CCR Final Exam Study Guide
Study online at https://quizlet.com/_hjundj
1. Which should you use when creating a budget - your NET PAY or GROSS
PAY?: Net pay, because it's the total amount you've earned minus taxes and other deductions
2. How can you improve your credit score?: Pay all of your bills on time
3. Which of the following is a method of accessing the money in your checking
account?: Insert your debit card at a store and sign the electronic machine or paper receipt
4. In order to qualify for financial aid, prospective college students must file
their _____________.: FAFSA
5. When making a decision about a financial product (loan, savings account,
credit card, etc.), which of these pieces of advice is LEAST valuable?: Simply choose
the option that your parents use
6. Which of the following will result in you paying the LARGEST amount of
interest to the credit card company?: Making the minimum payment every month
7. When it comes to paying for college, your best option is...: A grant or scholarship,
because you don't repay them
8. Which of the following statements about car insurance is TRUE?: If you have
insurance and are pulled over for speeding, you won't get "points" on your license.
9. Which of the following people is MOST likely to be a victim of identity theft?-
: Chelsea, who regularly checks her bank account balance while connected to the WiFi at her local cafe
10. Which description of the difference between saving and investing is MOST
accurate?: 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.
11. 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?: Taxes, social security, and Medicare are being
deducted from her pay.
12. Each of the following is a benefit of using online and mobile banking EX-
CEPT..: You can eliminate overdraft fees.
13. 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?: Pay it toward his credit card bill, because it has
the highest interest rate
1/7
, CCR Final Exam Study Guide
Study online at https://quizlet.com/_hjundj
14. Which one of the following strategies will result in your paying NO interest
to the credit card company?: Paying off your entire balance every month by the due date
15. 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?: His gross pay is $3,000 and
net pay is $2,500.
16. The purpose of a 1040 form is to...: File your annual income tax return
17. 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: School A
18. 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?: He should file this fall regardless of what he decides; that
way he has an opportunity for financial aid just in case.
19. Ryan has a major problem of overspending from each of his paychecks,
even though his ultimate goal is to be saving money for college. His friend
Sydney says Ryan's problem is that he's too worried about "keeping up with
the Joneses." What does Sydney mean by this?: Ryan is buying too many material things or
spending too much on experiences so that he feels on par with his peers.
20. You're headed to college and want to open a checking account as well as a
savings account. Which of these questions is LEAST important to ask?: Does the
bank you're considering also have an investments division that can help you compound your money quickly?
21. When using online and mobile banking, which of these is a smart tip to keep
your account safe?: Choose clever and secure usernames and passwords, and keep them secret.
22. Which represents the most accurate description of how credit cards differ
from loans?: Credit card payments typically vary from month to month, whereas loan payments typically remain
the same (as long as interest rates remain constant).
23. Marcia works a part-time job during her junior and senior years of high
school. Although her main goal is to save enough for a really nice laptop, she'd
2/7
Study online at https://quizlet.com/_hjundj
1. Which should you use when creating a budget - your NET PAY or GROSS
PAY?: Net pay, because it's the total amount you've earned minus taxes and other deductions
2. How can you improve your credit score?: Pay all of your bills on time
3. Which of the following is a method of accessing the money in your checking
account?: Insert your debit card at a store and sign the electronic machine or paper receipt
4. In order to qualify for financial aid, prospective college students must file
their _____________.: FAFSA
5. When making a decision about a financial product (loan, savings account,
credit card, etc.), which of these pieces of advice is LEAST valuable?: Simply choose
the option that your parents use
6. Which of the following will result in you paying the LARGEST amount of
interest to the credit card company?: Making the minimum payment every month
7. When it comes to paying for college, your best option is...: A grant or scholarship,
because you don't repay them
8. Which of the following statements about car insurance is TRUE?: If you have
insurance and are pulled over for speeding, you won't get "points" on your license.
9. Which of the following people is MOST likely to be a victim of identity theft?-
: Chelsea, who regularly checks her bank account balance while connected to the WiFi at her local cafe
10. Which description of the difference between saving and investing is MOST
accurate?: 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.
11. 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?: Taxes, social security, and Medicare are being
deducted from her pay.
12. Each of the following is a benefit of using online and mobile banking EX-
CEPT..: You can eliminate overdraft fees.
13. 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?: Pay it toward his credit card bill, because it has
the highest interest rate
1/7
, CCR Final Exam Study Guide
Study online at https://quizlet.com/_hjundj
14. Which one of the following strategies will result in your paying NO interest
to the credit card company?: Paying off your entire balance every month by the due date
15. 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?: His gross pay is $3,000 and
net pay is $2,500.
16. The purpose of a 1040 form is to...: File your annual income tax return
17. 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: School A
18. 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?: He should file this fall regardless of what he decides; that
way he has an opportunity for financial aid just in case.
19. Ryan has a major problem of overspending from each of his paychecks,
even though his ultimate goal is to be saving money for college. His friend
Sydney says Ryan's problem is that he's too worried about "keeping up with
the Joneses." What does Sydney mean by this?: Ryan is buying too many material things or
spending too much on experiences so that he feels on par with his peers.
20. You're headed to college and want to open a checking account as well as a
savings account. Which of these questions is LEAST important to ask?: Does the
bank you're considering also have an investments division that can help you compound your money quickly?
21. When using online and mobile banking, which of these is a smart tip to keep
your account safe?: Choose clever and secure usernames and passwords, and keep them secret.
22. Which represents the most accurate description of how credit cards differ
from loans?: Credit card payments typically vary from month to month, whereas loan payments typically remain
the same (as long as interest rates remain constant).
23. Marcia works a part-time job during her junior and senior years of high
school. Although her main goal is to save enough for a really nice laptop, she'd
2/7
