Final Exam Review: Personal Finance Jeopardy Template (2022)

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100

If a person in your house was bitten by your dog, which type of insurance would you be covered under? a) Life insurance b) health insurance c) disability insurance d) homeowners insurance.

What is d) homeowners insurance

100

If is generally better to concentrate your exercise time on the weekends only for maximum aerobic benefit. True or False

What is False

100

When should you begin saving for retirement?a) as soon as you enter the workforce. b) before age 50 and not after. c) after age 50.

What is a) as soon as you enter the workforce.

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100

How can you make the most of a tight budget? a) making a list before shopping. b) buying on sale c) setting good priorities d) All of these.

What is d) All of these

100

A store offers 3 for the price of 2. What is the implied discount? a) 20% b) 33% c) 40% d) 66%

What is b) 33%

200

The W2 Form: a) Reports interest from your bank to the IRS b) is provided to you by your employer, and it lists total income and all tax withheld amounts c) Is provided by the IRS, and lists your tax paid for the year d) keeps track of charitable donations made by cash or check outside of work.

What is b) is provided to you by your employer, and it lists total income and all tax withheld amounts.

200

Investing in a global stock fund is a good idea to: a) focus all risk on the U.S. economy b) keep your portfolio dependent solely on the U.S. dollar c) diversify into municipal and corporate bonds d) diversify holdings to spread risk outside the U.S. economy.

What is d) diversify holdings to spread risk outside the U.S. economy.

200

What is the official retirement age, according to the US government? a) 59 b) 70 c) 67

What is c) 67

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200

When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called? a) bribery b) interest c) principal d) credit

What is c) principal

200

Your check register shows a balance of $565. Your last bank statement shows an ending balance of $715. All transactions match except for two outstanding checks for $100 and $50. Does your register balance with the statement? a) yes b) no c) can't tell

What is a) yes. $715 (statement balance) - $565 (check register balance) = $ 150. Outstanding checks: $100 + $50 = $ 150. The register balances with the statement because the amount of outstanding checks matches the difference between the statement balance and the check register balance.

300

If you get your first credit card while you're a full-time student what can you expect about the card's APR on outstanding balances? a)it will probably be about the same as the APR On your parents' card. b) it will probably be low c) it will probably be low until you graduate, and then it will rise. d) it will probably be high.

What is d) it will probably be high.

300

Which of the following are considerations in choosing an apartment? a) cost b) proximity to work c) availability of mass transit d) all of the above.

What is d) all of the above.

300

Inflation is: a) a number set by the government that causes prices to rise b) a number measured by the government that describes the changing prices of everyday goods. c) automatically subtracted from interest rates quoted by banks for their savings accounts.

What is b) a number measured by the government that describes the changing prices of everyday goods.

300

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True/False If you buy enough different stocks, you can diversify out all risk in the stock market.

What is b) false

300

Which formula best expresses your monthly ending balance?a) beginning balance + withdrawals + deposits = ending balance b) beginning balance + withdrawals - deposits = ending balance c) beginning balance - withdrawals + deposits = ending balance.

What is c) Beginning balance - withdrawals + deposits = ending balance.... withdrawals represent subtraction from your account; deposits represent addition.

400

When you are looking for a used car, this resource will help you best determine the value of a particular make and model: a) road and track b) car and driver c) consumer reports d) Kelly blue book

What is d) Kelly Blue Book

400

This allows you to use a car for a specified period of time for a specified monthly payment: a) loan b) contract c) lease d) gift

What is c) lease

400

Money in your emergency fund could be wisely used: a) to buy a new pair of shoes that went on sale. b) to put money down on a new car c) to pay for an unforeseen health expense d) to lend money to a friend to pay off credit card debt.

What is c) to pay for an unforeseen health expense

400

The federal government: a) is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the military b) Does not supply Social Security cards c) is not allowed to tax income.

What is a) is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the military.

400

If your payment history counts for 35% of your credit score and the type of credit you use accounts for 10% of your score, which should you probably work harder on to improve your score? a) payment history b) types of credit you use

What is a) payment history... You should work harder to improve your payment history because 35% has more bearing than 10%

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500

Front end loads: a) are disguised as 12b-1 fees b) are paid to the mutual fund company after you have held the fund for a long time and you are ready to sell the fund to get your investment back c) can be compared between mutual funds by adding the expense ration and the 12b-1 fee that you find in the prospectus d) are paid to the mutual fund company when you first purchase the fund.

What is d) are paid to the mutual fund company when you first purchase the fund.

500

A defensive stock: a) is part of the manufacturing sector that sells to the Department of Defense b) is owned by a company that is currently having a strong downturn. c) is the type of stock that holds a steady value, such as an insurance company. d) has a small market capitalization.

What is c) is the type of stock that holds a steady value, such as an insurance company.

500

To balance your checkbook: subtract any checks in your check register that are not marked as cleared. b) subtract any deposits in your check register that have not been marked as cleared. c) add the interest paid and bank charges to the register balance. d) add any checks in your check register that are not marked as cleared.

What is a) subtract any checks in your check register that are not marked as cleared.

500

Banks offer "points" or "rewards" because: a) they have excess profits and want to distribute some of those profits to customers. b) they like to make your life more fun c) you will be more likely to switch to the bank offering "points" or "rewards" because you feel you are getting "something for nothing" d) They want you to practice good saving habits.

What is c) you will be more likely to switch to the bank offering "points" or "rewards" because you feel you are getting "something for nothing"

500

You have some cash. You can either invest in a short-term bond that pays 4% or payoff some credit card debt at 9%. Which should you do? a) invest in the bond b) pay off the credit card.

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What is b) pay off the credit card. It is more efficient to pay off the credit card debt because 9% is more than 4%.

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