Career Prep Final

Which financial institution typically has the highest fees?

• Checking cashing and payday loan companies

• Credit unions

• Brick-and-mortar banks

Why is it important to reconcile your bank statements?

• To avoid spending more that what is in your account

• To detect any errors in your account

• To determine if you were charged any fees

• All of the above

What should you do before you withdraw money from the ATM?

• Ask someone nearby for help using the ATM

• Inspect the ATM to make sure it wasn’t tampered with

• Share your pin number with trusted friends so you don’t forget it.

Investing is best for what purposes?

• Short-term financial goals, like building an emergency fund

• Earning a little interest while keeping your money safe

• Long-term financial goals, like paying for retirement.

What is net pay?

• The amount of pay earned for the total number of hours worked

• The amount of money you are paid after all taxes and deductions are taken out of your paycheck

• The amount of money you are paid before all taxes and deductions are taken out of your paycheck

Your employer sends you a ______ form that tells you how much you've made and how much you've paid in taxes in the last year.

• 1040

• W-2

• W-4

What do taxes pay for?

• Schools, government departments, roads, and emergency services

• Privately-owned businesses

• Operation of financial institutions

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of ______ available from your employer.

• Benefits

• Deductions

• Allowances

Which of the following is a benefit of using a budget?

• Helps to keep track of the money you receive

• Helps to prioritize your spending

• Helps reach short-and long-term financial goals

• All of the above

Which of the following is a way to track your spending?

• Spreadsheet budget

• Envelope method

• An app

• All of the above