Managing Your Money Question Preview (ID: 27064)
Review Test Questions For Managing Your Money.
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A key difference between commercial banks and credit unions is that:
a) Banks - for-profit and credit unions not-for-profit
b) Banks typically pay higher interest rates than credit unions
c) Credit unions located in rural areas, banks in urban areas
d) Banks offer more services than credit unions
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) Information about depositors is kept in secure data storage
d) Deposit institutions have insurance as long as account not over $100,000.
If you're concerned about safety, which type of depository institution should you choose?
a) Bank: deposits insured by FDIC
b) Credit union: insured by NCUA
c) Either as long as savings meets insurance requirements
d) Neither: money is safely kept at home in a safe or vault.
David made a mistake in his checking account and spent $10 more than he had. He will be charged
a) ATM Fee
b) Contact Fee
c) Safe Deposit Fee
d) Overdraft Fee
Common fees that may be charged by a depostiory institutions include all EXCEPT
a) Overdraft Fee
b) Late Fee
c) Minimum Balance Fee
d) ATM Fee
Ariel asked advise on which type of account would be best for her. She wants to save money safely
a) Find a depository institution that offers a free, no-interest checking
b) Look for highest interest rates for savings accounts
c) Look for a Credit Union that offers share draft accounts
d) Look for depository institutions that offers safe deposit boxes
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) When earning interest, look for low rates
c) Interest earned or paid is determined by the interest rate
d) When paying interest, look for low rates
Which statement is NOT TRUE about property taxes?
a) They are often charged by states to pay for local schools
b) The fee paid to license a vehicle is an example of this tax.
c) The rate is set by federal government to be equal in every state.
d) These taxes are most often paid only once or twice a year
Who is Medicare designed to help?
a) Low income families
b) Single parents
c) Senior citizens
d) Children of unemployed parents
Which statement is TRUE about Payroll Taxes?
a) Payroll taxes are paid on both earned and unearned income.
b) They fund different programs of the federal government.
c) They fund the Social Security Medicare programs.
d) The amount paid increases as icome increases.
Taxes that are charged on consumption items, such as gasoline are called ___ taxes
a) Sales
b) Excise
c) Federal use
d) Property
If you are charged 7% more than the price tag showed for an item, what is this charge for?
a) Excise Tax
b) Property Tax
c) Payroll Tax
d) Sales Tax
To increase his net worth, Jackson should:
a) Increase his liabilities.
b) Decrease his assets.
c) Increase his assets
d) Increase his market value.
To calculate your net worth, you should use the following formula?
a) Assets - liabilities = net worth
b) Assets + liabilities = net worth
c) Assets x liabilities = net worth
d) Assets / liabilities = net worth
You are writng down your liabilities for the Statement of Financial Position. You should include:
a) the market value of your car
b) the value of your retirement account
c) the combined total of his savings and checking accounts
d) the balance on your credit card
Which of the following would most likely be considered a contractual expense?
a) Clothing
b) Entertainment
c) Cell phone
d) Food
When is your spending plan complete?
a) When you have allocated all your income into categories.
b) Spending plans are always under revision.
c) Complete on December 31 at end of year and another year begins.
d) When you have all your current income expenses recorded.
The three (3) forms of financial management are:
a) Balance Sheet, Property Tax Listing and Income and Expense Summary
b) Income and Expense Summary, Balance Sheet and Tax Listing
c) Statement of Financial Position, Income and Expense Summary and a Budget
d) Statement of Financial Position, Budget and Tax Listing
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.
What would be a FIRST step in developing a spending plan for a final year of high school?
a) Decide how much money can be spent on each of the bills
b) Track current income and expenses
c) What income and spending groups reflect values, needs, wants
d) Develp a ontrol system that reflects life style
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