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Personal Financial Literacy Review Game Flashcards | StudBud
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Personal Financial Literacy Review Game
Personal Financial Literacy Review Game
50 terms
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Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
A category the IRS uses to determine how much a person’s income is taxed. There are several filing statuses
married filing separately, head of household
single, married filing jointly
All
qualifying widow(er) with dependent child
2
Bonds are generally a longer term investment and usally the longer the term, the higher the interest rate.
False
True
3
Your financial institution can't help you if there is a mistake on your bank account statement.
True
False
4
A tax break that is given for each qualifying child.
Compensation
Child and Other Dependent Tax Credit
Benefits
5
Your check number serves as a reference number for your payment and is located at the top right corner of the check
False
True
6
Which of the following financial institutions typically have the highest fees?
Credit unions
Internet banks
Brick-and-mortar banks
Check cashing and payday loan companies
7
Savings Account
All
great option for cash you want available for short-term
an interest-bearing deposit account held at a bank
safe and reliability
8
Consumer Skills topics include Product Research, Comparison Shopping, Renting/Leasing vs. Owning, and Payment Methods
False
True
9
A Monthly Income Worksheet is listing all sources of income.
True
False
10
A type of insurance that helps cover lost income when an illness or injury keeps an employee from working.
Benefits
Compensation
Disability Insurance
11
A savings account is
a bank account where you store money and can earn interest on that money
False
True
12
A checking account is
a bank account that allows you to deposit and withdraw money for daily transactions
.
True
False
13
Why is it important to reconcile your bank statements?
To determine if you were charged any fees.
To detect any errors in your account.
All of the above
To avoid spending more than what is in your account.
14
A Checkbook Register is
A balance that tells you how much money you have available and to spend
All of the above
A list of transactions in your bank account
15
Investing is riskier than putting money in a savings accounts.
False
True
16
On average, putting money in a savings account earns a higher return than investing money in the stock market.
False
True
17
What should be considered when setting a budget?
Needs, wants, and savings
Only needs and wants
Only savings
None
18
A type of investment that invests in a mix of different types of investments.
Stock
mutual fund
Bond
19
Which type of bank account typically offers the least (if any) interest?
Money market account
Savings account
Checking account
Certificate of deposit
20
FICA stands for the Federal Insurance Contributions Act and is deducted from the employee’s paycheck.
True
False
21
1040 Form
A tax break that is given for each qualifying child
None
A tax break for educational expenses
A tax form that determines the amount of income tax owed in a single year
22
Banking Basics topics include
All
Researching Financial Institutions
Monitoring and Reconciling Accounts and Introduction to Investing
Comparing, Opening and Using Accounts
23
Investing is a guaranteed way to grow your money.
True
False
24
Which of the following is NOT a common feature of a financial institution?
Investment trading
Direct deposit
Access to ATMs
Debit cards
25
FICA-Social Security and Medicare Tax, which provides benefits for people who are retired, disabled, and have children.
True
False
26
Which of the following statements about check cashing companies is FALSE?
They charge low fees.
They make it easy to fall into a loan cycle that is hard to get out of.
They offer bad deals where you'll owe a lot more than you borrowed.
They can take a percentage of your check on top of fees.
27
Budget
A detailed financial forcast
All
Used to plan, control and evaluate your spending and saving
28
A deposit ticket gives the bank instruction for adding money to your account
False
True
29
A person that is supported by another person financially.
Deduction
Benefits
Dependent
30
Adjusted Gross Income (AGI)
Your AGI is used to calculate how much of your income can be taxed.
All of the above
Your gross income minus specific deductions.
31
Which of the following statements about check cashing companies is TRUE?
All
They charge high fees
They charge low fees
They offer free services and no interest
32
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
No one, you can't resolve the issue
The local police department
Your financial institution
33
Online Bill Pay is a feature offered with online banking.
False
True
34
A Monthly Fixed Expense Worksheet list expenses such as
Car Loans
Rent
All
Taxes
35
Investing is a guaranteed way to make money.
False
True
36
A stock is
A share of ownership in a company
Savings account, pays interest based on interest rates in the money markek
A type of debt investment that acts like a loan.
Investment that invests in a mix of different types of investments.
37
Employment and Taxes topics include
Using a Credit Card
None of the above
Tax Withholding and Filing Taxes
Product Research
38
A Rounting Number
All of the above
The banks identification number that identifies that bank
Nine-Digit Number printed in the bottom left corner of each check.
39
Investing is best for
earning a little interest while keeping your money safe.
guaranteed fast growth on your money.
short-term financial goals, like building an emergency fund
long-term financial goals, like paying for retirement.
40
Your account number, unique to each account holder, identifies the account, located on the bottom of the check
False
True
41
Banks will never request financial or personal information by e-mail.
False
True
42
A mutual fund is a share of ownership in a company.
True
False
43
American Opportunity Tax Credit
A tax break for educational expenses for qualifying students
Students enrolled in a degree program, first four years after high school.
All of the above
None of the above
44
A tax break for low- to moderate-income workers and families.
Deduction
Earned Income Credit
Compensation
45
Benefits
A savings plan
They can include social security and unemployment payments
A person that is supported by another person financially.
46
Online Banking connects you to your bank using a computer and internet access 24/7.
False
True
47
The federal government charges a tax on the money people earn while working.
Deduction
FICA
Federal Income Tax
48
A Monthly Living Expense Worksheet, also called variable expense list expenses such as
All
Recreation & Entertainment
Clothes you buy
Eating out at resturants
49
Which of the following is NOT a common feature of a financial institution?
Access to investment products
Direct deposit
Access to ATMS
Paper checks
50
Budgeting topics include
Tracking projected vs. actual spending, Emergency expenses
Purpose of a budget, Setting up a budget, Budgeting tools
All of the above
