8. Which of the following can be found in your credit report?

Your checking and savings account balances

How long you’ve been a member of a bank or credit union

A list of items you’ve purchased using credit

9. When making a decision about a financial product (loan, savings account, credit card, etc.), which of these pieces of advice is LEAST valuable?

Simply choose the option that your parents use

Compare products based on the factors you personally find most important

Do research to learn more about each of the options

Read the fine print of any disclosures so you understand the fees and terms of your account

10. Which of the following will result in your paying the LARGEST amount of interest to the credit card company?

Making the minimum payment every month

Paying 20% of your credit card balance every month

Paying off your balance every month

Saying "credit" every time the cashier asks "Debit or credit?"

11. When it comes to paying for college, the first option you should consider is…

A grant or scholarship, because you don't repay them

A Federal student loan, because they offer low, fixed interest rates

A private loan, because they are tailored specifically for you and your family

Work-study, because it comes with low, fixed interest rates

12. All of the following are examples of dark patterns EXCEPT...

Having a clear "unsubscribe" link at the bottom of an email

Using colored buttons to confuse users to make an in-app purchase

Including a countdown timer on a deal to create a sense of urgency

Having customers complete a series of time consuming steps to close an account

13. Which description of the difference between saving and investing is MOST accurate?

Savings accounts provide a stated rate of return that is less risky. On the other hand, investors do not know what their return will be, making investing riskier.

Saving and investing are the exact same thing

Investing is best for the short-term and for emergencies while saving is best for the long-term

If you have less than $10,000 in an account, what you are doing is saving. If you have more than $10,000 in your account, you are investing.

14. Each of the following is a benefit of using online and mobile banking EXCEPT...

Online banking is the only way you can make online purchases

You can check your balances before you make a purchase

You can transfer money electronically between accounts

You can keep an ongoing record of your deposits and withdrawals

15. Tamara is trying to reduce her expenses. Which of these monthly costs would be the MOST difficult to adjust?

$200 for her student loan payment

16. Which of the following scenarios accurately demonstrates the practice of comparison shopping?

Lina compares the price, reviews, and other factors for the same product offered by different retailers

Zenya compares the price of a shirt to the price of a pair of pants that she is interested in buying

Anthony compares the quality of a backpack he bought to the quality of a backpack his friend bought

Samir compares a laptop he bought a year ago to a newer version available now

17. Who is taking a smart step towards protecting themselves from identity theft?

Akshay, who checks his bank statements every month to verify all transactions are accurate

Melody, who uses a website that starts with "http" instead of "https"

Misha, who throws their expired credit card in the trash without shredding it

Isaiah, who logs into his bank's mobile app using the public WiFi network at the local cafe

18. Angelo has a savings account with a balance of $1,000 that earns 2.0% interest, a student loan with a balance of $40,000 that charges 4.6% interest, and a credit card bill with a balance of $1,500 and a 23.4% APR. He has a budget surplus of $300 at the end of the month. What should he do with the extra $300?

Pay it toward his credit card bill, because it has the highest interest rate

Put it in the savings account so that if he does the same next month, he'll have more than enough to pay his credit card bill in full

Just leave it in his checking account in case he needs it next month

Pay it toward the student loan, because he owes far more there than on the credit card

Personal Finance: Final Exam REVIEW

Authored by Stacy Long

others

9th - 12th Grade

Used 2+ times

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19 questions

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MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him?

TERM is the length of the loan, and INTEREST RATE is how much total money he will pay

PRINCIPAL is how much he owes per month, and TERM is how much he owes overall

INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Sylvester borrows

MONTHLY PAYMENT is how much interest costs him each month, and TERM is the name of his lender

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. In budgeting, what does it mean to “pay yourself first”?

Conduct a thorough review of your expenses at the beginning of each month

Set aside money for savings before spending on other expenses

Make all of your minimum payments before spending on wants

Enroll in direct deposit so you receive your paycheck sooner

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. Which amount is found when you subtract your grants and scholarships from a college’s cost of attendance?

Sticker price

Net price

Student Aid Index

Room & board

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. All of the following are benefits of taking out a loan with a cosigner EXCEPT…

There are no penalties for late payments

You gain access to loans you might not have been approved for on your own

Your interest rate might be lower

Your credit score will be positively impacted by making timely payments

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Which of the following is a method of accessing the money in your checking account?

Buy a prepaid card using cash

Deposit a paycheck from your job

Use your debit card at a store

Take money from the ATM using your credit card

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

6. In order to qualify for financial aid, prospective college students must submit their _____________.

Financial aid letter

FAFSA

PSAT, SAT, or ACT scores

Parent's credit score

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

7. Which of the following best describes the amount of money you'll have if you put $1000 into a CD earning 2% annual compound interest for 10 years? You can ignore the impact of inflation in this question.

The same $1000 you started with

Exactly $1200

Slightly more than $1200

$2000

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