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