Personal Finance Unit 4+7
Quiz by Christina McLamb
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21 questions
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- Q1Due to unexpected circumstances, Ariel is temporarily receiving income from a government assistance program. The funds she receives through the government program are most likely funded by:taxes at the local, state, and federal levels.small fees proportional to the income of clients.donations from large corporations.fees that are charged to some, but not all, clients using the programs.30s
- Q2Erica is an active member of the Silver Cord program at her school. Through this program, she commits to completing at least 25 hours of community service each year of high school. Her advisor has encouraged her to explore volunteering with nonprofit organizations. Which would qualify as a nonprofit?Her elderly neighbor who needs yard work doneBig Brothers/Big SistersAn extracurricular activity in her schoolThe local private daycare center30s
- Q3Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased with money earned from his full‐time job, his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing him with which type of income?In‐home incomeEarned incomeGift incomeIn‐kind income30s
- Q4Which statement is true of government assistance programs?All government programs vary from state to state.Government programs were designed to provide permanent assistance to those in need.Government programs were developed to help one specific socioeconomic group.The ultimate goal of government programs is to help individuals become self-sufficient and independent.30s
- Q5Alyssa’s childcare provider called to tell her that the provider’s young daughter woke up ill and she won’t be able to care for Alyssa’s son today. Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:family child care.social capital.a non‐profit organization.neighborhood watch.30s
- Q6Employment opportunities for Jackie and David are limited, but they both have jobs earning just a bit more than minimum wage. Which federal program will encourage them to file a tax return by offering a financial incentive to them?SNAPSocial securityEarned income tax creditTANF30s
- Q7Julie is a single mother who recently lost her job. She would like to obtain training in the medical field in order to increase her future income and support her two children. In order to do this, she will need help paying some of her expenses while she is going back to school. Which government program might offer her assistance to help with living expenses and job training?Unemployment insuranceEarned income tax creditMedicareTANF30s
- Q8Diana has faced the fact that she and her family need to explore assistance programs they might qualify for during the time she must be off work following an accident. How might she and her family locate an appropriate program?Go to www.govbenefits.gov on the web.Call the Social Security Administration.Inquire at the local food pantry.Contact her local bank.30s
- Q9Which federal program assists low-income families in purchasing nutritious foods?Social SecurityMedicareSNAPTANF30s
- Q10Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?Rachel is a seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.Rosie is 67 years old and in need of a health insurance program.Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.30s
- Q11Planned giving can occur through:paycheck deductions for retirement accounts.estate planning activities.pulling over to help someone with car trouble.buying Girl Scout Cookies on the way out of the grocery store.30s
- Q12Advocacy is:a situation in which two people argue against a policy.a wish list developed by nonprofit organizations.the act or process of writing or speaking out in favor of or about a cause.when someone is audited by the Internal Revenue Service (IRS).30s
- Q13Which is not considered a form of giving?Making a monetary donation to a charitable causeDonating material goods to a campaignSpending an afternoon cleaning up an abandoned park in one’s hometownReading about the storm victims of Hurricane Katrina30s
- Q14Healthy giving occurs when:someone decides to write a check for another.an individual wants to give back and the result is positive emotions for both the giver and receiver.the well‐being of only the receiver is affected.someone with limited resources gives all they have to make another happy.30s
- Q15Which question does not represent a topic that teens should ask parents and guardians about estate planning?“Who would take care of me if something happened to you?”“How much money do you have in your checking account?”“Have you written and recorded a will?”“Do you have a life insurance policy?”30s