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CCR Final Exam Study Guide Questions and
Answers
Q: Which should you use when creating a budget - your NET PAY or GROSS PAY?
ANS: Net pay, because it's the total amount you've earned minus taxes and other
deductions
Q:
How can you improve your credit score?
ANS: Pay all of your bills on time
Q:
Which of the following is a method of accessing the money in your checking account?
ANS: Insert your debit card at a store and sign the electronic machine or paper
receipt
Q:
In order to qualify for financial aid, prospective college students must file their
_____________.
ANS: FAFSA
Q:
When making a decision about a financial product (loan, savings account, credit card,
etc.), which of these pieces of advice is LEAST valuable?
ANS: Simply choose the option that your parents use
Q:
Which of the following will result in you paying the LARGEST amount of interest to the
credit card company?
ANS: Making the minimum payment every month
Q:
When it comes to paying for college, your best option is...
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ANS: A grant or scholarship, because you don't repay them
Q:
Which of the following statements about car insurance is TRUE?
ANS: If you have insurance and are pulled over for speeding, you won't get "points"
on your license.
Q:
Which of the following people is MOST likely to be a victim of identity theft?
ANS: Chelsea, who regularly checks her bank account balance while connected to
the WiFi at her local cafe
Q:
Which description of the difference between saving and investing is MOST accurate?
ANS: 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.
Q:
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?
ANS: Taxes, social security, and Medicare are being deducted from her pay.
Q:
Each of the following is a benefit of using online and mobile banking EXCEPT..
ANS: You can eliminate overdraft fees.
Q:
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?
ANS: Pay it toward his credit card bill, because it has the highest interest rate
Q:
Which one of the following strategies will result in your paying NO interest to the credit
card company?
CCR Final Exam Study Guide Questions and
Answers
Q: Which should you use when creating a budget - your NET PAY or GROSS PAY?
ANS: Net pay, because it's the total amount you've earned minus taxes and other
deductions
Q:
How can you improve your credit score?
ANS: Pay all of your bills on time
Q:
Which of the following is a method of accessing the money in your checking account?
ANS: Insert your debit card at a store and sign the electronic machine or paper
receipt
Q:
In order to qualify for financial aid, prospective college students must file their
_____________.
ANS: FAFSA
Q:
When making a decision about a financial product (loan, savings account, credit card,
etc.), which of these pieces of advice is LEAST valuable?
ANS: Simply choose the option that your parents use
Q:
Which of the following will result in you paying the LARGEST amount of interest to the
credit card company?
ANS: Making the minimum payment every month
Q:
When it comes to paying for college, your best option is...
, Page | 2
ANS: A grant or scholarship, because you don't repay them
Q:
Which of the following statements about car insurance is TRUE?
ANS: If you have insurance and are pulled over for speeding, you won't get "points"
on your license.
Q:
Which of the following people is MOST likely to be a victim of identity theft?
ANS: Chelsea, who regularly checks her bank account balance while connected to
the WiFi at her local cafe
Q:
Which description of the difference between saving and investing is MOST accurate?
ANS: 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.
Q:
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?
ANS: Taxes, social security, and Medicare are being deducted from her pay.
Q:
Each of the following is a benefit of using online and mobile banking EXCEPT..
ANS: You can eliminate overdraft fees.
Q:
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?
ANS: Pay it toward his credit card bill, because it has the highest interest rate
Q:
Which one of the following strategies will result in your paying NO interest to the credit
card company?
