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PCC Final Exam Review 2021-2022 Flashcards | StudBud
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PCC Final Exam Review 2021-2022
PCC Final Exam Review 2021-2022
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Questions
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Answers
1
When setting a budget, you can choose to make room for:
Entertainment expenses
All of the above
Charitable donations
Financial goals
2
What will happen to your credit score if you do not manage your debt wisely?
You won't be able to track your credit score
Your credit score will go down
Your credit score will go up
If will not affect your credit score
3
Which of the following should NOT be considered when setting a current budget?
Future income
Savings
Your financial goals
Needs and wants
4
Which is NOT a way to file your taxes if married?
separately
jointly
head of household
If married, you don't have to file taxes
5
Which is not an example of a risk management strategy?
Wearing a seat belt while driving
Buying a new car
Wearing a helmet while biking
Wearing reflective clothing while biking at night
6
Which of the following is an example of a short-term financial goal?
car
college
house
spring break trip
7
Leasing a car may be a better option than buying a car if...
you don't plan on having it for long
you travel great distances regularly
you want the extended warranty and maintenance
you have enough money for a large down payment
8
With this type of institution, you get your money quickly but have to pay high interest.
internet bank
brick and mortar
credit union
cash advance and payday loans
9
How can you ensure you don't go over your budget?
Find a friend that enjoys going shopping
Use most of your budget for entertainment expenses
Round up your expense estimates to add a buffer
Buy all of your wants at one time
10
What is NOT good way to prevent unnecessary spending?
Buy all of your wants at one time
Cancel any unused recurring expenses like subscription boxes
Make your own food more often
Use an app to find the cheapest gas station
11
Which of the following is not a qualification for a Federal Work-Study Program?
Accepted or enrolled in an eligible degree or certification program
A 3.5 GPA
An equivalent of a high school diploma
A valid Social Security number
12
Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?
In-state university, private university, out-of-state public university
Out-of-state public university, private university, in-state university
In-state university, out-of-state public university, private university
Private university, in-state university, out-of-state public university
13
Which payment option can offer additional security like fraud protection?
Check
Debit Card
Credit Card
Cash
14
How does the government pay for roads, schools, and emergency services?
They are funded through taxes
The are funded through non-profits
The are funded through charitable donations
None of the above
15
Which payment option takes money out of your bank immediately?
Credit Card
Check
Debit Card
Cash
16
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of __?
beneftis
allowances
deductions
pensions
17
All of the following are found on a pay stub except for...
earnings
taxes
your boss's name
deductions
18
Which housing option gives you more freedom and more responsibility?
Buying a house
Leasing a house
Borrowing a house
Housesitting
19
What should you do before you approach an ATM?
Check for any suspicious people lurking nearby
Make sure it is hidden so no one will see you withdraw money
Ask someone nearby for help using the ATM
Share a picture of your debit card with your friends
20
__________ may help deal with costs such as funeral expenses.
Renters insurance
Health insurance
Life insurance
Disability insurance
21
Which type of banking account is best for everyday transactions?
checking account
certificate of deposit
savings account
money market account
22
What is NOT a benefit of having a good credit score?
When you need loan, you'll have more loan offers to pick from
It will be easier to get an apartment
You'll get accepted to better education institutions
You'll get better interest rates on your loans
23
If you get into a car accident, your __________ may increase .
taxes
car loan payment
insurance premium
claims adjustment
24
True or False: Tax forms can be mailed or submitted electronically.
True
False
25
Which example shows an advantage of owning a car over leasing one?
No restrictions on the number of miles to drive
Smaller monthly payments and good warranty to cover repairs
You will drive a fairly new car for a limited period of time
Expiring warranty means that you will get to handle repair payments
26
The last thing to consider when setting a budget is:
budgeting for needs
your expenses
budgeting for wants
your income
27
Which of the following is a benefit of using a budget?
Helps to prioritize your spending
Helps reach short- and long-term financial goals
Helps to keep track of the money you receive
All of the above
28
Which is NOT a positive reason for using a credit card to finance purchases?
You can buy something you need now and pay for it after pay day
You will get charged high interest
You can get rewards and discounts
Paying it off on time can help build your credit history
29
Which payment option is not accepted online?
Check
Credit Card
Cash
Debit Card
30
Without __________, people have to pay high medical costs.
Renters insurance
Health insurance
Disability insurance
Life insurance
31
Textbooks, transportation, and room and board are all...
additional costs for attending a college or university
usually offered to students who stay on campus
included in a school's tuition
included in the price of attending a college or university
32
You should consider how much you're being paid and any other employee benefits before you accept the offer.
True
False
33
Investing is best for __________.
long-term financial goals like paying for retirement
earning a little interest while keeping your money safe
guaranteed fast growth on your money
short-term financial goals, like building an emergency fund
34
What should you do before you withdraw money from the ATM?
Find a hidden ATM so no one will see you withdraw money
Inspect the ATM to make sure it wasn't tampered with
Share your pin number with trusted friends so you don't forget it
Ask someone nearby for help using the ATM
35
What option will NOT be available if you are behind on loan payments?
You can borrow money from friends and family
You can ask to get out of your loan
Your financial institution might allow you to defer the loan
A financial institution may offer for you to pay a little now
36
Which method of payment is actually a form of borrowing money that needs to be paid back later?
Cash
Check
Debit Card
Credit Card
37
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called...
gross pay
total pay
net pay
year-to-date pay
38
__________ are good places to look to find your current expenses when building your budget.
Grocery stores and concerts
Online research websites
Banks and credit unions
Bank and credit statements
39
The W-4 tax form is used to __________.
tell your employer how much federal income tax to withhold
avoid paying income taxes on your paychecks
file your tax return
determine how much your gross pay should be
40
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...
uninsured motorist insurance
liability insurance
collision insurance
comprehensive insurance
41
This makes up 35% of your credit score
New Credit Applications
Credit History
Payment History
Current Debt
42
Which of the following is an example of a long-term financial goal?
house
game console
concert tickets
spring break trip
43
When filing an insurance claim, the policyholder must pay a __________
contract fee
premium
commission
deductible
44
In which grade should you fill out the FAFSA?
10th Grade
12th Grade
9th Grade
11th Grade
45
This is when you accidentally spend more money than is in your account.
certificate of deposit
overdraft
reconciling
underwrite
46
Which of the following is the range for a Fair credit score?
670 - 739
580 - 669
300 - 579
740 - 799
47
Earning an Associate's degree first and then transferring to a four-year college or university can be done by going to
A trade school
A specialized training program
Both a trade school and a specialized training program
A local community college
48
Everyone interested in post secondary education should complete the Free Application for Federal Student Aid because
it is a requirement for college admission
it allows you to be eligible for federal student aid
it gives you access to private student loans
it gives you access to public student loans
49
Which is NOT considered an additional cost beyond tuition for higher education?
Room and board
Transportation
Academic counseling
Textbooks and supplies
50
Insurance that covers damage to your car from an accident is called...
uninsured motorist insurance
collision insurance
comprehensive insurance
liability insurance
51
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 station
Your financial institution
The CFPB
52
Which item is important to consider when selecting a credit card?
The look of the credit card
Annual Percentage Rate (APR)
Fees
Both APR and fees
53
What does the W-2 form tell you?
How much federal income tax your employer will withhold from your paycheck
When to file your tax return
How much you've earned and how much taxes you've paid in the last year
How often your employer will be paying you
54
What of the following is something you will need to qualify for a credit card?
Proof of income
Your teacher's signature
Certificate of Deposit
A copy of your previous year's taxes
55
The __________ is a flexible market that allows you to work short-term, independent jobs.
sharing economy
employee workforce
gig economy
labor market
56
When signing up for a credit card, be aware of _____, as credit card companies will offer these at an introductory rate.
rewards
credit history
credit score
annual percentage rate
57
What is his best option for affording a Bachelor's degree if you don't want to spend money on student loans?
None of these are correct
Attend a local community college first
Enroll in trade school
Attend a specialized training program
58
You would need this type of insurance to pay part or all of your income while recovering from an injury.
Health insurance
Life insurance
Renters insurance
Disability insurance
59
What is the best reason for why someone would want to lease a house instead of buy one?
They want to avoid rent increases and dealing with a landlord
They want to be able to hopefully make money when they sell the place
They want full responsibility of all repairs
They are planning on living there for a short period of time
60
This type of insurance helps cover costs to replace personal items that were lost, stolen, or damaged in your apartment.
Life insurance
Disability insurance
Health insurance
Renters insurance
61
Why is it important to have insurance?
So people can engage in risky behavior without financial consequences
So that you don't lose a lot of money
So you can defend against financial loss in an unpredictable event
62
How often should you fill out the FAFSA?
Every six months
Yearly
Every quarter
Every month
63
This type of interest is when the financial institution pays you on the interest they have already given you.
stock
mutual fund
compound
simple
64
Which of the following is NOT a major credit bureau?
Experian
Old National
Equifax
TransUnion
65
Which of the following is NOT a good way to track your spending?
Envelope method
Online software or app
In your head
Notebook and pencil
66
This type of banking institution is not-for-profit and is owned by members.
internet bank
credit union
cash advance and payday loans
brick and mortar
67
A __________ is a share of ownership in a company.
bond
stock
money market account
mutual fund
