When choosing a career, what is one of the MOST important items to research about that career

D. what are the opportunities for growth income

A. how many vacation days are included

B. are employees allowed to bank sick day

C. what are the long-term employment benefits

Which of the following statements is NOT true

D. what are the opportunities for growth income

A. most people have several careers throughout their lifetime

B. people can develop human capital in a variety of ways

C. transferable skills can be applied to many personal and professional roles

Jamie has elected to be paid by direct deposit at her new job. This means __________

B. she will receive her pay directly into her checking account at her depository institution for each pay period

A. she will receive her paycheck mailed directly to her each pay period

C. she will receive her pay automatically loaded onto her payroll card at the end of each pay period

D. she will receive her paycheck delivered directly to her at her place of employment at the end of each pay period

What action corresponds to the advice "Pay Yourself First?"

B. Directly deposit 20% of your paycheck into your savings account

A. Wait until the end of the month to determine how much to save

C. Spend your regular paycheck and save your bonus check

D. Take two jobs and use one job for your expenses and one job for your wants

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

A. Dining out at local restaurants

D. Postponing purchase of the big-screen TV

You are interested in renting an apartment for your sophomore year in college. You meet with the landlord, complete the application and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with ___________________ at the time you sign the lease in order to get the apartment.

C. First and last month's rent + a security deposit to cover any damages to the apartment

You are so excited to get a car before you go off to college. What are the costs usually associated with a car, assuming that you have to take out a loan to acquire it?

A. Car payment to pay off a loan

What is a health insurance premium?

B. The amount you must pay monthly for insurance, regardless of whether you use any services

A. A measure of how many procedures your insurance plan covers

C. The amount you pay out of pocket for a specific procedure or service

D. An extra amount you can pay for higher quality service than what is covered in a basic plan

When it comes to student loans, a grace period is...

A. the time between when your monthly bill is due and when you'll be charged a late fee

B. the total number of years it will take you to pay off your loan

C. the 6 months you have AFTER finding a job to begin paying off your student loans

D. the number of on-time payments you must make in order to have your loans forgiven

Which of these is NOT an advantage of federal student loans?

They are erased if you ever have to file for bankruptcy

They have a guaranteed, fixed rate that the borrower knows before taking out the loan

They are sometimes eligible for loan forgiveness, income-based repayment, or deferment

They are not subject to a credit check in order to qualify

Which of these statements about savings is incorrect?

It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit

People often believe they are saving when they buy products at a listed discount, even if they didn't need the product in the first place

Without a vehicle to save (like a savings account), it's much easier to spend and harder to keep track of finances

Billions of dollars is spent on marketing to persuade consumers to spend money instead of saving it

Jeremy is a 17-year-old junior in high school and just started his first job. He wants to open a savings account. Which of these will he need to bring to the local bank branch in order to start an account?

An adult cosigner because he is under 18

An adult cosigner because he is still a student

Which list includes the most important factors to consider when opening a savings account?

The fees, the interest rates, and the minimum deposit to open the account

The fees, the interest rates, and the bank’s brand recognition

The fees, which bank your friend uses, and the minimum deposit to open the account

The fees, which bank your friend uses, and the bank’s brand recognition

Which of the following is an effective strategy for personal saving?

Save a certain percentage of each paycheck and deposit it directly in a savings account

Wait until the end of the month and save whatever is left in your checking account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

What would be a good time to spend money from your Emergency Fund?

You lose your job but still have bills to pay

Your friend tells you that you should buy as much Bitcoin as possible

Your favorite artist releases a new album and you just have to buy it

Your friends are going on an expensive trip an you would like to go with them

You are developing a savings plan and using short-, medium- and long-term goals to motivate you. Which of the following might you pick as the most long-term goal?

Saving for a down payment on a home

Which of the following individuals is the wealthiest?

Karina owns a $50,000 car and has $5000 remaining on her car loan.

Maria owns a $15,000 car and owes $45,000 in student loan debt.

Keith owns a $500,000 home and has a $460,000 mortgage.

Elyse owns a $25,000 car that is entirely paid off but has $10,000 in credit card debt.

Which of the following will help you begin developing a credit history before you graduate from college.

Make small payments on your student loans while in college, even though they are not required to be paid back until you leave

Always say "credit" when asked "credit or debit?" at a store

Any time you borrow money from your parents, friends, or family, be sure to pay it back promptly

Be sure to keep a bit of your paycheck in a savings account instead of a checking account

Who tracks all of your credit information?

Companies named Equifax, Experian and TransUnion

What is the relationship between a credit score and credit report?

The information in your credit report is used to calculate your credit score

Credit scores are updated annually while your credit report is updated weekly

Credit scores are less important than your credit report

Which of the following could have a NEGATIVE impact on your credit score?

Applying for multiple credit cards in a short period of time (e.g., a week)

Paying down balances on your credit card accounts

Decreasing your utilization of credit

Which of the following is a good way to keep your health costs down?

Have a healthy diet and exercise at least five days a week.

Get your healthcare advice from your family members instead of a doctor.

Avoid buying health insurance since it is unlikely that you will get sick.

Visit out-of-network doctors as frequently as possible.

Which automobile policy do you believe will have the highest premium (all other factors being equal)?

Auto policy with $250 deductible

Auto policy with $2,500 deductible

Auto policy with $1,000 deductible

Auto policy with $500 deductible

Which statement about health insurance networks is True?

Since doctors typically only accept specific health insurance plans, you should check the list of doctors "in the network" before you select your health insurance plan.

Since doctors typically accept any health insurance, you get to decide which doctor will be best for you.

Since doctors typically only accept specific health insurance plans, you should use the health insurance plan preferred by your family doctor.

Since doctors typically accept any health insurance, your choice of health insurance company doesn’t really matter.

Why is it often better to go straight to a company's website rather than clicking through an ad in an email link?

The email could be spam, linking you to fake websites instead of the actual retailer you're looking for

If you click an ad in an email, then the website will be able to track your email address automatically

It's faster to go directly to the website yourself, rather than clicking an email link

The website will have better sales and deals than the email ad will

Which of these emails is MOST likely to be a phishing scam?

An email from your insurance company saying they’re verifying active accounts and need you to reply with the ID number from your insurance card

An email from your bank saying your balance is below $100 An email from your insurance company saying they’re

An email from your credit card company saying your monthly statement is now available online

An email from your auto loan servicer saying payment is due by the 23rd of the month

Which of the statements below BEST describes the relationship between risk and return when considering an investment?

Investors expect to earn a lower return when they invest in a risky asset like a start-up company

Investors expect to earn a lower return when they invest in a low risk asset like a U.S. Treasury Bond

Investors expect to earn a higher return when they invest in a low risk asset like a savings account

Investors do not expect to earn a return on a high risk investment

Why is compound interest more advantageous than simple interest?

In compound interest, you earn interest on not only your principal, but also on the interest you’ve already made.

Compound interest is attached to the stocks with the highest risk, so you get the highest interest on them.

Compound interest accumulates very rapidly, so you only have to save for 3 years or fewer to earn far more money.

It’s more difficult to calculate, so fewer people use compound interest, making more profits for those who do.

Wanda bought a share in Tasty Ice Cream for $25 on March 1. On June 13, Tasty Ice Cream’s shares were trading for $23.50. What happens if she sells her share on June 13?

Wanda will receive $23.50 for her share, meaning she lost $1.50 on the investment

Wanda will make $1.50 by selling her share.

Wanda cannot sell her share on June 13; she must wait for the price to go above $25 in order to sell.

Wanda will receive her full $25 purchase price back, but she won’t make any profit.

What is the relationship between the credit quality of a bond and its coupon rate?

The higher the credit quality of a bond, the lower the coupon rate, all other things being equal

The lower the credit quality of a bond, the lower the coupon rate, all other things being equal

There is no relationship between credit quality and the bond’s coupon rate

The higher the credit quality of a bond, the higher the coupon rate, all other things being equal

Katrina works for Penny's Pickles, which offers a 401(k) match for up to 3% of her salary, which is $75,000 per year. In her budget, she only has $150 per month available to save for retirement. What should she do?

Contribute the full $150/mo to the 401(k) because her company will match that full amount, "doubling" her investment every month.

Contribute her $150/mo to Social Security -- it's the best way to make sure she gets her money back

Save up money in a bank account until she has enough to max out her 401(k), and then invest.

Contribute $75/mo to her 401(k) and $75/mo to an IRA, so that she's diversified.

Which strategy is the best when it comes to investing for retirement for these 25 year olds?

Francis has a very tight budget and is committed to saving $2,000 a year in his company's 401(k) plan once he is 35 years old after he has a house and has paid off his student loans.

Bill worries about the risks in the stock market so his primary method of saving for retirement is to set aside $2,000 per year into a savings account.

Kamil's company has a 401(k) plan with a match program. He forgot to fill out the paperwork so just puts $1,500 a year in an IRA. His investment choice is the S&P500 index fund.

Juana invests $1,500 a year in her company's 401(k) plan and her company provides a $500 match every year. Her investment choice: the S&P500 index fund.

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Practice Problem

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Easy

Claire Napier Student 2025

Used 2+ times

FREE Resource

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is likely to have the least influence on an individual’s values

A. Family

B. Grade average

C. Media

D. Religious affiliations

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Erica wants her class project to reflect her values. Which items would be best to include?

A. Things that reflect her fundamental beliefs about what is worthwhile and important to her

B. Things that she intends to acquire, do, reach or accomplish in the near or distant future

C. Things that are necessary or essential for life and survival

D. Things that are unnecessary but desired, which increase the quality of her life

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

A. Never – it is an ongoing process

B. When his money management plan has established high well‐being

C. When his financial goals have been established

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?

A. Long‐term goal

B. Mid‐term goal

C. Short‐term goal

D. This is not an example of a goal.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about our interactions with money is NOT considered to be true?

A. You are better off in a community than by yourself

B. Your present self impacts your future self

C. Investment increases risk and reduces your ability to cope with risk and uncertainty

D. You are responsible for your present self and your future self

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor is not influenced by values?

A. An individual’s choice of friends

B. An individual’s financial decisions

C. An individual’s daily decisions

D. An individual’s life cycle position

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

A. Short‐term goal

B. Long‐term goal

C. Unrealistic goal

D. Intermediate goal

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Personal Finance Study Guide

50 questions

Which of the following is likely to have the least influence on an individual’s values

Erica wants her class project to reflect her values. Which items would be best to include?

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?

Which of the following statements about our interactions with money is NOT considered to be true?

Which factor is not influenced by values?

Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

Which of the following is not considered a required deduction

A company allowance for full time employees whereby they are paid even though they are absent for a set number of days is called

The form used to determine the amount withheld from a paycheck for income taxes is the

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