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Managing Your Money
Test Description: Depository Institutions, Taxes, Financial Position, Income and Expense, Spending Plans and Budgets (18 questions)
Instructions: Answer all questions to get your test result.
1) David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n)
A
Overdraft fee
B
Contact fee
C
ATM fee
D
Safe deposit fee
2) Common fees that may be charged by a depository institution include all EXCEPT:
A
late fee
B
overdraft fee
C
ATM fee
D
Minimum balance fee
3) A key difference between commercial banks and credit unions is that:
A
Commercial banks are 'for-profit' and credit unions are 'not-for-profit.'
B
Credit unions are more commonly located in rural areas while commercial banks are more commonly located in urban areas.
C
Commercial banks offer more services, such as debit cards, and online banking, than credit unions
D
Commercial banks typically pay higher interest rates than credit unions.
4) Who is Medicare designed to help?
A
low income families
B
senior citizens
C
single parents
D
children of unemployed parents
5) Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
A
sales taxes
B
excise taxes
C
property taxes
D
federal use taxes
6) As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag howed for the item. What is this extra 6% charge most likely to be?
A
Income tax on the shirt she purchased
B
Sales tax on the shirt she purchased
C
an excise tax on the shirt she purchased
D
property tax on the shirt she purchased
7) Which statement is NOT TRUE about property taxes?
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.
8) Which statement is TRUE about payroll taxes?
A
The amount of tax paid depends on many different factors but increases as income increases.
B
Payroll taxes fund different operations and programs of the federal government.
C
Payroll taxes fund the Social Security and Medicare programs.
D
Payroll taxes are paid on both earned and unearned income
9) 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?
A
His hockey equipment
B
Money in his checking account
C
The market value of his car
D
Money in the paycheck he will receive next week
10) To increase his net worth, Jackson could:
A
Increase his liabilities
B
Increase his assets
C
Decrease his assets
D
Increase his market value
11) To calculate her net worth Jordyn should use which formula?
A
Assets subtract liabilities equal net worth.
B
Assets multiplied by liabilities equal net worth.
C
Assets plus liabilities equal net worth.
D
Assets divided by liabilities equal net worth.
12) Jonah is writing down his liabilities to complete his statement of financial position. The item he should include would be
A
The balance on his credit card
B
The combined total of his savings and checking accounts
C
The market value of his car
D
The value of his retirement account
13) Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement?
A
Interest earned on her savings account.
B
Money she received from her grandparents for her birthday.
C
Social Security income her mother is receiving for her since her father died of cancer last year.
D
Taxes she paid based on her income last year.
14) Which of the following would most likely be considered a contractual expense?
A
entertainment
B
clothing
C
food
D
cell phone
15) Maggie and Jeff have decided to develop a spending plan to help them gain control over their finances. Which of the following statements is NOT TRUE about spending plans?
A
A spending plan includes itms NOT usually included when creating a budget.
B
Spending plans are used to record planned income.
C
Spending plans are used to record planned expenses.
D
When creating a spending plan, it is recommended that you examine your trade-offs and opportunity costs.
16) If expenses were to exceed income on a spending plan, what would be a financially smart solution?
A
earn less income
B
use a credit card more often
C
increase purchases
D
decrease expenses
17) When is your spending plan complete?
A
When you have allocated all your income into categories for the month.
B
Spending plans are complete each December 31st as one year ends and another year begins.
C
Spending plans are always under revision so they are never complete.
D
When you have all of your current income and expenses recorded
18) John has decided to work with a spending plan so he can build up an emergency fund for when he is in college. It is easiest to decrease non-contractual expenses. Which of his expenses best fit that catetory?
A
cell phone bill, gasoline, and car payment
B
internet bill, entertainment, and clothing
C
motorcycle payment, food, and cell phone bill
D
gasoline, food, and entertainment
*select an answer for all questions
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