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Personal Finance - Unit 2 (Part 1)
Test Description: Part 1
Instructions: Answer all questions to get your test result.
1) 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
Sales tax on the shirt she purchased
B
An excise tax on the shirt she purchased
C
Income tax on the shirt she purchased
D
Property tax on the shirt she purchased
2) Which formula should Jordyn use to calculate her net worth?
A
Assets + liabilities = net worth
B
Assets – liabilities = net worth
C
Assets × liabilities = net worth
D
Assets / liabilities = net worth
3) 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?
A
Request a cashier’s check from her depository institution.
B
Apply for a debit card.
C
Apply for a credit card.
D
Apply for mobile banking.
4) Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his noncontractual expenses. Which of his expenses be
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
5) 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.
6) Savings tools offered by depository institutions may earn interest. Which of the following statements is not true about interest?
A
Interest is the price paid for using someone else’s money.
B
When paying interest, look for low rates.
C
When earning interest, look for low rates.
D
The amount of interest earned or paid is determined by the interest rate.
7) When is your spending plan complete?
A
Spending plans are complete each December 31st as one year ends and another year begins.
B
When you have allocated all your income into categories for the month
C
When you have all of your current income and expenses recorded
D
Spending plans are always under revision so they are never complete.
8) Common fees that may be charged by a depository institution include all of these except which one?
A
Overdraft fees
B
Minimum Balance fees
C
Late fees
D
ATM fees
9) 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
Maggie, because her net worth is higher than Samantha’s.
B
Samantha, because her income minus her net worth is a larger amount than Maggie’s.
C
Maggie, because her income minus her net worth is a smaller amount than Samantha’s.
D
Samantha, because her annual income is higher than Maggie’s.
10) Recently, in a class at school, discussion focused on why depository institutions are safer than her piggy bank. Some student comments were based on fact while others were based on myths. Which aspect of security is not true?
A
All money stored at a depository institution is kept safe at all times by numerous security measures.
B
Depository institutions have insurance protection for up to $250,000 per depositor per account type.
C
Depositors can have multiple accounts as long as each account has no more than a $100,000 balance.
D
Information about depositors and their accounts is kept in secure data storage.
11) Who is Medicare designed to help?
A
Children of unemployed parents
B
Single parents
C
Low-income families
D
Senior citizens
12) 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
Taxes she paid based on her income last year
B
Social Security income her mother is receiving for her since her father died of cancer last year
C
Money she received from her grandparents for her birthday
D
Interest earned on her savings account
13) To increase his net worth, Jackson could:
A
increase his liabilities.
B
decrease his assets.
C
increase his market value.
D
increase his assets.
14) 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 what income and spending categories would reflect his values, needs, and wants.
C
Track his current income and expenses—if he has already created an Income and Expense Statement then he has completed this.
D
Decide how much money he can spend for each of the bills he pays each month.
*select an answer for all questions
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