Q2 QFS MIDTERM REVIEW
Which of the following is NOT a good way to track your spending?
In your head
Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?
In-state public university, out of state public university, and private university.
Something people buy to protect themselves from losing a lot of money in the event something happens to them or their property is known as...
Insurance
Paying extra for the convenience of borrowing money
Interest
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...
Liability insurance
Investing is best for
Long term financial goals like paying for retirement
A printed order for payment of a specified sum, issued by a bank or Post Office.
Money order
Benefits to paying the full balance of your credit card each month include:
Not having late fees
A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
Patent
Which is a positive reason for using a credit card to finance purchases?
Paying it off on time can help build your credit history
The aspect of someone's character that is presented to or perceived by others.
Persona
The belief in or practice of disinterested and selfless concern for the well-being of others
Altruism
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
An entrepreneur
In your budgeting process, when should you look at recurring expenses?
Before reviewing your wants
Which item is important to consider when selecting a credit card?
Both APR and fees
Which payment option is not accepted online?
Cash
Which of the following financial institutions typically has the highest fees?
Check cashing and payday loan companies
Which payment option could have interest charged to you?
Credit card
What will collision insurance cover in the event of an accident?
Damage to your car
When filing an insurance claim, the policyholder must pay a ________________, which is the amount you owe before insurance will cover the rest of the bill.
Deductible
When an asset loses value
Depreciation
Which of the following is NOT an advantage of owning a car?
Drive an unlimited number of miles
Moral principles that govern a person's behavior or the conducting of an activity.
Ethics
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
Expenses
What Type of federal funding is free money, but is based on financial need only?
Federal grants
The ___________ is a flexible market that allows you to work short-term, independent jobs.
Gig economy
The credit score numerical range 670 - 739 is considered...
Good credit scores
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
Risk management strategies
Which of the following is not a possible tax or deduction that could show up on your paycheck?
Sales tax
Which type of bank account typically offers the least (if any) interest?
Savings accounts
An insurance premium is...
The amount of money you pay for an insurance policy
Which of the following is NOT true about the Free Application for Federal Student Aid (FAFSA)?
The earliest you can submit your FAFSA is January 1st of each year
What Is the best reason why someone would want to lease a house instead of buy one?
They are planning on living there for a short period of time
Which of the following is NOT true about emergency funds?
They are used for anything listed on the budget
Which of the following statements is true about taxes?
They pay for schools and government departments, for roads and emergency services, and are often used at the federal, state, and local levels
Which of the following is TRUE regarding unexpected expenses?
They should be planned for
The more education you receive, the higher your lifetime earnings will be. True or False?
True
What option will NOT be available if you are behind on loan payments?
You can ask to get out of your loan
What do you NOT need in order to fill out your 1040?
Your employer benefits documentation
If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?
Your financial institution (bank)
Net pay IS NOT ____
Your gross pay plus any bonuses
What is the purpose of the W-4 form?
The purpose is to inform your employer of how much federal income tax to withhold from your paychecks to send to the IRS
For most careers which degree will most likely result in the highest lifetime earnings?
A bachelor's degree
A document setting out a business future objectives and strategies for achieving them
A business plan
Cutting down on costs by earning an Associate's degree first and then transferring to a four-year college or university can be done by going to what type of higher education institution?
A local community college
A plan on spending money you earn
A spending plan (also called a budget)
A mutual fund is _____
A type of investment that invests in a mix of different type of investments
Not managing your debt wisely can result in ________.
A decrease in your credit score
The electronic transfer of a payment directly from the account of the payer to the recipient's account.
A direct deposit
How long does it take to receive a tax refund?
About six to eight weeks
Which of the following is NOT a common feature of a financial institution?
Access to investment products
Textbooks, transportation, room and board are all...
Additional costs for attending a college or university
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
Benefits
What is NOT a good way to prevent unnecessary spending?
Buy all of your wants at one time
How can you avoid spending more than what's in your bank account?
By keeping your own records to compare with your financial institution's records
Which type of account is best for everyday transactions?
Checking accounts
Which form of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?
Checks and debit cards
When looking for pre-approval on a car loan you should...
Compare pre-approval offers and select the one that is best for you
Making a good purchasing decision requires __________.
Comparing the prices of similar items, waiting until the product is on sale, if possible, and reading the reviews of the product
The exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
Copyright
Which of the following is NOT a recommended method to protect you from identity theft?
Expensive specialty locking or monitoring service
Which of the following is a possible tax or a deduction that may show up on your paycheck?
Federal income tax, contributions to retirement savings, and FICA
Which of the following should NOT be considered when setting a current budget?
Future income
A person who is admired or idealized for courage, outstanding achievements, or noble qualities.
Hero
Goals you set for 3 months to a year
Intermediate-term goals
Which of the following is NOT a benefit of using a budget?
It can help you purchase anything you want
A 529 plan can help you save more money than a traditional savings account because...
It is tax free
The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.
It requires collateral
What is one of the best ways to get reliable information about a product?
Search online reviews
The job of supervising or taking care of something, such as an organization or property
Stewardship
A ____ is a share of ownership in a company
Stock
What is the purpose of the memo line on a check?
The memo line is a space for any notes about the purpose of the check. The date line serves as a timestamp for the check. The signature line verifies that the account owner has approved the payment.
Making the choice to spend money on post-secondary education pays off in the long run because:
The salary will earn with a degree will pay back the cost of college over you career
The price of a single item within a group of items is known as the ______________ of the item.
Unit price
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.
W-2
What Is the Consequence of not having health insurance?
You must pay all costs for health care and medical emergencies
