FBLA Personal Finance Study Guide
UPDATED ACTUAL Exam Questions and
CORRECT Answers
In the case of a savings account what is the principal? - CORRECT ANSWER - The
amount of money you deposit
The Federal Reserve System is - CORRECT ANSWER - The central banking system of
the United States
The rise in the level of prices for goods and services is - CORRECT ANSWER - Inflation
The ways in which groups of people change over time - CORRECT ANSWER -
Demographic trends
When considering a job offer what factors should you consider? - CORRECT ANSWER -
Work environment, Factors affecting salary, Employee Benefits
Networking is a way of - CORRECT ANSWER - Making and using contacts to get job
information
A safe-deposit box is for keeping important documents and they can be rented at - CORRECT
ANSWER - a bank
Liabilities are split between - CORRECT ANSWER - Current and Long term
Your net worth is calculated as - CORRECT ANSWER - Assets - Liabilities
Take-home pay is - CORRECT ANSWER - gross pay less taxes and other deductions
, The money left over after you have paid for the essentials- food,clothing,shelter,transportation,
and medication - CORRECT ANSWER - Discretionary income
Which of the following are smart buying strategies? - CORRECT ANSWER - Comparing
brands, comparing labels, comparing prices
Small Claims court deals with legal disputes with limits set by - CORRECT ANSWER -
States
Direct deposit is most commonly associated with - CORRECT ANSWER - Pay checks
The Federal Deposit Insurance Company insures bank deposits up to - CORRECT
ANSWER - $250,000
A Money Market Account is a savings account that - CORRECT ANSWER - has an
interest rate that varies monthly
Compounding is the process in which interest is earned - CORRECT ANSWER - on the
principal and previously earned interest
A stop payment order is - CORRECT ANSWER - a request that an institution not cash a
particular check
When doing a bank reconciliation, outstanding checks should be? - CORRECT
ANSWER - subtracted from the bank statement balance
Two advantages of credit - CORRECT ANSWER - use of product while paying for it and
easier returns/exchanges
UPDATED ACTUAL Exam Questions and
CORRECT Answers
In the case of a savings account what is the principal? - CORRECT ANSWER - The
amount of money you deposit
The Federal Reserve System is - CORRECT ANSWER - The central banking system of
the United States
The rise in the level of prices for goods and services is - CORRECT ANSWER - Inflation
The ways in which groups of people change over time - CORRECT ANSWER -
Demographic trends
When considering a job offer what factors should you consider? - CORRECT ANSWER -
Work environment, Factors affecting salary, Employee Benefits
Networking is a way of - CORRECT ANSWER - Making and using contacts to get job
information
A safe-deposit box is for keeping important documents and they can be rented at - CORRECT
ANSWER - a bank
Liabilities are split between - CORRECT ANSWER - Current and Long term
Your net worth is calculated as - CORRECT ANSWER - Assets - Liabilities
Take-home pay is - CORRECT ANSWER - gross pay less taxes and other deductions
, The money left over after you have paid for the essentials- food,clothing,shelter,transportation,
and medication - CORRECT ANSWER - Discretionary income
Which of the following are smart buying strategies? - CORRECT ANSWER - Comparing
brands, comparing labels, comparing prices
Small Claims court deals with legal disputes with limits set by - CORRECT ANSWER -
States
Direct deposit is most commonly associated with - CORRECT ANSWER - Pay checks
The Federal Deposit Insurance Company insures bank deposits up to - CORRECT
ANSWER - $250,000
A Money Market Account is a savings account that - CORRECT ANSWER - has an
interest rate that varies monthly
Compounding is the process in which interest is earned - CORRECT ANSWER - on the
principal and previously earned interest
A stop payment order is - CORRECT ANSWER - a request that an institution not cash a
particular check
When doing a bank reconciliation, outstanding checks should be? - CORRECT
ANSWER - subtracted from the bank statement balance
Two advantages of credit - CORRECT ANSWER - use of product while paying for it and
easier returns/exchanges
