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5th Set
5th Set
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Take Charge Credit Review: Credit Notes Review
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1
Which situation best represents a trade off?
A sibiling is trading vehicles and they'll sell it to you
Two cars are them same, but one is located furthur away
One car has a better sound system, another has fewer miles
Car is cheaper, meets needs, but is sold by it's owner
2
Which of the following would most likely be considered a contractual expense? (2.04)
Entertainment
Food
Cell Phone
Clothing
3
Which statement is TRUE about Payroll Taxes? (2.02)
Payroll taxes are paid on both earned and unearned income.
Tax paid depends on factors & increases as income does to.
Payroll taxes fund the Social Security & Medicare programs
Payroll taxes fund different operations&govn't problems
4
Which of the following factors is not influenced by values? (1.02)
An individual’s daily decisions.
Everything is influenced by values.
An individual’s long‐term decisions.
An individual’s financial decisions.
5
To calculate her net worth Jordyn should use the following formula: (2.03)
Assets – liabilities = net worth
Assets / liabilities = net worth
Assets x liabilities = net worth
Assets + liabilities = net worth
6
Maggie's net worth is 20K and Samantha's is 15K who is wealthier?
Maggie, her income is a smaller than Samantha’s.
Samantha, her annual income is higher than Maggie’s.
Samantha, her income us larger than Maggie’s.
Maggie, because her net worth is higher than Samantha’s.
7
Bo would like a more effective way to access his checking account what would you suggest do
Moble banking accessing her$ & deductions in savings acct.
credit card 2use card2buy things needed &2 pay
debit card instead 4 things needed w/amount spent deducted
Cashier’s check from bank. Overdraft prot for checking acct
8
jay is concerned about the safety of his savings $.Which type of depository institution is it
commercial bank or credit union w/insurance requirements
commercial,w/insured deposits w/Federal Depo Insurance Corp
credit union,insured by the National Credit Union Associat.
not commercial bank nor credit union,kept in personal safe
9
Lifestyle is to Standard of Living as Present is to _______
Recent
Past
Gift
Future
10
What type of credit is monthly payment on a car loan?
none of these answers
installment
single payment
revolving
11
Ian,saw that he was charged 6% more than the price showed for the item.What's the extra 6%?
An excise tax on the shirt she purchased.
Sales tax on the shirt she purchased.
Income tax on the shirt she purchased.
Property tax on the shirt she purchased.
12
What is the first step in making a spending plan?
Develop a control system that will work in your life style
Track your current income and expenses.
Decide the money you need to pay your bills
Decide what income/spending categories reflect wants/needs
13
Miranda is working to develop a broad base of transferable skills. This means that she: (3.01)
Will have a set of skills that can be used in many roles
Will not have as much time to develop her human capital.
Could use her free time for a job rather than volunteering
Should maintain a part time job during the school year.
14
What is credit?
loan
credit cards
A promise to pay later for an item of value you get now
money
15
An example of a transferable skill is a skill: (3.01)
that each employer requires you to learn.
that can only be used in an individual’s job or career.
that is learned at one job and is required at another.
used in a job that you acquired through past experiences
16
What smart goal element is missing “I will save $150 each month to go on vacation in one year"
Measurable
Time Bound
Attainable
Specific
17
Which isn't part of the 3 Cs of Credit?
capital
capacity
credit loans
character
18
Carter wants to join a program to help his well‐being. Which program would help his well‐being
An activity that makes him lose track of time.
An activity his friends like to participate in.
An activity that his teacher suggested to him.
An activity that doesn’t cost much money.
19
What is Revolving credit?
An agreement to make payments, including price and interest
Payment in full is required, interest is charged on balance
None of the above
Minimum payment required, interest is charged on balance
20
Taxes charged on gasoline, hotel rooms, and airline tickets are called which kind of taxes?
Federal use
property
Excise
Sales
21
Brett is making a Statement of Financial Position. What is not an asset
His hockey equipment
Money in his checking account
The market value of his car
Money in the paycheck he will receive next week
22
What is a creditor?
Anyone who buys an item on credit
Anyone who receives the loan
Anyone who gives the loan
Anyone who sells an item on credit
23
What are your responsibilities when using credit?
Report lost credit cards
All of the answers
Borrow only the money you can pay back
Don't overspend
24
complete a career assessment. Which statement shows why her counselor required she do this
occupational flexibility provide for career advancement
list of specific occupations
high level of income support her lifestyle and wellbeing
ask people of interest to see if she enjoys the career
25
David spent $10 more than he had in his account. As a result, he can expect to be charged
an ATM Fee
a Contact Fee
a Overdraft Fee
a Safe Deposit Fee
26
Erica wants her class project to reflect her values. Which items would be best to include
Things that she intends to get to reach in the near future
Thing that reflect her beliefs of what is vaulable to her
Things that are necessary for life and survival.
Things that are wanted but not needed
27
In order to make an informed career decision, a high school student will want to: (3.02)
choose a career that offers the amount of money desired
training program that promises the job when work is done
personal goals, a career assessment, research careers
commit to a profession that requires a college degree
28
Amy's adviser has asked her to set 3 goals.These goals are MOST LIKELY to be accomplished if
Amber writes her goals down.
Amber thinks about her goals weekly.
Amber lets her friends set her goals.
Amber discusses her goals with her parents.
29
Generally, how long can a consumer reporting agency report unfavourable information?
7 years
1 week
5 years
2 years
30
When is your spending plan complete? (2.05)
Spending plans are always changing so they are never done
When all of your current income and expenses recorded.
Spending plans are complete on December 31st, then restart
When all your income is in categories for the month.
31
What is a debtor?
Anyone who receives the loan
Anyone who sells an item on credit
Anyone who buys an item on credit
Anyone who gives the loan
32
Jonah is writing liabilities on his Statement of Financial Position. Which is included?
The market value of his car
The value of his retirement account
The balance on his credit card
The combined total of his savings and checking accounts
33
How long can bankruptcy information be reported by a consumer reporting agency?
2 years
10 years
1 week
7 years
34
Whitney is shopping and is deciding on clothes to buy.Which BEST describes a NEED?
Buy a rain coat with a hood already own coat and umbrella
Buy a new dress even though you one you could wear.
Buying a dress that is more appropriate.
Buy a new pair of jeans you like although already have some
35
Where should the end of Your Financial Planning timeline be end
When his financial goals have been established.
Never – it is an ongoing process.
When his money management is established high well-being
When he is 70‐years‐old.
36
Individuals with more formal educational training usually have: (3.01)
more comfortable work environments.
greater amounts of leisure time
lower personal satisfaction
higher estimated lifetime earnings
37
Common fees that may be charged by a depository institution include all EXCEPT: (2.01)
Minimum Balance fee
Late fee
ATM fee
Overdraft fee
38
What would contribute the most to Matt's well being
Join a local service organization.
Take a vacation from work.
Go to the gym three times per week.
Challenge himself by taking on a new project at work.
39
Never borrow more than _______ your yearly net income?
10%
40%
50%
20%
40
Which of the following would contribute the most to her financial well‐being
Open another checking account to help organize her money
Pay her grandma back the money she borrowed for a trip
Take a per fin class so learn how to manage her money.
Talk to her friends about how to manage her money better.
41
What is the Equal Credit Opportunity Act?
Protects consumers during debt collection procedures
Protects the privacy/accuracy of info on credit reports
Protects against discrimination
Protects against credit billing errors
42
Dane is researching property taxes for a presentation for a PF class. Which should be omitted?
Property taxes are paid once per year on licensed cars
Property taxes pay for local schools
Property tax on homes, land and buildings are paid yearly
Property taxes are the same rate regardless of location
43
Which of the following statements is NOT true?
Transferable skills can be applied to a variety of roles
People can develop human capital in a variety of ways.
Most people have several careers in their lifetime.
Jobs are paid positions.
44
Kaylee will save to purchase mp3 player in six months. This is an example of what type of goal
Short‐term goal
This is not an example of a goal.
Long‐term goal
Mid‐term goal
45
Which of these expenses best fit a non-contractual expense? (2.05)
Cell phone bill, gasoline, and car payment
motorcycle payment, food, and cell phone bill
Internet bill, entertainment, and clothing
Gasoline, food, and entertainment
46
Which is not an advantage of credit cards?
You're able to buy stuff you wouldn't be able to
Creates records of purchases
You pay interest on the money you borrow
You dont have to carry cash
47
Which statement best reflects a thesis for investing in yourself
Human capital and transferable skills result from training
Getting a degree is a great way to prepare for a career
Education pays in larger earnings and more avaliable jobs.
Inv in yourself 2 early can lead to a lower "Stand of Liv"
48
Which of the following statements about our interactions with money is NOT considered to be T?
Investment increases risk and reduce your ability with risk
You are better off in a community than by yourself.
Take a personal finance class so s how to manage her money.
Your present self impacts your future self.
49
What is the Fair Credit Billing Act?
Protects against discrimination
Protects against credit billing errors
Protects consumers during debt collection procedures
Requires lender to disclose credit information
50
What is the Fair Debt Collection Practices Act?
Protects the privacy/accuracy of info on credit reports
Protects against credit billing errors
Protects consumers during debt collection procedures
Protects against discrimination
51
What is Installment credit?
Minimum payment required, interest is charged on balance
None of the above
An agreement to make payments, including price and interest
Payment in full is required, interest is charged on balance
52
create a SMART goal for a career. Which is not IMPORTANT one to consider at this point
Is a career pathway available
can i work an train where i live
will a job be open. will i be able to pay Edu and Training
what kind of training and education do I need and cost?
53
Increase his liabilitiesTo increase his net worth, Jackson could: (2.03)
Increase his liabilities
Decrease his assets
Increase his market value
Increase his assets
54
Which of the following statements is NOT TRUE about spending plans? (2.05)
Examine trade off's and oppourtunity costs
spending plans include items not usually used in a budget.
Spending plans are used to record planned income.
Spending plans are used to record planned expenses.
55
Changing your college major may result in:
a well‐rounded college degree.
the need for backwards planning.
remediation courses to make up for the change in majors.
losing credits for classes she has already taken.
56
Which aspect of security at a depository institution is NOT TRUE
Money stored at a D.P institution is kept safe all the time
Depository institutions have insurance up to $250,000
Depository instit w/muliple insurance & w/no more than 100k
Info.about depositors &their acct is in secure data storage
57
Amanda and Marcus have a net gain. What does this mean and what should they do?
Amanda and Marcus should consider getting a second job
Amanda and Marcus need to balance income and expenses
Amanda and Marcus could place additional money in savings
Amanda and Marcus should increase non‐contractual items
58
Which of the following statements is NOT TRUE about interest?
When earning interest, look for low rates.
When paying interest, look for low rates.
Interest is the price paid for using someone else’s money.
Interest earned or paid is determined by the interest rate.
59
What items would you NOT place in your ‘college/training application’ folder.
a resume of all community service and volunteer work
copies of his elementary and middle school report cards
list of all the extracurricular activities he involved in
copies of awards and achievements he earns
60
Which income source is a non factor for Erin's Income and Expense Statement?
Money she received from her grandparents for her birthday.
Social Security income
Taxes she paid based on her income last year.
Interest earned on her savings account.
61
Advise for account type to save for a new computer for college in 2 yrs (2.01)
Bank with a checking account with no interest
Shop for safe deposit boxes.
Credit Union share draft acct designed for long term saving
Bank with the highest interest rates on its savings tools
62
Which should be recorded as expenses?
The scholarship, car payment, and dividends
Money saved for tax refund, loan interest and emergency
Taxes deducted from check, emergencies and car insurance
Clothing, tuition, and interest from his savings account
63
What is the 20-10 rule?
Rates
Congress
Free money
How much you should borrow according to your income
64
What is the Fair Credit Reporting Act?
Protects against discrimination
Protects consumers during debt collection procedures
Protects against credit billing errors
Protects the privacy/accuracy of info on credit reports
65
Who is Medicare primarily designed to help? (2.02)
Senior Citizens
Low income families
Single parents
Children of unemployed parents
66
A 2‐year prog to become a vet tech, then work for 3 yrs 2 saves $ for vet school is known as a
Debt‐to‐income ratio
SMART goal
Opportunity cost
Career pathway
67
Oz set a goal of putting $200 in savings every month in five years.What goal have they set?
Long‐term
Intermediate
Unrealistic
Short‐term
68
By continuing her education, Lora is investing in her: (3.01)
interest inventory
salary
human capital
family
69
In order to establish a strong credit history:
borrow loans and make the payments
all of the answers
check your credit report
pay bills on time
70
Monthly payments shouldn’t exceed ______ % of your monthly net income?
60%
5%
10%
20%
71
Which of the following is likely to have the least influence on an individual’s values? (1.02)
Religious affiliations
Family
Media
Grade average
72
If expenses exceed income on a spending plan, what would be a financially smart solution?
Earn less income
Decrease expenses
Increase purchases
Use a credit card more often
73
What is the Truth-In-Lending Law?
Protects the privacy/accuracy of info on credit reports
Requires lender to disclose credit information
Protects consumers during debt collection procedures
Protects against credit billing errors
74
Which statement is NOT TRUE about property taxes?
Prop. tax is used by local or state gov't to fund schools
The licensing fee for a car is an example of prop. tax
Property taxes are paid once or twice yearly
The prop. tax rate is set to be equal in every state
75
A key difference between commercial banks and credit unions is that: (2.01)
Comm.b r ‘for‐profit’ and credit unions r ‘not‐for‐profit’
Comm.b offer+than debit cards&online banking&credit unions
Comm.b pay higher interest rates than credit unions.
Credit unions are in rural areas & comm are in urban areas.
76
Austin got his check. Why is his check 1/3 less than expected?
Austin didn't deduct doing on‐the‐job training time
Austin neglected to deduct income and payroll taxes
Austin didn't deduct purchased uniforms
Austin’s employer made a mistake calculating his hours
77
Which activity would be least effective in developing human capital
Attend a workshop on a topic he has little knowledge of.
Play video games to increase eye‐hand coordination.
Ask your boss if there are any tasks you can do
Volunteer to pick up trash along the roadsides.
78
Career assessments help to identify: (3.02)
fastest, slowest growing careers in particular occupation
positions available in a particular occupation
a job a person should have if he/she wants high well‐being
possible career areas related to one’s interests
79
Which is an example of a Trade Off?
She chose the most comfortable, but more expensive dress
Using $ U saved for a dress and for tires to buy a dress
Getting the perfect dress with a coupon to save 30%
Megan shopped in different stores, then chose the least $.
80
Which statement is TRUE regarding college expectations for studying & projects?
Multi‐tasking while studing builds the skill.
Plan backwards from major deadlines.
The busier you get, ONLY write down the critical task..
It is best to study alone in a quiet environment.
81
Which statement WOULD NOT be true about the value of career research? (3.02)
interest and abilities to pursue a particular career.
Career expl find the one that pays most to inc well‐being
schedule a job offer, amount of work that careers require
before ruling out a particular career. take opinions
82
Which of the following is not one of the building credit steps?
pay on time
get a saving account
get a cosigner
don't pay them pay back
83
job shadow to decide what she wants. Which have to be answered as a result of her job shadow
Common tasks and typical daily activities
The amount of money physical therapists earn
Opportunities for advancement in the career
The future outlook for physical therapy jobs
84
Oz did poorly on placement test, he needs remediation in math. NOT TRUE for Oz? (3.03)
Oz must take at least one course bc he isn't college‐ready.
Remedial courses don't count for degree, he is not charged.
Remdl courses don't count for degree, it may take longer.
Shld've taken test earlier so he could improve his skills
