Which of the following statements about our interactions with money is NOT considered to be true?
Investment increases risk and reduces your ability to cope with risk and uncertainty.
Carter wants to participate in an activity that will improve his well?being. Which of the following activities would contribute the most to his well?being?
An activity that makes him lose track of time.
Jenna wants to improve her financial well?being. Which of the following would contribute the most to her financial well?being?
Take a personal finance class to learn how to manage her money.
Jacob is wondering how he can improve his intellectual well?being. Which of the following would contribute the most to his intellectual well?being?
Challenge himself by taking on a new project at work.
Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?
Never - it is an ongoing process.
Erica wants her class project to reflect her values. Which items would be best to include?
Things that reflect her fundamental beliefs about what is worthwhile and important to her.
Which of the following is likely to have the least influence on an individual's values?
Grade average
Which of the following factors is not influenced by values?
Everything is influenced by values.
Megan's mother suggested that she was experiencing the consequences of her trade off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?
Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress PLUS most of the money she had saved for replacing the tires on her car. Now the tires need replacing and
Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within the pr
Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the other. The second car has 20,000 fewer miles on it.
Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST represents the purchase of a NEED?
Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress 'professionally' for one of the tours. She plans to wear her new jeans and a t?shirt that has the logo of the leadership conference on
Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
Short?term goal
One element of a financial goal is missing in the example below. Which one is it? "I will save $150 each month to go on a vacation in one year.
Attainable
Mark and Susan, a recently married couple with full?time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
Long?term
Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomplished if:
Amber writes her goals down.
A key difference between commercial banks and credit unions is that:
Commercial banks are 'for?profit' and credit unions are 'not?for?profit'
Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institutions
Depository institutions have insurance protection. Depositors can have multiple accounts insured at the same depository institution as long as each account has no more than $100,000.
Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements.
Ariel is saving money to purchase a new computer before she leaves for college in two years. She wants to open a special account at a depository institution to keep her saved money safe. She has asked you for advice on which type of account would be best
Shop around for the depository institution with the highest interest rates for their savings accounts. She would be able to make regular savings deposits and earn interest while she is saving up for the computer.
Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest?
When earning interest, look for low rates.
Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do?
Apply for a debit card. That way she can use the card instead of cash to purchase the things she needs and the amount spent is immediately deducted from her account.
Common fees that may be charged by a depository institution include all EXCEPT:
Late fee
David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n):
Overdraft Fee
Which statement is TRUE about Payroll Taxes?
Payroll taxes fund the Social Security and Medicare programs.
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
Sales tax on the shirt she purchased.
Who is Medicare designed to help?
Senior Citizens
Dane is researching the topic of property taxes for a presentation he is doing in his Personal Finance class. He has come across the following statements he is considering adding to his presentation. Which should he EXCLUDE from his presentation because i
Property taxes are assessed at the same rate for all types of property, including homes, land and building, regardless of location or whether they are used for business or personal use.
Which statement is NOT TRUE about property taxes?
The property tax rate is set by the federal government to be equal in every state.
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called ________taxes.
Excise
Austin has just received his first paycheck. He worked 22 hours at his new job and is being paid
$8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that A
Austin neglected to deduct the amount required to pay income and payroll taxes.
Which of the following statements is NOT true?
Most people have several careers throughout their lifetime.
Jose has been challenged by his academic advisor to 'develop some human capital' this school year.
Which activity below would be the LEAST effective way to reach that goal?
Spend additional time playing video games to further develop his eye?hand coordination.
One's Lifestyle is to their Standard of Living as present is to
Future
Miranda is working to develop a broad base of transferable skills. This means that she:
Will have a set a versatile skill that she can apply to many personal and professional roles.
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
Education pays in higher earnings and lower unemployment rates.
An example of a transferable skill is a skill:
used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
human capital
Individuals with more formal educational training usually have:
higher estimated lifetime earnings
Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this?
Her counselor wants Zoe to match her skills, abilities, interests and values with a list of
specific occupations.
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she MOST LIKELY to have answered as a result of her job shadow?
Common tasks and typical daily activities
Which statement WOULD NOT be true about the value of career research?
There are many careers that would support your well?being. Career exploration allows you
to find the one that pays the most so your well?being is enhanced to the highest degree.
Career assessments help to identify:
possible career areas related to one's interests
In order to make an informed career decision, a high school student will want to:
develop personal goals, complete a career assessment, and research careers
When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation IS NOT TRUE of Charles' situation
Since the remedial courses Charles must take will not count toward his degree , he needs to take the courses but tuition is not charged.
Which statement is TRUE regarding college?level expectations for studying and completing projects?
Plan backwards from major deadlines.
Erin has been in college for 2 years and has decided that the major she has been studying isn't for her. Changing her major and/or her college could result in:
losing credits for classes she has already taken.
David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a 'college/training application' folder. Which items WOULD NOT be helpful as additions to this folder?
copies of his elementary and middle school report cards
As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point?
Can I get the education and training I need near where I currently live?
Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2?year program in to become a veterinary technician, and then work for 3 years
Career pathway
The _____________of continuing your education is the money you would have earned if you have worked instead.
Opportunity cost