Personal Finance Basics Assessments I,II, III, IV, V, VI
3.)The phrase "take-home pay" refers to which of the following?
$$$ Money $$$ paid to the employee after taxes
Final Assesment VI: 1.) If you have $350 income as your "take-home pay", you have fixed and variable expenses of $275, and you pay $25 into your savings account, how much will you have as discretionary income?
$50
6.) How often can you change your goals?
As often as desired or as needed
9.) Which of the following services is used to move money between a checking and a saving account?
Automatic transfer
2.)Which type of bank offers full investment services as its main business?
Brokerage firms
2.) Which of the following is NOT one of the acceptable forms of initial deposit?
Check Card
Assessment V 1. The opening balance of your most recent statement should equal which of the following?
Closing balance of your last statement
3.)Which type of bank is most widely used?
Commercial banks
Who can sign up for online banking and a debit card?
Customers
4.) Which of the following services takes money out of your account at the time a purchase is made?
Debit Card
7.) Which of the following is the last step in developing your goals?
Develop a plan of action to achieve your personal goals
3.) Donating to the local animal shelter is an example of which of the following types of expenses?
Discretionary
4.)A rent payment is an example of which type of expense?
Fixed
5.)Which of the following is the first step in developing your goals?
Identify your personal goals
Assessment II 1.)Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years?
Intermediate goals
2.) Why is the closing date listed at the top of your statement important information?
It Provides you with a cutoff date for transactions included in the statement
5.) Which of the following is NOT one of the main components of a bank statement?
Listing of deposits made the previous three mouths
3.)Which of the following types of goals best describes something you can achieve in more than five years?
Long - term goals
When opening a new account, you are most likely to deal with which member of the following group?
New Accounts Manager
8.) Checks or debit purchases you have made, but do not show up on your bank statement, are referred to as which of the following?
Outstanding
Which of the following is NOT an item you need to take with you when you open a new account?
Proof of an Account at another bank
3.) You should keep all deposit receipts as well as receipts for purchases until which of the following happens?
Reconciliation Process
4.)Which of the following types of goals best describes something you can achieve in less than 12 months?
Short-term goals
10.) Which of the following should you do after you reconcile your statement?
Shred all RECEIPTS
2.)Why do stores intentionally put small and inexpensive items near the checkout lines?
So shoppers will buy them without much thought
Of the Following, which of identification can you use for your tax identification number?
Social Security Card
Assessment : IV Which of the following is an acceptable form of a photo ID?
Student ID
4.)Which of the following should NOT be considered when choosing a bank?
The size of the bank
Assessment I : 1.)The primary purpose of a spending plan is to achieve which of the following goals?
To help you see the amount of income you have each month, pay all of your expenses, and put money into savings
4.) What is the purpose of providing a bank statement to a customer?
To provide a snapchat of activity on the act. during a specific time period.
2.) A monthly utility bill is an example of which of the following expenses?
Variable
Assessment III 1.Which type of bank does not have an actual physical location?
Virtual banks
5.)Which of the following is NOT a way to earn income?
Volunteering at church
5.) When you receive your paycheck through direct deposit, what does this mean?
Your employer deposited your check electronically into your account
5.)Which type of bank has customers who are also owners?
cREDIT unions
