Quizalize logo
placeholder image to represent content

Personal Finance Objective 2

Quiz by Julie West

Feel free to use or edit a copy

includes Teacher and Student dashboards

Measure skills
from any curriculum

Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.

With a free account, teachers can
  • edit the questions
  • save a copy for later
  • start a class game
  • automatically assign follow-up activities based on students’ scores
  • assign as homework
  • share a link with colleagues
  • print as a bubble sheet

Our brand new solo games combine with your quiz, on the same screen

Correct quiz answers unlock more play!

New Quizalize solo game modes
23 questions
Show answers
  • Q1
    A key difference between commercial banks and credit unions is that:
    Credit unions are more commonly located in rural area while commercial banks are more commonly located in urban areas.
    Commercial banks offer more services, such debit cards, and online banking, than credit unions.
    Commercial banks typically pay higher interest rates than credit unions.
    Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
    30s
  • Q2
    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 are safer than her piggy bank. Some students’ comments were based on fact while others were based on myths. Which aspect of security at a depository institution is NOT TRUE?
    All money stored at a depository institution is kept safe at all times by numerous security measures.
    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 100000.
    Information about depositors and their accounts is kept in secure data storage.
    Depository institutions have insurance protection for up to $250,000 per depositor per account type so if something happened to the money in the bank, you would get it back as long as the deposited amount was no more than the insurance limit.
    30s
  • Q3
    Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
    Neither a commercial bank nor a credit union. Money is most safely kept at home in a personal safe or vault.
    A commercial bank, since his deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
    A credit union, since his deposits would be insured by the National Credit Union Association (NCUA)
    He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements.
    30s
  • Q4
    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 for her. What would be the best advice for Ariel?
    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.
    Shop around for a depository institution that offers safe deposit boxes. These accounts offer extra security for deposits and can be set up to allow her to withdraw her money when she needs it.
    Look for a Credit Union that offers share draft accounts. These secure accounts are designed especially for saving for long‐term financial goals.
    Check several depository institutions and choose one with a free, no‐interest checking account. That way, when Ariel has saved enough for her computer she can simply write a check to pay for it.
    30s
  • Q5
    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.
    When paying interest, look for low rates.
    Interest is the price paid for using someone else’s money.
    The amount of interest earned or paid is determined by the interest rate.
    30s
  • Q6
    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?
    Request a cashier’s check from her depository institution. That way she can spend money from her checking account without risk of an overdraft fee.
    Apply for a credit card. That way she can use the card to purchase the things she needs and pay for it when the credit card statement comes from her checking account.
    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.
    Apply for mobile banking. That way she can access her money with her smartphone to pay for the things she needs. The amount she spends would automatically be deducted from her savings account.
    30s
  • Q7
    Common fees that may be charged by a depository institution include all EXCEPT:
    Over Draft Fee
    ATM fee
    Late Fee
    Minimum Balance fee
    30s
  • Q8
    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
    Safe Deposit Fee
    Late Fee
    Contact Fee
    30s
  • Q9
    Which statement is TRUE about Payroll Taxes?
    Payroll taxes fund different operations and programs of the federal government.
    Payroll taxes fund the Social Security and Medicare programs.
    Payroll taxes are paid are paid on both earned and unearned income.
    The amount of tax paid depends on many different factors but increases as income increases.
    30s
  • Q10
    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?
    An excise tax on the shirt she purchased.
    Property tax on the shirt she purchased.
    Income tax on the shirt she purchased.
    Sales tax on the shirt she purchased.
    30s
  • Q11
    Who is Medicare designed to help?
    Low Income Citizens
    Senior Citizens
    Children of unemployed parents
    Single parents
    30s
  • Q12
    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 it is not correct?
    Property taxes are commonly paid on automobiles. This tax usually paid once per year when the automobile is licensed.
    Property taxes are usually charged by state and local governments to pay for local schools and other services and expenses incurred by these governments.
    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.
    Property tax on homes, land and buildings are usually only paid once or twice each year.
    30s
  • Q13
    Which statement is NOT TRUE about property taxes?
    Property tax is often charged by states or local governments to pay for local schools.
    The property tax rate is set by the federal government to be equal in every state.
    The fee paid to license a vehicle is an example of property tax.
    Property taxes are most often paid only once or twice each year.
    30s
  • Q14
    Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
    Exise
    property
    Federal use
    Sales
    30s
  • Q15
    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 Austin’s pay is less than he expected it to be?
    Austin neglected to deduct the excise tax paid on the uniforms he purchased to wear at his job.
    Austin neglected to deduct the amount required to pay income and payroll taxes.
    Austin calculated the hours he worked without deducting the hours he spent doing on‐the‐job training.
    Austin’s employer made a mistake calculating the number of hours Austin worked during his first pay period.
    30s

Teachers give this quiz to your class