PCC Final Exam

Question 1

When signing up for a credit card, be aware of _____, as credit card companies will offer these at an introductory rate.

Accepted Answer

annual percentage rate

Question 2

Which example shows an advantage of owning a car over leasing one?

Accepted Answer

No restrictions on the number of miles to drive

Question 3

Which payment option takes money out of your bank immediately?

Accepted Answer

Debit Card

Question 4

What should you do before you approach an ATM?

Accepted Answer

Check for any suspicious people lurking nearby

Question 5

Which method of payment is actually a form of borrowing money that needs to be paid back later?

Accepted Answer

Credit Card

Question 6

Which of the following should NOT be considered when setting a current budget?

Accepted Answer

Future income

Question 7

What is his best option for affording a Bachelor's degree if you don't want to spend money on student loans?

Accepted Answer

Attend a local community college first

Question 8

In which grade should you fill out the FAFSA?

Accepted Answer

12th Grade

Question 9

Which is NOT a positive reason for using a credit card to finance purchases?

Accepted Answer

You will get charged high interest

Question 10

What of the following is something you will need to qualify for a credit card?

Accepted Answer

Proof of income

Question 11

How often should you fill out the FAFSA?

Accepted Answer

Yearly

Question 12

All of the following are found on a pay stub except for...

Accepted Answer

your boss's name

Question 13

Which of the following is a benefit of using a budget?

Accepted Answer

All of the above

Question 14

The last thing to consider when setting a budget is:

Accepted Answer

budgeting for wants

Question 15

When setting a budget, you can choose to make room for:

Accepted Answer

All of the above

Question 16

Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...

Accepted Answer

liability insurance

Question 17

The W-4 tax form is used to __________.

Accepted Answer

tell your employer how much federal income tax to withhold

Question 18

What is the best reason for why someone would want to lease a house instead of buy one?

Accepted Answer

They are planning on living there for a short period of time

Question 19

A __________ is a share of ownership in a company.

Accepted Answer

stock

Question 20

__________ are good places to look to find your current expenses when building your budget.

Accepted Answer

Bank and credit statements

Question 21

If you get into a car accident, your __________ may increase .

Accepted Answer

insurance premium

Question 22

Which of the following is NOT a good way to track your spending?

Accepted Answer

In your head

Question 23

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called...

Accepted Answer

net pay

Question 24

What will happen to your credit score if you do not manage your debt wisely?

Accepted Answer

Your credit score will go down

Question 25

Investing is best for __________.

Accepted Answer

long-term financial goals like paying for retirement

Question 26

Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?

Accepted Answer

In-state university, out-of-state public university, private university

Question 27

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

Accepted Answer

Your financial institution

Question 28

You should consider how much you're being paid and any other employee benefits before you accept the offer.

Accepted Answer

True

Question 29

Which of the following is NOT a major credit bureau?

Accepted Answer

Old National

Question 30

True or False: Tax forms can be mailed or submitted electronically.

Accepted Answer

True

Question 31

Which is NOT a way to file your taxes if married?

Accepted Answer

If married, you don't have to file taxes

Question 32

Insurance that covers damage to your car from an accident is called...

Accepted Answer

collision insurance

Question 33

Which of the following is an example of a short-term financial goal?

Accepted Answer

spring break trip

Question 34

This type of insurance helps cover costs to replace personal items that were lost, stolen, or damaged in your apartment.

Accepted Answer

Renters insurance

Question 35

Which of the following is an example of a long-term financial goal?

Accepted Answer

house

Question 36

The __________ is a flexible market that allows you to work short-term, independent jobs.

Accepted Answer

gig economy

Question 37

How does the government pay for roads, schools, and emergency services?

Accepted Answer

They are funded through taxes

Question 38

What is NOT a benefit of having a good credit score?

Accepted Answer

You'll get accepted to better education institutions

Question 39

Which payment option is not accepted online?

Accepted Answer

Cash

Question 40

Which is not an example of a risk management strategy?

Accepted Answer

Buying a new car

Question 41

Everyone interested in post secondary education should complete the Free Application for Federal Student Aid because

Accepted Answer

it allows you to be eligible for federal student aid

Question 42

What should you do before you withdraw money from the ATM?

Accepted Answer

Inspect the ATM to make sure it wasn't tampered with

Question 43

Textbooks, transportation, and room and board are all...

Accepted Answer

additional costs for attending a college or university

Question 44

With this type of institution, you get your money quickly but have to pay high interest.

Accepted Answer

cash advance and payday loans

Question 45

When filing an insurance claim, the policyholder must pay a __________

Accepted Answer

deductible

Question 46

Which housing option gives you more freedom and more responsibility?

Accepted Answer

Buying a house

Question 47

Leasing a car may be a better option than buying a car if...

Accepted Answer

you don't plan on having it for long

Question 48

Which item is important to consider when selecting a credit card?

Accepted Answer

Both APR and fees

Question 49

What option will NOT be available if you are behind on loan payments?

Accepted Answer

You can ask to get out of your loan

Question 50

This type of banking institution is not-for-profit and is owned by members.

Accepted Answer

credit union

Question 51

__________ may help deal with costs such as funeral expenses.

Accepted Answer

Life insurance

Question 52

This makes up 35% of your credit score

Accepted Answer

Payment History

Question 53

Earning an Associate's degree first and then transferring to a four-year college or university can be done by going to

Accepted Answer

A local community college

Question 54

What is NOT good way to prevent unnecessary spending?

Accepted Answer

Buy all of your wants at one time

Question 55

Which payment option can offer additional security like fraud protection?

Accepted Answer

Credit Card

Question 56

What does the W-2 form tell you?

Accepted Answer

How much you've earned and how much taxes you've paid in the last year

Question 57

How can you ensure you don't go over your budget?

Accepted Answer

Round up your expense estimates to add a buffer

Question 58

Which is NOT considered an additional cost beyond tuition for higher education?

Accepted Answer

Academic counseling

Question 59

This type of interest is when the financial institution pays you on the interest they have already given you.

Accepted Answer

compound

Question 60

Which of the following is not a qualification for a Federal Work-Study Program?

Accepted Answer

A 3.5 GPA

Question 61

Which type of banking account is best for everyday transactions?

Accepted Answer

checking account

Question 62

Which of the following is the range for a Fair credit score?

Accepted Answer

580 - 669

Question 63

This is when you accidentally spend more money than is in your account.

Accepted Answer

overdraft

Question 64

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of __?

Accepted Answer

beneftis

PCC Final Exam

Questions 66

PCC Final Exam

Questions 66