Dollars And Sense Book Assessment

17 Questions

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Sense Quizzes & Trivia

Questions and Answers
  • 1. 
    Which of the following is an example of a liability?
    • A. 

      A 2008 Jeep Cherokee

    • B. 

      A daily latte at Starbucks

    • C. 

      An $8.50 an hour pay at VANS shoe store.

    • D. 

      A new Macbook Pro

  • 2. 
    Why are goals good to have? 
    • A. 

      They will set you on the path you will be on for the rest of your life.

    • B. 

      They give you something to work towards and help you to direct your efforts.

    • C. 

      They ensure motivation and success.

    • D. 

      Because you need some kind of concrete plan for your life.

  • 3. 
    What do you get when you subtract your liabilites from your assets? 
    • A. 

      Your income.

    • B. 

      Your profit.

    • C. 

      Your net worth.

    • D. 

      Your financial responsibility.

  • 4. 
    A ________ is issued by a bank and is connected directly to your checking account, meaning when you make a purchase you must have that amount of money in your account.
    • A. 

      Credit card

    • B. 

      Debit card

    • C. 

      PIN card

    • D. 

      Gift card

  • 5. 
    What does the FCBA stand for? 
    • A. 

      Federal Credit Billing Act

    • B. 

      Fair Credit Billing Appeal

    • C. 

      Federal Crisis Billing Act

    • D. 

      Financial and Credit Billing Appeal

  • 6. 
    How, in simple terms, can you build good credit? 
    • A. 

      By rarely using your credit card.

    • B. 

      By paying off your card in full every month.

    • C. 

      By informing your bank that you are a student and need good credit to take loans.

    • D. 

      By using a debit card instead.

  • 7. 
    What must be given in order to take a loan from a pawnshop? 
    • A. 

      Collateral

    • B. 

      Credit score

    • C. 

      Social Security Number

    • D. 

      A contract

  • 8. 
    Which of the following is a way that bad credit can affect your adult life?
    • A. 

      You may not get hired, even if you have great qualifications.

    • B. 

      You may be turned down for insurance coverage.

    • C. 

      You may have to pay a very large deposit before renting an apartment.

    • D. 

      All of these choices are true.

  • 9. 
    A ______ is something you must have to survive. 
    • A. 

      Job

    • B. 

      Need

    • C. 

      Want

    • D. 

      Cell phone

  • 10. 
    Which of the following students has a frugal relationship with money? 
    • A. 

      Tammy converts all her paychecks to cash so she can have cash at hand whenever she sees something she likes.

    • B. 

      Daniel packs a lunch every day so he has just enough money saved to buy things like i-touches and Jordans, because everyone else has them.

    • C. 

      Karina doesn't spend a dime. Her parents pay for most of her needs and wants, so she doesn't have much to save up for; she just enjoys having lots of cash.

    • D. 

      Angie earns $8 per hour and tries to work ten hours a week. When he gets his paycheck, he puts 50% into his savings account, sets aside 20% for food, and converts the rest to cash, but doesn't use it unless he feels he has a good reason to buy something.

  • 11. 
    An itemized summary of estimated or intended expenditures for a given period, along with proposals for financing them, is called a _________ 
    • A. 

      Financial log

    • B. 

      Budget

    • C. 

      Career

    • D. 

      Spending summary

  • 12. 
    If you are working ten hours a week for ten dollars an hour, will you actually get paid $100 a week? 
    • A. 

      Yes, because you agreed to that income when you filled out your application.

    • B. 

      No, you will actually receive more due to benefits.

    • C. 

      Yes, and if they pay you less, your employer will have to pay interest.

    • D. 

      No, because money will be taken out for taxes.

  • 13. 
    What is social security tax? 
    • A. 

      It pays for providing social security numbers to all US Citizens

    • B. 

      It provides benefits for retired workers and their dependents.

    • C. 

      It goes into a back-up security bank in case of a costly national emergency.

    • D. 

      It pays for national security.

  • 14. 
    Which of the following is an example person who is a victim of phishing? 
    • A. 

      Janay receives an email from her favorite clothing store. It says it will give her a large discount if she enters her social security number so they know more about her. She is then taken to a fraudulent website and learns that her information has been stolen.

    • B. 

      Rayanne just received her debit card in the mail, along with her PIN number. She puts it in her purse, and a person who passes by reaches in and grabs it before she has a chance to stop them.

    • C. 

      Fred sees that he has posted links to many of his friends' walls, but knows that it wasn't actually him. Someone had accessed the computer file that stored his password, and had been using his Facebook.

    • D. 

      Ryhan receives an automated phone call that asks him to say his PIN number and bank account number. He does so, and ends up losing half of his savings.

  • 15. 
    When you sell all of your assets to pay back your creditors, you are going through what type of bankruptcy? 
    • A. 

      Chapter 13: Reorginization

    • B. 

      Chapter 7: Liquidation

    • C. 

      Chapter 12: Clear Slate

    • D. 

      Chapter 1: Ultimate

  • 16. 
    Beatrice sees a $300 dress in a window on her way to work. She buys it without a second thought.  What is this called? 
    • A. 

      Clouded judgement

    • B. 

      Impulse buying

    • C. 

      Frugality

    • D. 

      Budget straying

  • 17. 
    What is a certificate of deposit? 
    • A. 

      A way to easily access ATMs.

    • B. 

      A bank investment for your savings where you earn interest over a duration of a set period of time.

    • C. 

      A long-term savings plan.

    • D. 

      A type of receipt signifying that your money has been successfully deposited.