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pf final
| Question | Answer |
|---|---|
| all of the following would reduce Maria's checking account balance, EXCEPT... | recieving a direct deposit from her employer |
| usually __ are easier to reduce because they change monthly, compared to __ which are set costs you pay monthly | variable expenses ; fixed expenses |
| to calculate the net price for a college, you... | subtract any grants and scholarships from the sticker price |
| a cover letter is... | a part of a job application that illustrates why you would be a good fit |
| all of the following are common benefits of mobile banking, EXCEPT | avoid all banking fees like overdraft fees |
| which of the following is an example of a dark pattern | a subscription service that requires you to call customer service to cancel |
| Mia’s renters insurance has a $15 premium, $250 deductible, and $100,000 coverage limit. Her $550 bike is stolen. Who pays? | Mia pays $250; her insurance pays $300 |
| What is the benefit of compounding in savings accounts? | It yields larger returns than simple interest |
| Shirley’s take-home pay, aka her _____, was lower than she expected because of _____ taken out for taxes and retirement. | Net pay; deductions |
| How is putting money in a savings account different from investing in the stock market? | Saving is best for short-term needs; investing is best for long-term goals |
| Which of the following best describes a credit report? | A detailed record of your borrowing and repayment history |
| Compared to alternative banking services (e.g. check cashing), traditional banks… | Offer more consumer protections |
| Which of the following actions is most recommended after a job interview? | Sending a personalized thank you message |
| Which answer correctly pairs the type of auto insurance coverage with its description? | Collision coverage: covers the cost of damages to your car from a crash |
| Sayeed has an extra $100 to pay down his debts. To minimize his total interest, which debt should he pay off first? | His credit card: $2,500 at a 19.5% interest rate |
| It’s January and Tim is preparing to file his taxes. Which of the following steps is INACCURATE? | Tim has until February 15th to file his taxes |
| Which investment automatically adjusts your asset allocation over time? | Target Date Fund (TDF) |
| Which of the following is TRUE about a secured credit card? | Secured credit cards have a spending limit equal to the deposit amount |
| If you are in the 22% marginal tax bracket, that means… | You will pay a 22% tax rate on your last dollar earned |
| Which step will help prevent identity theft? | Fatima regularly checks her bank statements for any suspicious transactions |
| How are student loans different from scholarships and grants (S&G)? | Loans need to be repaid; S&G do not |
| Which of the following correctly pairs the term with its definition? | Interest Rate: The rate charged for borrowing money |
| Risk pooling is a process where… | Insurance companies spread risk out over a large group of people |
| All of the following strategies will reduce how much interest you pay on a loan, EXCEPT… | Extending the loan term |
| Which of the following is an example of the Pay Yourself First budgeting strategy? | Keith automatically deposits 15% of his paycheck into savings each month |
| The minimum payment on a credit card tells you the lowest amount you can pay that month in order to ___________________. | Remain in good standing with the credit card company |
| Why would someone review your credit report? | To evaluate how responsible you are with borrowing and repaying money |
| Which person is using the comparison shopping strategy? | Mei checks prices at multiple stores before deciding which phone to buy |
| Which of the following is TRUE when taking out an auto loan? | The amount of money you borrow is called the loan principal |
| Why is it important to fill out the FAFSA? | It determines your eligibility for federal financial aid, grants, and loans |
| this type of account is connected to your debit card | Checking account |
| A monthly fee that some banks charge to keep your account open | maintenance fee |
| This federal insurance program protects the money you deposit in member banks up to $250,000 per depositer, per bank | FDIC |
| this stock market index represents 500 of the largest companies listed on stock exchanges in the United States | S&P500 |
| this investment vehicle automatically adjusts your investments based on a planned retirement year | Target Date Fund |
| this strategy involves spreading investments across different assets to reduce risk | diversification |
| the amount borrowed by someone for a loan | principal |
| an initial payment made when buying something expensive, such as a car or house | down payment |
| the lowest amount you can pay on your monthly credit card bill to remain in good standing | minimum payment |
| a record of how you've managed loans and payments over time | credit report |
| this payment method can help you build credit and requires a cash deposit | secured credit card |
| this strategy for debt repayment starts with the highest interest-rate debts | Avalanche method or High-rate method |
| money you borrow for college and need to repay | student loans |
| sticker price - gift aid = | net price |
| the form submitted by students to determine their eligibility for financial aid | FAFSA |
| who is one person who might ask to see your credit report? | credit card companies insurance companies employers landlords government agencies + courts |
| what is one way to reduce the amount of overall interest you pay on a loan? | making a higher downpayment choosing a shorter loan term finding a lower interest rate making additional payments above the minimum |
| used to apply for jobs, this document outlines your skills and experience | resume |
| a social media site for professional networking | |
| some jobs offer this valuable retirement plan as a benefit | 401(k) |
| this type of car insurance covers you if you cause injuries or property damage for someone else | liability coverage |
| if you want a lower deductible and higher coverage limit, you will pay a higher monthly __ | premium |
| insurance companies use this strategy to afford large payouts by collecting premiums from a large group | risk pooling |
| this date is the typical deadline for americans to file their taxes | april 15 |
| employees recieve this form each January that summarizes their earnings and taxes for the previous year | W-2 |
| fill out this form when you start a new job to determine how much your employer withholds in taxes | W-4 |
| the 50/30/20 rule divides your budget to spend | 50% on needs, 30% on wants, and 20% on savings |
| your total earnings before taxes or deductions are taken out | gross pay |
| if your expenses are higher than your income, you have a budget __ | deficit |
| the practice of analyzing different options when buying something | comparison shopping |
| design choices made to manipulate you, like adding a countdown timer or hiding the unsubscribe button | dark patterns |
| a fake email pretending to be your bank to steal login details is an example of this kind of scam | phishing |
| what is one step you can take to protect yourself from identity theft | check your bank statements each month to verify transactions |
| what is one common deduction that shows up on a paycheck | social security + medicare or income taxes |
| the process that makes your money grow faster over time by reinvesting your earnings | compounding |
| one factor used to calculate credit score | payment history amounts owed length of credit history |
| this alternative to a debit card doesnt require a bank account, but often comes with higher fees and lacks consumer protections | prepaid card |
| taxpayers must complete this form every year to file their taxes | 1040 |
| when paying for college prioritize these two forms of gift aid that don't need to be repaid | grants and scholarships |
Created by:
calitollifson