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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
Banks offer more services than credit unions
B
Credit unions located in rural areas, banks in urban areas
C
Banks - for-profit and credit unions not-for-profit
D
Banks typically pay higher interest rates than credit unions
2) Which aspect of security at a depository institution is NOT TRUE?
A
Deposit institutions have insurance up to $250,000 per depositor/account
B
Money at a deposit institution is kept safe by security measures
C
Deposit institutions have insurance as long as account not over $100,000.
D
Information about depositors is kept in secure data storage
3) If you're concerned about safety, which type of depository institution should you choose?
A
Neither: money is safely kept at home in a safe or vault.
B
Bank: deposits insured by FDIC
C
Credit union: insured by NCUA
D
Either as long as savings meets insurance requirements
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
Overdraft Fee
D
Late Fee
6) Ariel asked advise on which type of account would be best for her. She wants to save money safely
A
Look for depository institutions that offers safe deposit boxes
B
Find a depository institution that offers a free, no-interest checking
C
Look for highest interest rates for savings accounts
D
Look for a Credit Union that offers share draft accounts
7) Savings tools offered by depository institutions may earn interest. Which is NOT TRUE about interest?
A
Interest is the price paid for using someone else's money.
B
Interest earned or paid is determined by the interest rate
C
When paying interest, look for low rates
D
When earning interest, look for low rates
8) Which statement is NOT TRUE about property taxes?
A
These taxes are most often paid only once or twice a year
B
The rate is set by federal government to be equal in every state.
C
They are often charged by states to pay for local schools
D
The fee paid to license a vehicle is an example of this tax.
9) Who is Medicare designed to help?
A
Single parents
B
Senior citizens
C
Children of unemployed parents
D
Low income families
10) Which statement is TRUE about Payroll Taxes?
A
They fund the Social Security Medicare programs.
B
Payroll taxes are paid on both earned and unearned income.
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
Property
B
Federal use
C
Sales
D
Excise
12) If you are charged 7% more than the price tag showed for an item, what is this charge for?
A
Payroll Tax
B
Sales Tax
C
Property Tax
D
Excise Tax
13) To increase his net worth, Jackson should:
A
Decrease his assets.
B
Increase his market value.
C
Increase his liabilities.
D
Increase his assets
14) To calculate your net worth, you should use the following formula?
A
Assets x liabilities = net worth
B
Assets + 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 balance on your credit card
B
the combined total of his savings and checking accounts
C
the market value of your car
D
the value of your retirement account
16) Which of the following would most likely be considered a contractual expense?
A
Cell phone
B
Food
C
Clothing
D
Entertainment
17) When is your spending plan complete?
A
When you have allocated all your income into categories.
B
When you have all your current income expenses recorded.
C
Spending plans are always under revision.
D
Complete on December 31 at end of year and another year begins.
18) The three (3) forms of financial management are:
A
Income and Expense Summary, Balance Sheet and Tax Listing
B
Statement of Financial Position, Budget and Tax Listing
C
Statement of Financial Position, Income and Expense Summary and a Budget
D
Balance Sheet, Property Tax Listing and Income and Expense Summary
19) Which of the following statements is NOT TRUE about spending plans?
A
You should examine your trade-offs and opportunity costs.
B
Spending plans are used to record planned expenses.
C
Spending plans are used to record planned income.
D
A spending plan includes items NOT included in a budget.
20) What would be a FIRST step in developing a spending plan for a final year of high school?
A
What income and spending groups reflect values, needs, wants
B
Develp a ontrol system that reflects life style
C
Track current income and expenses
D
Decide how much money can be spent on each of the bills
*select an answer for all questions
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