The total amount of money earned during a pay period

What does it mean to endorse a check?

Sign your name to the back of the check

What is a deductible?

The $ a policyholder pays toward the amount owed for repairs

What is the definition of a cashier's check?

Written order for payment of funds from account, bank guarantees payment

Savings account that requires a deposit of a fixed amount of $ for a fixed

A form of hospital and medical insurance for individuals over 65 and some

What is a checkbook register?

A place to record all the deposits, checks, withdrawals, interests, & fees

What is life insurance?

An agreement to pay money to a beneficiary upon the death of the insured

Document that describes your education, work experience, & work qualifica

Before you use someone as a reference for a job, what must you do?

Check with person to make sure they don't mind you using them as a refere

A document that states how much you were paid by an employer and how much

What is social security?

A federal program that provides people with retirement income, disability,

What should you do if a check that you have written is lost or stolen?

Place a stop payment on the check by contacting your bank

When determing a PIN (personal identification number) for your ATM card, what numbers should you avoid?

All of the above should be avoided as PIN numbers

Why would an employer participate in a telephone interview?

An opportunity for the interviewer to see if you are qualified for position

Which of the following is NOT true when filling out a job application?

Use a nickname when signing your name to your application

A plan for the use or management of money

What are outstanding checks?

Checks that have not cleared or presented for payment yet

A child or non working adult that relies on you for financial support

What is an insurance premium?

Amount of money you pay for insurance

What will happen if you overdraw your checking account?

You will be charged a high fee for each bounced check

A document used to help determine how much of your pay is withheld for tax

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Spring 2025 - STEP Final Exam Review

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Questions 47

Answers

1
Which of the following is an example of a fixed expense?
Groceries
Clothing
Rent
Savings
2
Which of the following are types of automobile insurance?
Bodily injury liability
Property damage liability
All of the above
Liability
3
Which of the following should you NOT do when interviewing for a position?
Don't look at the interviewer
Shake hands firmly
Introduce yourself when you meet the interviewer and smile
Remain standing until you are offered a seat
4
What is gross pay?
The amount of $ left after all deductions are taken out
None of the above
The total amount of money earned during a pay period
The total amount of $ earned after they deduct medical insurance
5
Which of the following are examples of deductions that would be subtracted from your gross pay?
Medicare tax
Federal and state income taxes
Social security tax
All of the above
6
What is a lease?
A piece of paper that details the amount of rent to be paid and when
A written rental agreement
All of the above
A contract that explains the rights & responsibilities of tenant & owner
7
What does it mean to endorse a check?
None of the above
Putting your signature on the front of the check
Sign your name to the back of the check
Swear that the check will not bounce
8
Which of the following is a credit agency that you should check your credit with every year?
Transunion
None of the above
Siberian
Canadian
9
What is a deductible?
None of the above
A legal contract that describes your rights and responsibilities
The cost of insurance
The $ a policyholder pays toward the amount owed for repairs
10
What is the best way to submit your taxes?
Hand delivering them to the IRS
Sending them in the mail
All of the above
E-filing them
11
What is the definition of a cashier's check?
A written order for payment of funds drawn by a bank on its own funds
Written order for payment of funds from account, bank guarantees payment
None of the above
A check that is written out by the cashier when paying for groceries
12
Why do we have to pay taxes?
All of the above
To support the nation's armed forces
Taxes support public education
The government relies on our taxes to run the country
13
Name of the insurance that your can purchase to protect your possessions against fire, theft, or other types of loss?
Car Insurance
Life insurance
Disability insurance
Property insurance
14
Which of the following is true of a savings account?
You will earn interest on a savings account
It is a type of account in which $ deposited earns $ while being protected
All of the above
Once opened, you can make deposits and withdrawals at any time
15
What is a CD?
None of the above
Savings account that requires a deposit of a fixed amount of $ for a fixed
Savings account that earns no interest
Checking account
16
Which of the following is an example of a flexible expense?
Rent
None of the above
Tuition
Utilities
17
Which of the following is a benefit of using traveler's checks while traveling?
They are replaceable if lost or stolen
All of the above
They can be issued in foreign denominations
You can use them when traveling in foreign countries
18
What is Medicare?
Insurance that is paid for by the company that you work for
Dental and eye insurance paid for by your employer
None of the above
A form of hospital and medical insurance for individuals over 65 and some
19
What is a checkbook register?
A register that keeps track of where you keep your checks at your house
A register that does NOT help to keep track of the $ you have spent
A place to record all the deposits, checks, withdrawals, interests, & fees
None of the above
20
When applying for a job, who can you use as a reference?
Your very best friend
A teacher
Family members
Friends
21
Which of the following is the best definition of being financially capable?
Understanding the basics of finance
Being able to make wise decisions about making, spending, and saving money
All of the above
Knowing how to create and use a budget
22
Which of the following should you do when interviewing for a position?
Wear clean, neat clothing
Be on time
Go alone to the interview
All of the above
23
Which of the following is a benefit of direct deposit?
The total amount of your check split between checking and savings
Your money is deposited directly into your account (s)
You won't have to cash a check at the bank
All of the above are benefits
24
If a person worked at a job that paid $8.50 an hour and they worked 20 hours in a week, what would their gross pay be?
180
250
300
170
25
What is life insurance?
An agreement to pay money to a beneficiary upon the death of the insured
Provides for people who become unable to work due to serious injury/illness
None of the above
Protects your possessions from fire, theft, or other types of loss
26
What is a resume?
A written contract between an employer and an employee
A contract that you receive at a job fair
A piece of paper that lists all of the jobs you are qualified for
Document that describes your education, work experience, & work qualifica
27
Before you use someone as a reference for a job, what must you do?
All of the above
Make sure that they are qualified to give a review of your work history
Check with your employer
Check with person to make sure they don't mind you using them as a refere
28
Which of the following is a benefit of online banking?
You can view your account statements and monitor transactions
All of the above are benefits
It allows you to pay bills using your computer
You can transfer funds between accounts
29
What is a W-2 form?
A document that states how much you were paid by an employer and how much
A charge the government levies on most forms of earnings
Is is the same as a W-4 form
All of the above
30
Which of the following are advantages of using credit?
All of the above
Help you manage financial emergencies
It allows you to use goods and services while paying for them
Helps you build your credit and credit score
31
What is social security?
It makes people feel secure when they are out socially
A federal program that provides people with retirement income, disability,
It is a tax taken out of your check to pay for your insurance
None of the above
32
What should you do if a check that you have written is lost or stolen?
Place a stop payment on the check by contacting your bank
Wait for the check to clear the bank
Don't worry about it, the check will turn up somewhere
None of the above
33
Why should you check your credit report every year?
To make sure no one has stolen your identity and opened credit accounts
All of the above
To check the report for accuracy
34
Where is the safest place to keep your money?
In the bank
Between the mattresses of your bed
In a sock drawer at your house
In the freezer
35
Which of the following are utilities?
Water
Electric
Gas
All of the above
36
When determing a PIN (personal identification number) for your ATM card, what numbers should you avoid?
Your birthday
All of the above should be avoided as PIN numbers
Your address
1234
37
Where can I purchase a money order?
US Post Office
Walmart
All of the above
Bank
38
What type of writing utensil should you use to write out checks?
Pen
Pencil
Blood
Marker
39
Why would an employer participate in a telephone interview?
None of the above
To see if you are qualified to lead the company
An opportunity for the interviewer to see if you are qualified for position
So that they can meet you in person
40
Which of the following is NOT true when filling out a job application?
Respond to all questions
Use a nickname when signing your name to your application
Write neatly, take your time filling out the application
Only use pen, not pencil to fill out the form
41
What is a budget?
A plan for the use of a car
None of the above
A plan for the use or management of money
A plan for the use of a house
42
What is interest?
A fee paid to borrow money
None of the above
Money paid to the bank for keeping your money
A fee paid to deposit money into a savings account
43
What are outstanding checks?
None of the above
Checks that are really good, making them outstanding
Checks that have not cleared or presented for payment yet
Checks that still need to be written out
44
What is a dependant?
Your 21 year old daughter who does NOT live at home
All of the above
A person that lives in your home
A child or non working adult that relies on you for financial support
45
What is an insurance premium?
The person who pays for your insurance
None of the above
Amount of money you pay for insurance
A hazard or peril
46
What will happen if you overdraw your checking account?
You will be charged a high fee for each bounced check
Your account will be placed on the government watch list
None of the above
Nothing
47
What is a W-4 form?
A document used to help determine how much of your pay is withheld for tax
None of the above
A document used to determine how much $ should be deducted for medical ins
A form that is used to determine how much $ you owe in back taxes

Spring 2025 - STEP Final Exam Review Flashcards | StudBud