Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

Will something bad happen if I don't have this item?

A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers?

Great deals convince customers to buy things they don't need and stay loyal

Randall needs to make 2 purchases today, a box of donuts and track shoes, which one requires more comparison shopping?

The shoes -- because they need to fit well and last for the whole season

What is one benefit of borrowing money from a friend or family member instead of from the bank?

Friends/family will work with you to set up a repayment plan you can afford

Which statement about credit card interest rates is TRUE?

A high interest rate means you'll pay MORE money total

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

50% needs, 30% wants, 20% savings

Which is a strategy that will help protect yourself from identity theft?

shred any documents that contain personal/ financial information then trash

Naya has done a lot of shopping recently. Which receipt should she probably keep the longest?

Target receipt for bluetooth headphones for her and a popular expensive tv

Craig isn't sure if he should open a credit card or get a bank loan. What question is MOST useful in helping him decide

Making a bunch of small purchases over time vs. one large purchase?

Miguel's parents keep telling him he should worry about his credit score. He says, "Why bother?" Why should Miguel care?

A high credit score will make it easier for him to get loans

You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?

Decide what bicycle features you care most about

Complete this sentence: A checking account statement...

lists all the purchases and deposits you've made in the previous month

How is a student's GPA typically calculated?

It is an average of all of the grades you have received in school

Each of these actions is recommended during a job interview except...

Turn your cell phone ringer volume low so it only interrupts a little bit

On a restaurant receipt, you will commonly find each of these items EXCEPT...

The total money in the bank account you used to pay

What is the primary difference between a prepaid card and a gift card?

Prepaid cards can be used at different stores, but gift cards are specific

Why is it important to be able to decide if an item is a NEED or a WANT?

You budget, you should make sure all your needs are met first, then wants

What do you need in order to open a checking account?

A form of ID and proof of address

Creating a budget can make you feel powerful! Why?

A budget puts you in control of your spending, saving, make good decisions

The two main portions of a budget are...

the money coming in (income) and the money you're spending (expenses)

Chang wants to use his mobile wallet at a t-shirt shop on vacation. What does he need to do to pay for the item?

He holds his smart phone next to the store's checkout terminal

Select the best definition of identity theft.

someone uses information about you without your permission to steal money

Which of the following transactions will REDUCE the amount of money in your checking account?

Use your debit card to get money from an ATM

Your high school transcript will include each of these items EXCEPT...

A list of your test and quiz grades in each course

Who has to pay taxes to the US government?

Every person or company that earns income in the US

Why should you use your NET pay when creating a budget?

Your netpay is a more accurate picture of how much money you have available

Which of these is the strongest password?

t1pwtsb! - It contains letters, numbers, symbols and is memorable sentence

What is the best way to avoid going into large debt on your credit card?

Pay your full balance every month

Which of these is a common reason someone would use a peer-to-peer payment app?

To repay a friend who covered their costs at a restaurant

What is the key difference between a credit card and a debit card?

Credit cards borrow money, debit cards use money you already have.

Kervin really wants to buy a new bike. What is one reason he should be careful about using his credit card?

Credit will charge interest every month until he repays the full balance

Which statement best describes how to comparison shop?

Set a budget, decide what features you want, and see which stores fit best

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Life Skills Final Exam Review

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Questions 45

Answers

1
Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?
Will something bad happen if I don't have this item?
Will my teachers be excited if I buy this item, or will they be sad?
Do any of my friends have this item?
How happy will this item make me?
2
When purchasing a stock, you own a small percentage of the company.
True
No False
False
No True
3
A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers?
Great deals convince customers to buy things they don't need and stay loyal
Most stores are not trying to make a profit, so it doesn't matter
Stores promote the deal but make you pay for the second item anyway
Stores make money because you still have to pay taxes on the second item
4
Which document outlines your courses and grades throughout all of high school?
Resume
Transcript
Letter of Recommendation
Report Card
5
Randall needs to make 2 purchases today, a box of donuts and track shoes, which one requires more comparison shopping?
The shoes -- because they need to fit well and last for the whole season
The donuts -- because he wants to get a lot of flavors
Neither -- both of these purchases are very easy
Both -- you should comparison shop for every item you buy
6
What is one benefit of borrowing money from a friend or family member instead of from the bank?
Friends/family will work with you to set up a repayment plan you can afford
You don't have to repay your friends or family if you don't want to
You can borrow more money from a friend or family member
Friends/family cannot legally charge you interest on the loan but banks can
7
Each of the following factors impacts your credit score EXCEPT...
Payment history
Bank account balance
Length of credit history
Mix of credit types
8
Which statement about credit card interest rates is TRUE?
A high interest rate means you'll pay LESS money total
Most credit cards do not charge any interest rate
The more money you spend, the higher your interest rate will be
A high interest rate means you'll pay MORE money total
9
Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50% needs, 30% wants, 20% savings
50% saving, 30% needs, 20% wants
50% budget, 30% needs, 20% wants
$50 needs, $30 wants, $20 savings
10
Which is a strategy that will help protect yourself from identity theft?
Open every email you receive and click on every link in each email.
Always use the same password for your accounts.
shred any documents that contain personal/ financial information then trash
Never use a public wifi network for any reason.
11
Naya has done a lot of shopping recently. Which receipt should she probably keep the longest?
Target receipt for bluetooth headphones for her and a popular expensive tv
CVS receipt for a juice and a pack of ponytail holders
Mall store for 5 shirts and 2 pants, all of which she's tried on and fit
Restaurant receipt for sandwich, salad, and lemonade
12
Craig isn't sure if he should open a credit card or get a bank loan. What question is MOST useful in helping him decide
Are you using the money to purchase an item that is a need or a want?
How much money do you have in your bank account?
Making a bunch of small purchases over time vs. one large purchase?
Are you responsible with your money?
13
Miguel's parents keep telling him he should worry about his credit score. He says, "Why bother?" Why should Miguel care?
Miguel will not be able to apply for colleges without a strong credit score
A low credit score will make it easier for him to get loans or credit cards
A high credit score will make it easier for him to get loans
Positive credit score- lenders will allow him to pay back only a portion
14
Three of these items represent services provided by the federal government using taxpayer money. Which one is personal?
NASA space program
Military protection
Medicare and Medicaid
Auto insurance
15
Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?
$8
$80, minus any taxes she has to pay
$80
$80, plus any taxes she has to pay
16
You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?
Decide what bicycle features you care most about
Sell your old bicycle
Visit the store that sells the least expensive bicycles
Locate a coupon for bicycles
17
Complete this sentence: A checking account statement...
tells you the bank's policies on fees
the receipt you get from a store when you purchase something using a check
lists all the purchases and deposits you've made in the previous month
allows you to take out a student loan for college
18
How is a student's GPA typically calculated?
No one knows how GPA is calculated; it is very complex
average of a students grades with a heavier weight on your 12th grade
It is the median score of all of the grades you have received in school
It is an average of all of the grades you have received in school
19
Each of these actions is recommended during a job interview except...
Turn your cell phone ringer volume low so it only interrupts a little bit
Plan to arrive early
Be honest
Bring copies of your resume
20
On a restaurant receipt, you will commonly find each of these items EXCEPT...
The total cost of your food and drinks
The date and time of your dining
The tax and tip that were added to your bill
The total money in the bank account you used to pay
21
Adda has just moved into her own apartment and is working full time. Which item would NOT be a monthly bill?
Clothing
Rent
Cell phone plan
Renters insurance
22
What is the primary difference between a prepaid card and a gift card?
Prepaid cards can be used to shop online, but gift cards cannot
Prepaid cards are made of plastic, but gift cards are usually cardboard
Prepaid cards can be used at different stores, but gift cards are specific
Prepaid cards are only for people without checking accounts
23
Why is it important to be able to decide if an item is a NEED or a WANT?
Needs can be very expensive, but wants are usually far less expensive
You cannot create a budget that has both needs and wants included
You budget, you should make sure all your needs are met first, then wants
Needs are worth spending money on, but you should never spend on a want
24
Which age group tends to have the most credit card debt?
Senior citizens
Middle-aged people
Young adults
Credit card debt is evenly distributed among all age groups
25
What do you need in order to open a checking account?
A form of ID and proof of address
At least $50 saved up
A report card showing you've passed all your classes
Two letters of recommendation
26
Creating a budget can make you feel powerful! Why?
A budget puts you in control of your spending, saving, make good decisions
You can't really budget unless you have an important job
People who budget earn more money than everyone, so they can live better
Budgeting is extremely easy, so once you set it up, you are done for good
27
The two main portions of a budget are...
the cash you are spending in stores and the bills you are paying online
the items you want to buy and the money you need to save for retirement
the money coming in (income) and the money you're spending (expenses)
the money coming in (expenses) and the money you're spending (income)
28
Chang wants to use his mobile wallet at a t-shirt shop on vacation. What does he need to do to pay for the item?
He holds his smart phone next to the store's checkout terminal
He scans the store receipt using his cell phone within the next 24 hours
He uses his phone to buy a gift card from the store and then buys the shirt
He uses his laptop to buy the item on the store's website
29
Which type of insurance covers your necessary medical costs, from doctor’s appointments to surgeries?
Disability Insurance
Auto Insurance
Liability Insurance
Health Insurance
30
Select the best definition of identity theft.
Making approved purchases on a credit card that is in another person's name
Removing electronic merchandise from a store without paying for it.
someone uses information about you without your permission to steal money
Disrespectful communication with another person on a social media platform.
31
Limiting your time online, taking frequent breaks, stretching, eating, and staying hydrated are all examples of...
online safety.
digital literacy.
digital health & wellness.
cyberbullying.
32
What is the purpose of insurance?
To build relationships
To build wealth
To manage liabilities
To manage risk
33
Katherine has been using her credit card responsibly to raise her credit score. Which score is a prime score?
550
750
950
350
34
When discussing a loan, such as a college loan or auto loan, what does the word "principal" mean?
The amount of interest you pay over the whole length of the loan
The total number of months you will have to repay the loan
The total amount of money you owe
The total amount you borrowed
35
Which of the following transactions will REDUCE the amount of money in your checking account?
Use your debit card to get money from an ATM
Deposit a check your uncle gives you for your birthday
Transfer funds from your saving account to your checking account
Buy an expensive new bike using cash
36
Brandon receives his paycheck, and his gross pay is $250 and his net pay is $200. How much money were in deductions
$400
$200
$250
$50
37
Your high school transcript will include each of these items EXCEPT...
The courses you’ve taken and when you took them
Your GPA calculated with all of the courses you’ve taken so far
A list of your test and quiz grades in each course
The name of your school
38
Who has to pay taxes to the US government?
Every person or company that earns income in the US
Every citizen, regardless of their age or working status
No one has to - taxes are a voluntary program
Anyone who owns a home or attends a public school
39
Why should you use your NET pay when creating a budget?
Once you have your net pay, you can figure out how much to deduct in taxes.
Your net pay will always be higher, so you'll have more money to spend
Your netpay is a more accurate picture of how much money you have available
Your employer knows what your gross pay is, but you only know what your net
40
Which of these is the strongest password?
123456 - It contains all numbers instead of letters, making it more secure.
daniel1 - It contains both the person's name and a number.
football - It is easy to remember so you will never forget your password.
t1pwtsb! - It contains letters, numbers, symbols and is memorable sentence
41
What is the best way to avoid going into large debt on your credit card?
Avoid paying the bill every month so your bank account stays high
Pay your full balance every month
Pay the minimum monthly payment on time every month
Pay half your balance every month
42
Which of these is a common reason someone would use a peer-to-peer payment app?
To buy groceries at the supermarket
To deposit a work paycheck into their checking account
To repay a friend who covered their costs at a restaurant
To keep track of their spending and saving
43
What is the key difference between a credit card and a debit card?
Credit cards borrow money, debit cards use money you already have.
You have to be 25 for credit cards, but you can use debit cards at 18
Wealthy people use credit cards, people with lower incomes use debit cards
Credit cards come from credit unions, while debit cards come from banks
44
Kervin really wants to buy a new bike. What is one reason he should be careful about using his credit card?
Credit will take the money straight from his checking account
Credit will force him to buy a cheaper bike than he could with debit
Credit will force him to pay taxes on his bike purchase
Credit will charge interest every month until he repays the full balance
45
Which statement best describes how to comparison shop?
Buy many brands of the same item, which you like best and return the rest
Visit many stores and ask the salespeople to lower the price until a offer
Set a budget, decide what features you want, and see which stores fit best
Start your own website that compares the current store prices of items

Life Skills Final Exam Review Flashcards | StudBud