CCR FINAL EXAM STUDY GUIDE QUESTIONS AND ANSWERS
Which should you use when creating a budget - your NET PAY or GROSS PAY? - CORRECT
ANSWER✅✅Net pay, because it's the total amount you've earned minus taxes and other deductions
How can you improve your credit score? - CORRECT ANSWER✅✅Pay all of your bills on time
Which of the following is a method of accessing the money in your checking account? - CORRECT
ANSWER✅✅Insert your debit card at a store and sign the electronic machine or paper receipt
In order to qualify for financial aid, prospective college students must file their _____________. -
CORRECT ANSWER✅✅FAFSA
When making a decision about a financial product (loan, savings account, credit card, etc.), which of
these pieces of advice is LEAST valuable? - CORRECT ANSWER✅✅Simply choose the option that your
parents use
Which of the following will result in you paying the LARGEST amount of interest to the credit card
company? - CORRECT ANSWER✅✅Making the minimum payment every month
When it comes to paying for college, your best option is... - CORRECT ANSWER✅✅A grant or
scholarship, because you don't repay them
Which of the following statements about car insurance is TRUE? - CORRECT ANSWER✅✅If you have
insurance and are pulled over for speeding, you won't get "points" on your license.
Which of the following people is MOST likely to be a victim of identity theft? - CORRECT
ANSWER✅✅Chelsea, who regularly checks her bank account balance while connected to the WiFi at
her local cafe
Which description of the difference between saving and investing is MOST accurate? - CORRECT
ANSWER✅✅Savings accounts provide a stated rate of return that is less risky. On the other hand,
investors do not know what their return will be, making investing riskier.
, Anna receives her first paycheck and realizes that her take-home pay is substantially less than the rate
she was offered when hired. Which of the following would help explain this problem? - CORRECT
ANSWER✅✅Taxes, social security, and Medicare are being deducted from her pay.
Each of the following is a benefit of using online and mobile banking EXCEPT.. - CORRECT
ANSWER✅✅You can eliminate overdraft fees.
Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that
charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a
budget surplus of $300 at the end of the month. What should he do with the $300? - CORRECT
ANSWER✅✅Pay it toward his credit card bill, because it has the highest interest rate
Which one of the following strategies will result in your paying NO interest to the credit card company? -
CORRECT ANSWER✅✅Paying off your entire balance every month by the due date
Isaiah works at a technology company in the summer and earns $3000. After federal, state, and Social
Security/Medicare taxes are deducted, his take-home pay is $2,500. Which of the statements below is
CORRECT? - CORRECT ANSWER✅✅His gross pay is $3,000 and net pay is $2,500.
The purpose of a 1040 form is to... - CORRECT ANSWER✅✅File your annual income tax return
School A has sticker price of $52,000 and an average net price of $6,000 for families with income of less
than $60,000. Meanwhile, School B has sticker price of $22,000 and an average net price of $11,000 for
families with income of less than $60,000. If your number one factor in selecting a school was cost and
your family income was under $60,000, which school would you choose?
Group of answer choices - CORRECT ANSWER✅✅School A
Marcellus is going into his senior year, and he's not sure whether he intends to start college the fall after
graduation or take a year off first. How should he approach the FAFSA this school year? - CORRECT
ANSWER✅✅He should file this fall regardless of what he decides; that way he has an opportunity for
financial aid just in case.
Which should you use when creating a budget - your NET PAY or GROSS PAY? - CORRECT
ANSWER✅✅Net pay, because it's the total amount you've earned minus taxes and other deductions
How can you improve your credit score? - CORRECT ANSWER✅✅Pay all of your bills on time
Which of the following is a method of accessing the money in your checking account? - CORRECT
ANSWER✅✅Insert your debit card at a store and sign the electronic machine or paper receipt
In order to qualify for financial aid, prospective college students must file their _____________. -
CORRECT ANSWER✅✅FAFSA
When making a decision about a financial product (loan, savings account, credit card, etc.), which of
these pieces of advice is LEAST valuable? - CORRECT ANSWER✅✅Simply choose the option that your
parents use
Which of the following will result in you paying the LARGEST amount of interest to the credit card
company? - CORRECT ANSWER✅✅Making the minimum payment every month
When it comes to paying for college, your best option is... - CORRECT ANSWER✅✅A grant or
scholarship, because you don't repay them
Which of the following statements about car insurance is TRUE? - CORRECT ANSWER✅✅If you have
insurance and are pulled over for speeding, you won't get "points" on your license.
Which of the following people is MOST likely to be a victim of identity theft? - CORRECT
ANSWER✅✅Chelsea, who regularly checks her bank account balance while connected to the WiFi at
her local cafe
Which description of the difference between saving and investing is MOST accurate? - CORRECT
ANSWER✅✅Savings accounts provide a stated rate of return that is less risky. On the other hand,
investors do not know what their return will be, making investing riskier.
, Anna receives her first paycheck and realizes that her take-home pay is substantially less than the rate
she was offered when hired. Which of the following would help explain this problem? - CORRECT
ANSWER✅✅Taxes, social security, and Medicare are being deducted from her pay.
Each of the following is a benefit of using online and mobile banking EXCEPT.. - CORRECT
ANSWER✅✅You can eliminate overdraft fees.
Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that
charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a
budget surplus of $300 at the end of the month. What should he do with the $300? - CORRECT
ANSWER✅✅Pay it toward his credit card bill, because it has the highest interest rate
Which one of the following strategies will result in your paying NO interest to the credit card company? -
CORRECT ANSWER✅✅Paying off your entire balance every month by the due date
Isaiah works at a technology company in the summer and earns $3000. After federal, state, and Social
Security/Medicare taxes are deducted, his take-home pay is $2,500. Which of the statements below is
CORRECT? - CORRECT ANSWER✅✅His gross pay is $3,000 and net pay is $2,500.
The purpose of a 1040 form is to... - CORRECT ANSWER✅✅File your annual income tax return
School A has sticker price of $52,000 and an average net price of $6,000 for families with income of less
than $60,000. Meanwhile, School B has sticker price of $22,000 and an average net price of $11,000 for
families with income of less than $60,000. If your number one factor in selecting a school was cost and
your family income was under $60,000, which school would you choose?
Group of answer choices - CORRECT ANSWER✅✅School A
Marcellus is going into his senior year, and he's not sure whether he intends to start college the fall after
graduation or take a year off first. How should he approach the FAFSA this school year? - CORRECT
ANSWER✅✅He should file this fall regardless of what he decides; that way he has an opportunity for
financial aid just in case.
