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Personal Finance Review 4.01-5.01 Study Guides
Test Description: Review questions
Instructions: Answer all questions to get your test result.
1) Which would qualify as a nonprofit?
A
Her elderly neighbor who needs yard work done
B
An extracurricular activity in her school
C
The local private daycare center
D
Big Brothers/Big Sisters
2) Steven is moving into his first apartment his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing him with which type of income?
A
Gift income
B
In‐home income
C
In‐kind income
D
Earned income
3) Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:
A
a non‐profit organization.
B
neighborhood watch
C
social capital
D
family child carefamily child care
4) Which federal program will encourage taxpayers to file a tax return by offering a financial incentive to them?
A
Social security
B
Earned income tax credit
C
SNAP
D
TANF
5) Which federal program assists low-income families in purchasing nutritious foods?
A
Medicare
B
TANF
C
Social Security
D
SNAP
6) Which statement is true of government assistance programs?
A
The ultimate goal of government programs is to help individuals become self-sufficient and independent
B
All government programs vary from state to state.
C
Government programs were developed to help one specific socioeconomic group.
D
Government programs were designed to provide permanent assistance to those in need.
7) In which of the situations below would the individual most likely be receiving Medicare funds?
A
Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him
B
Rosie is 67 years old and in need of a health insurance program
C
Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.
D
seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.
8) How might a needy family find the right government program for their situation?
A
Call the Social Security Administration
B
Go to www.govbenefits.gov on the web.
C
Inquire at the local food pantry
D
Contact her local bank
9) Income received through government programs is most likely funded by:
A
small fees proportional to the income of clients
B
donations from large corporations.
C
fees that are charged to some, but not all, clients using the programs.
D
taxes at the local, state, and federal levels
10) When taking advantage of the time value of money, which is most likely to result in the largest return?
A
donations from large corporations.
B
small fees proportional to the income of clients.
C
Invest as long as possible and at the highest interest rate possible.
D
fees that are charged to some, but not all, clients using the programs
11) Which concept would be the best one to include in his presentation to show that he understands compounding interest?
A
The effect interest has on the total return on investment
B
Interest earned on the principal investment
C
Earning interest on interest
D
Any form of interest earned from saving or investing
12) Giving up food from the vending machine to achieve a savings goal is the:
A
opportunity cost.
B
trade-off.
C
specific part of the SMART goal
D
interest.
13) Which statement is the most correct description of liquidity?
A
The amount of savings available
B
How quickly and easily an asset can be converted into cash
C
The amount of money needed to pay for the necessities and comforts currently enjoyed
D
A measurement of how much a person or household owns once all debts have been paid
14) Compound interest is best defined as:
A
earning interest on interest
B
any form of interest earned from saving or investing.
C
the effect interest has on the total return on investment.
D
interest earned on the principal investment.
15) Which statement best reflects the philosophy of “pay yourself first”?
A
An individual should pay all fixed expenses before paying flexible expenses
B
An individual should save whatever money is left over after paying monthly bills
C
An individual should set aside a predetermined amount of money for saving before using any of that money for spending.
D
An individual should spend money on the items and activities enjoyed in life before paying any other expenses.
*select an answer for all questions
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