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T.S. Final 22-23
Transition Skills Final Semester 1 2022-23
| Question | Answer |
|---|---|
| Which of the following steps in the First Foundation? | Pay off debt |
| If you personally go into a business to pick up a job application, | Dress professionally. |
| 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. |
| When it comes to personal finance, the math is easy. What’s challenging is managing your ______. | Behavior |
| At your age (youth, not adult), a fully-funded emergency fund should be | $500 |
| Why should interest earned not be a factor with your emergency fund? | The emergency fund is not intended to grow wealth. |
| Which of the following is a strategy for effective personal saving? | Save a certain percentage of each paycheck and deposited into a savings account |
| What is the single most important decision that investors make? | How to divide their assets between stocks and bonds |
| How does investing in the stock market differ from putting money in a savings account at a bank? | If you need to access your money within the next few months, putting money in savings account is a better option |
| Instead of borrowing money for large purchases, you should set money aside in a ______ over time and pay with cash. | Sinking fund |
| Which of these is the MOST compelling reason for young adults to invest? | When you're young, you have more disposable income available for investments. |
| Which of the following statements is true of online and mobile banking? | Online banking describes the use of the internet to conduct banking transactions, while mobile banking utilizes a portable device |
| To ensure that some of your retirement savings will not be subject to income tax upon withdrawal, you would contribute to | Roth IRA |
| Why is having a fully-funded emergency fund so important when it comes to your financial well-being? | The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security |
| What is the largest and most common checking account fee? | Overdraft fees |
| "N/A" means | Not applicable |
| A retirement plan found in nonprofit organizations such as churches, hospitals, and schools. A retirement plan found in nonprofit organizations such as churches, hospitals, and schools. | 403b |
| Which statement is true about liquidity? | The more liquid an investment, the less the return |
| Which of the following statements is an advantage of online banking? | Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch |
| You are at the checkout counter of Quik Trip and use your debit card to pay for your items. Where does this purchase come from? | It is deducted directly from your checking account |
| Teddy's bank is FDIC Insured. What is the benefit to John? | If Teddy's bank goes out of business, he will receive all of his money from his account up to $250,000 |
| Savings accounts and money market accounts are most appropriate for | Emergency funds and short term goals |
| Quality of an asset that permits it to be converted quickly into cash without loss of value; availability of money. | Liquidity |
| A list of your investments | Portfolio |
| This term describes the amount of money the employee receives after all deductions are made | net pay |
| A fee paid by a borrower to the lender for the use of borrowed money | interest |
| Money set aside and left alone for a "rainy day." | emergency fund |
| Interest paid on interest previously earned | compound interest |
| If you use your debit card to pay for something, where does the money come from? | The money is taken out of your checking account |
| Savings accounts and money market accounts are most appropriate for | emergency funds and short term goals |
Created by:
gcowing
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