
D
$400,000 for a joint account
4) A credit union is different from a bank because
A
it allows you to open a checking and savings account
B
you are able to get direct deposit
C
It is insured, where a bank is not
D
The account holders own the bank which gets them better interest rates
5) Is interest earned on your savings account taxed?
A
No
B
Yes
6) Which of the following bank accounts is most liquid?
A
Checking account
B
Savings account
C
Certificate of Deposit
D
IRA (Individual Retirement Fund)
7) Who can influence your decision making?
A
All are correct answers
B
Family
C
Media
D
Friends
8) A SMART goal should be:
A
Saved, Manageable, Attainable, Reached, and Tested
B
Specific, Manageable, Artistic, Right, and Time Bound
C
Specific, Measureable, Attainable, Realistic, and Time Bound
D
Saved, Measureable, Attainable, Reachable, and Tested
9) A SMART goal is for
A
Long-term financial planning
B
Medium-term financial planning
C
not SMART at all
D
Short-term financial planning
10) When Paying Yourself First, how much should you save from each paycheck?
A
Rate of Inflation
B
10%
C
2%
D
12%
*select an answer for all questions
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