Financial Wellness Pre-Assessment

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What percentage of your monthly budget should be allocated to rent/mortgage?

$1,000

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How is Social Security and Medicare calculated?

10.4% of gross income

$125.75

7.65% of gross income

Lesser of A and B

Other:

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Which of these isn't used to calculate net worth?

Market value of your home

Mortgage balance

Value of 401K

Credit Card Debt

All the Above are used to calculate Net Worth

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Which of these builds wealth?

Credit cards

Home ownership

Leased Vehicles

Investing on Margin

Buying a Brand New Car

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What strategy is an effective way to build adequate financial resources for a family to pay for college tuition?

Opening a 529 College Savings Plan in the first year of the child's birth

Taking a greater risk by purchasing speculative stocks until a child is age 10

Reducing taxes by investing money in mutual funds

Increasing contributions to Social Security

Hoping that your child will get a Sports Scholarship

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Which person listed above is likely to have the greatest number of payroll tax exemptions which lowers taxable income? Mr. Chu - Married with two children, contributes to a retirement plan. Mr. Ortiz - Singe, age 35, rents an apartment. Ms. Lalio - Single, age 58, contributes to Roth IRA. Ms. Feldman - Married, no children, rents a house

Mr. Chu

Mr. Ortiz

Ms. Lalio

Ms. Feldman

None of the Above

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Which of the following is the best advice for a student with college loans?

After graduation, have a budget that includes money for paying more on the loan than is required monthly

Get a full time job with a large company that has a tuition reimbursement policy for its employees

Refinance the loan by transferring the amount of money owed to a credit card with a low-interest rate

After ten years of working, if the loan is not fully repaid apply for personal bankruptcy

Ask for Forgivness

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What is the opportunity cost of a person selling her stocks and bonds worth $5,000 to spend on a winter vacation?

Loss of the ability to go out of town during the cold weather

Loss of the chance for the money to grow in value

Ability to have a balanced budget

There is none since they are equal opportunities

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When selecting a financial planner for advice, it is important to know the

person's age

whether the person has a license or certification

credit history of the person

discount being offered by the person to new clients

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A person who owns a house needs to reduce her monthly expenses. Which of the following is good advice to help her save money?

Reduce the amount of waste thrown away

Make purchases for home products online

Get a roommate

Pay home repair bills with a debit card

Renovating your front and back yard to make it more attractive for your guests

Clear selection

A suggested amount of savings in order to pay for emergencies is

1 month of living expenses

$1,000

6 months of variable expenses

3-9 months of living expenses

Half of your Annual Income

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The result of 4% inflation on the value of money when bank interest rates are 2% is that

the value of the money increases at a faster rate

consumers are able to buy more than they did last year

the value of the money doubles at a faster rate

Consumers are able to buy Less than they did last year

You taking out all the money from your bank account and keep it under a mattress

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Maintaining organized records for income and expenses is important in order for a person to know where his or her money is going. What is an effective strategy?

Request a free annual credit report from he Internal Revenue Service

Track monthly income and spending in a notebook or spreadsheet

Get help by hiring someone

Open a checking account at a bank and review the monthly statements

Only use Credit Card for your purchases

Clear selection

Banks and other companies are willing to issue credit cards because these financial institutions

make money on the interest they charge on unpaid balances

own credit counseling agencies

are required by recent laws to make money available

are responsible for keeping inflation low

They want you to have a good credit

Clear selection

A person has three credit cards with a total of $15,000 owed and a credit score of 500. She does not have a savings account and wants to improve her credit score and decrease her debt. What is the first thing she should do to address her problem?

Ask her employer for a payday loan to help pay the outstanding debts

Choose the credit card with the highest interest rate and only pay that card's invoice monthly

File for bankruptcy if she is less than 30 years old

Contact credit card companies to negotiate a lower interest rate and a repayment plan

Find a higher paying job

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A person's credit report includes his

medical history and driving record

history of loans and credit activities

retirement and savings account balances

cost of insurance premiums and amount of federal tax refunds

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Which of these is an example of collateral?

Real estate

Personal check

Vehicle that is almost paid off

Bank credit card

Term life insurance

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The feature of a fixed-rate mortgage loan that is different from a variable-rate mortgage loan is that the fixed-rate mortgage has

a down payment on the loan is 30% of the selling price of the home

a down payment on the loan is only 5% of the selling price of the home

an interest rate that remains the same throughout the length of the loan

an interest rate that changes annually throughout the length of the loan

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How does credit help borrowers?

Borrowing is not on a person’s credit report until all payments are made

A person can buy a big ticket item on credit and use it while paying for it

Buying on credit helps a person increase his or her credit score

A person who borrowers can satisfy her wants and needs without concern

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A person bought 100 shares of stock for $6,000. After selling these 100 shares for $10,000 the investor is

prohibited from buying stocks for a period of 6 months

required to report the sale to the Securities and Exchange Commission (SEC)

responsible to report the $4,000 profit on his federal tax return

unable to collect the money until a broker finds a buyer

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Which of the following people can take the greatest amount of investment risk?

A married couple who have teenage children and a high interest rate mortgage

A single person with a full time job earning minimum wage

An elderly couple whose only income is social security

A young, single, college graduate with a leadership position at work

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Which of the following is a correct calculation of simple interest on $1,000 at the end of one year?

3%= $30 or $1,030

4%= $400 or $1,400

5%= $150 or $1,150

6%= $600 or $1,600

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Which of the following is an advantage of opening a Roth Individual Retirement Account (IRA) as a young person with a full time job?

The money in the account can be used to pay income taxes

It is a convenient way to save money for a vacation

The money can be used to pay credit card debt if monthly expenses are high

Your investment will grow post-tax

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