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PF 2.00 Managing Your Money (2 Of 2)
Test Description: 2.00 Managing Your Money
Instructions: Answer all questions to get your test result.
1) Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
A
A credit union, since his deposits would be insured by the National Credit Union Association (NCUA)
B
Either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements.
C
Neither a commercial bank nor a credit union. Money is most safely kept at home in a personal safe or vault.
D
A commercial bank, since his deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
2) Which statement is TRUE about Payroll Taxes?
A
Payroll taxes fund different operations and programs of the federal government.
B
Payroll taxes fund the Social Security and Medicare programs.
C
Payroll taxes are paid are paid on both earned and unearned income.
D
The amount of tax paid depends on many different factors but increases as income increases.
3) Who is Medicare designed to help?
A
Low income families
B
Single parents
C
Children of unemployed parents
D
Senior Citizens
4) He worked 22 hours and is being paid $8.00 /hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it to be?
A
Austin’s employer made a mistake calculating the number of hours Austin worked during his first pay period.
B
Austin calculated the hours he worked without deducting the hours he spent doing on‐the‐job training.
C
Austin neglected to deduct the amount required to pay income and payroll taxes.
D
Austin neglected to deduct the excise tax paid on the uniforms he purchased to wear at his job.
5) Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
A
Samantha, because her income minus her net worth is a larger amount than Maggie’s.
B
Maggie, because her income minus her net worth is a smaller amount than Samantha’s.
C
Maggie, because her net worth is higher than Samantha’s.
D
Samantha, because her annual income is higher than Maggie’s.
6) Diana and Aaron 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
Spending plans are used to record planned income.
B
Spending plans are used to record planned expenses.
C
When creating a pending plan, it is recommended that you examine your trade‐offs and opportunity costs.
D
A spending plan includes items NOT usually included when creating a budget.
7) When is your spending plan complete?
A
When you have all of your current income and expenses recorded.
B
When you have allocated all your income into categories for the month.
C
Spending plans are always under revision so they are never complete.
D
Spending plans are complete each December 31st as one year ends and another year begins.
8) Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his FIRST step?
A
Develop a control system that will work with his life style.
B
Decide how much money he can spend for each of the bills he pays each month.
C
Track current income expenses. If he has already created an Income and Expense Statement then he has completed this step.
D
Decide what income and spending categories would reflect his values, needs, and wants.
9) Which aspect of security at a depository institution is NOT TRUE?
A
Information about depositors and their accounts is kept in secure data storage.
B
Depository institutions are insured; if something happened, you would get your money back, within the insurance limit.
C
All money stored at a depository institution is kept safe at all times by numerous security measures.
D
Depositors can have multiple accounts insured at the same institution as long as each account has no more than $187,254.63.
10) 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
Contact Fee
B
ATM Fee
C
Safe Deposit Fee
D
Overdraft Fee
11) Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:
A
The value of his retirement account
B
The market value of his car
C
The balance on his credit card
D
The combined total of his savings and checking accounts
12) 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 showed for the item. What is this extra 6% charge most likely to be?
A
An excise tax on the shirt she purchased.
B
Income tax on the shirt she purchased.
C
Property tax on the shirt she purchased.
D
Sales tax on the shirt she purchased.
13) To increase his net worth, Jackson could:
A
Increase his liabilities
B
Decrease his assets
C
Increase his assets
D
Increase his market value
14) 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
Money she received from her grandparents for her birthday.
B
Interest earned on her savings account.
C
Taxes she paid based on her income last year.
D
Social Security income her mother is receiving for her since her father died of cancer last year.
15) He learned in class that he could probably reduce his spending the most by looking at his non‐contractual expenses. Which of his expenses best fit that category?
A
Cell phone bill, gasoline, and car payment
B
motorcycle payment, food, and cell phone bill
C
Internet bill, entertainment, and clothing
D
Gasoline, food, and entertainment
*select an answer for all questions
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