Which of the following is an effective strategy for personal saving?

Save a certain percentage of each paycheck and deposit it directly into a savings account

Wait until the end of the month and save whatever is left in your checking account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

You are interested in renting an apartment for your senior year in college. You meet with the landlord, complete the application, and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with _________ at the time you sign the lease in order to get the apartment.

First month's rent and a security deposit

Rent payment for the first three months

An additional list of references and copies of your last three tax filings

A $500 bonus payment for awarding you the apartment

A credit card offer comes in the mail with the bold print "0% A.P.R. for New Accounts." Which important piece of information should you find before thinking about signing up?*

What is the A.P.R. after the introductory period?

What kind of designs can I get on my card?

Can I pay my credit card bill online?

Can I get two or more cards with this offer?

Each of the following is an advantage to leasing a car EXCEPT?

Lease payments are not reported to the credit agencies, so it's not as bad to miss a payment or two.

Leases allow you to get a newer model car more frequently than the typical car loan would.

Monthly leases are frequently lower than a car payment would be on a loan for the same car.

Leases are typically short enough that the car stays under warranty for many repairs or service appointments.

Which person's income will show an increase in the next pay period?

Chelsea, a city bus driver, who works two extra shifts to cover for a sick coworker

Marquis, a marketing manager, who works three hours Thursday night so his presentation the next day is perfect

Ralph, a self-employed furniture maker, who works both weekend days to increase his inventory

Becca, a tenth grade teacher, who stays after school each day to grade papers

One way the grocery store tricks you into spending more money than you budgeted for is..

Putting high priced items at eye level and lower cost items above or below eye level

Accepting digital and print coupons

Being open early in the morning and late at night

Paying their cashiers and baggers more

Elizabeth is considering buying a $30,000 car. Which financing option would have the LOWEST expected monthly payment and the HIGHEST expected total interest payments?

$0 down payment, 6% interest, 84 months

$0 down payment, 6% interest, 60 months

$3000 down payment, 0% interest, 36 months

$3000 down payment, 6% interest, 60 months

Which statement is TRUE about the job board posting shown here?

AutoNation will provide this employee with multiple types of insurance in their benefits package

This job has a lot of flexibility on work hours and the ability to work from anywhere

The job is for an account specialist to work at Indeed

Whoever is hired can expect to make $110,000 per year

When renting an apartment, why is it important to have a written lease?

A lease clearly states the apartment costs and expectations for living there

Signing a lease provides you with free or discounted renters insurance

Without a lease, a renter won't know how much to budget for rent, food, insurance, or transportation

It is against the law to live somewhere without a lease

You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…

A new cell phone, college tuition, a house down payment

Retirement, a house down payment, college tuition

Retirement, college tuition, a vacation

A new cell phone, dinner with friends this weekend, a new bike

Which of the following statement is TRUE?

The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement.

The majority of Americans have an adequate emergency fund.

The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement.

The majority of Americans have sufficient amounts of money saved for retirement.

Ashton needs to get his car fixed in order to get to work, and he doesn't have an emergency fund or enough cash in his account to pay for the repair, which costs $975. Which option below is likely the WORST financial decision to solve his problem?

Obtain a loan through a peer-to-peer lending website

Put the repair on his credit card

Herd mentality may explain why...

Mason went to see a movie with his friends even though he didn't like the genre

Davona chose to skip dinner with her friends and watched a movie at home instead

Akshay bought a shirt he liked from an unpopular brand

Ginnifer decided to keep her current phone even though her closest friends bought the new version

Which location is likely to have the HIGHEST cost of living?

A thriving city with a growing health care sector, pro sports teams, and good public transportation

A city thats' crime rate is high and population has decreased in the last 3 decades

A rural area with a population of 6000 people

A college town located 5 hours from the nearest big city

What statement about credit cards is TRUE?

They can help you establish a credit history

As long as you make the minimum payments it's like getting a short-term interest free loan

Since they are tied directly to your checking account, they prevent you from spending money you do not have

If you need to carry a balance, the interest rates are generally quite low (less than 5%)

Which statement best describes the difference between saving and investing?

Saving goes into an FDIC insured bank while investing typically goes into stock or bond markets

Saving is done with small amounts of money, and investing is done with large amounts of money

Saving protects your money from inflation while investing does not protect your money from inflation

Saving is for low-income people, while investing is for rich people

Sadie is a freelance social media specialist. Companies can hire her to improve their social media presence. Why is it particularly important that Sadie, and other freelancers like her, have an emergency fund?

Sadie doesn't have guaranteed work every day, so she needs money in case she goes a while between clients

Freelancers charge a very low hourly rate, so Sadie probably doesn't get paid much

Sadie's job requires a lot of expensive specialty equipment that will always need replacing

Sadie will need a large emergency fund in order to make her monthly insurance payments

Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?

José wants to go see a movie that all of his friends have seen and are raving about

Angela sees an advertisement for a pair of shoes and decides to buy them

David goes on a vacation to Europe and posts about it on social media every day

Megan takes a baking class after seeing a sign for the class at her favorite bakery

How is gross pay different than net pay?

Gross pay is the total you earned, while net pay has taxes deducted

Gross pay is used for spending, while net pay is used for budgeting

Gross pay is for hourly workers, while net pay is for salaried employees

Gross pay is always lower, while net pay is always higher

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses, so they use every dollar every month

Aunt Tina and her family have high paying jobs and don’t worry much about money

Aunt Tina uses her paychecks as income to deposit into her checking and savings accounts

Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

Which of these is an example of "Keeping up with the Joneses?

Buying new sneakers the day they come out, because you know others in your class will have them, too

Option Buying plane tickets for vacation well in advance so that you'll benefit from cheaper prices

Applying to the top colleges, to see if you'll get accepted & what financial aid packages they'll offer

Saving for retirement as soon as you graduate college, to take advantage of compounding interest

Three of these statements best describe a checking account. Which statement best describes a savings account?

This account pays you interest on money you have put away for later to help your money grow.

This account offers a convenient way to pay bills and access cash from an ATM.

This account typically allows an unlimited number of transactions per month.

This account is automatically debited when you use a debit card.

Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest?

Making the minimum payment (3% of your credit card balance) every month on time

Paying off your credit card bill in full every month

Paying 20% of your credit card balance every month on time

Making the minimum payment (3% of your credit card balance) every month with an occasional late payment

If you are trying to substantially reduce the amount you spend on food, you should try...

Cooking your own food at home for as many meals as possible

Drinking more coffee and soda so you are not as hungry for food

Eating way more snacks on the go and way fewer meals at home

Dining at restaurants more often so you don't waste water doing dishes

Which represents the best time to start saving for your retirement?

As soon as you graduate and have your first full-time job

Right after you pay off your student loans

Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

At age 45, so you have exactly 20 years until retirement

Bryan is a great cook. As his job, he books gigs cooking customers breakfast or dinner in their own homes on the app Cook You Dinner. Who provides Bryan's health insurance and retirement plan?*

The owners of the Cook You Dinner app

The Google and Apple app stores

What is meant by the term “impulse shopping?”

Buying an item without giving it much thought, maybe because it’s on sale or you see it and simply love it

Shopping online instead of in stores

Using your emergency fund, rather than your checking account, to make a purchase

Comparison shopping for more expensive items while doing less work to compare cheaper products

Which of the following statements explains what gross and net pay are on a paystub from your employer?

Gross pay is the total wages you've earned for the pay period, and net pay is smaller because taxes have been removed

Gross pay is the total wages you've earned, and net pay is the total amount in taxes you've paid

Gross pay is the total wages you've earned with any taxes and contributions removed, and net pay is larger to include all your benefits

Gross pay is the total wages for just this pay period, and net pay is total wages for the entire year to date

What action corresponds to the advice "Pay yourself first?

Set aside a fraction of your paycheck into a savings account before you start spending

Wait until the end of the month to determine how much you have leftover to save

Become self-employed so you're paying yourself instead of being paid by an employer

Spend your regular paycheck on needs and wants but funnel any extra money into saving

Which of the following statements comparing credit and debit cards is TRUE?

With debit cards, you're spending your own money at point of sale, while with credit cards, you're promising to pay back the money

Credit cards pull money directly from your bank account, while debit cards get their money from Visa or Mastercard

Credit card companies provide you with a monthly statement, while debit cards do not

Far more businesses accept credit cards than debit cards

Personal Finance Knowledge

Authored by Cynthia Brandeis

Financial Education

9th - 12th Grade

Used 21+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You see on a commercial that OrangeCo is offering a credit card with a 5% cashback program for all cardholders. Which question might help you evaluate how good this offer is?

Does the cashback program apply to all purchases or only specific types of purchases like gas and groceries?

Can I get a debit card along with a new credit card?

Who does OrangeCo use as their spokesperson in the commercial?

Do I still get the cash back even when I return my purchases to the store?

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _________, 20% of your monthly income toward _, and 30% of your monthly income toward ________.

Needs, wants, savings

Wants, needs, savings

Needs, savings, wants

Savings, needs, wants

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

Car insurance premium

Student loan payment

Rent

Electricity bill

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan?

Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash.

Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount.

The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan.

The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which description is most accurate for a Zero-Based Budget?

You spend your checking account balance down to $0 every month

You spend your saving account balance down to $0 every month

You pay every one of your debts down to $0 every month

You put every dollar of your take-home pay into a budget category each month

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about banks is FALSE?

Historically, savings accounts earn higher returns than investments in the stock market

Many banks pay interest on the money you deposit with them

If it is FDIC-insured, your money is safe even if the bank fails

Money in a bank is usually easy to access via ATM, debit card or check

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lance is at the grocery store and has three options for buying boxed mac and cheese: 1 box for $1.78, a 3-pack for $6, or a 4-pack for $8. Comparing unit costs, which statement is true?

A 4-pack is the best deal

Lance will save the most if he gets one of each -- a single box, a 3-pack, and a 4-pack

A single box is the best deal

A 3-pack is the best deal

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Personal Finance Knowledge

You see on a commercial that OrangeCo is offering a credit card with a 5% cashback program for all cardholders. Which question might help you evaluate how good this offer is?

Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 20% of your monthly income toward _____________, and 30% of your monthly income toward ______________.

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan?

Which description is most accurate for a Zero-Based Budget?

Which of the following statements about banks is FALSE?

Lance is at the grocery store and has three options for buying boxed mac and cheese: 1 box for $1.78, a 3-pack for $6, or a 4-pack for $8. Comparing unit costs, which statement is true?

Which of the following is an effective strategy for personal saving?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Financial Education

Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _________, 20% of your monthly income toward _, and 30% of your monthly income toward ________.