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1. Which of the following is NOT an example of positive financial habits?
Making a budget Living within or below your means Avoiding credit card debt Waiting to start a retirement fund
2. True or False: The "S.M.A.R.T." method of setting financial goals includes goals that are specific, monetary, achieveable, realistic, and time-based.
True False
3. Fill in the blank: Goals should be _______ to help determine how much money is needed to set aside each week, month, or year to accomplish the goal.
Specific Time-based Realistic Actualized
4. Which of the following time-frames should be considered for a medium, or mid-term goal?
0-12 months 12-24 months 5-10 years 20+ years
5. True or False: While it can be difficult to save for something that is years or even decades down the road, it is still better to prepare for them now.
True False
6. Which type of student loan does not accumulate interest while you are a full-time student?
Subsidized Unsubsidized Personal Grant
7. Fill in the blank: Filling out the _______ determines possible financial aid from the government and most colleges.
Free Application for Federal Student Aid (FAFSA) W2 Application for Governament Assistance (AGA) Epected Family Contribution (EFC)
8. Which of the following can help offset the cost of high education?
Scholarships Grants Part-time jobs All of the above
9. Which of the following is the form provided by employers and used to file income tax?
W9 W6 W3 W2
10. Which of the following refers to the amount of money that appears in your bank account each pay period?
Gross pay Net pay 401k pay Full pay
11. Which of the following is NOT a typical example of a deduction taken from your paycheck?
Federal income tax FICA tax State income tax (state dependant) Banking tax
12. True or False: Long-term disability and automobile insurance are the two most common types of insurance policies.
True False
13. Which of the following is a good rule of thumb for how much of your income should be used for automotive expenses?
5-10% 10-15% 15-20% 20-25%
14. Fill in the blank: One of the best ways to manage money is to create a monthly _______.
Income summary Spreadsheet List of expenses Budget
15. True or False: Subtracting total expenses from total income determines the balance.
True False