Personal Finance Final Jeopardy 100 200 300 400 500 100 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 GoalsCareer/collegeBudgetingBankingCredit/Taxes.

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QuestionAnswer

Goals –100

• QUESTION: Which is considered a NEED– Car, clothes dryer, place to sleep, lunch at a

restaurant

• ANSWER: Place To Sleep!

QuestionAnswer

Goals–200

• QUESTION: A value can be described as

• ANSWER: a belief or idea you consider important or desirable

QuestionAnswer

Goals–300

• QUESTION: Lisa will buy two new car tires three months from now before taking a trip. Each tire costs $75. How long will she need to plan to achieve her goal?

• ANSWER: Short Term Goal

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Goals –400 • QUESTION: When making a SMART goal

you want your goal to be• S-• M-• A-• R-• T-• ANSWER: Specific, Measurable, Attainable,

Realistic and Time Bound

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Goals –500 • QUESTION: Put the following steps on a financial plan in

the correct order

•  _____Establish your criteria• _____Consider the pros and cons• _____Make your decision• _____Identify your goal-1• _____Evaluate your results• _____Examine your options

• ANSWER: 2, 4, 5, 1, 6, 3

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• QUESTION: {true or false}– When you finally get the job of your dreams,

you can expect to have that job the rest of your life.

• ANSWER: False

College–100

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Careers–200

• QUESTION: What is one of the most valuable employee benefits?

• ANSWER: An employer-sponsored retirement plan

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Career–300

• QUESTION: Employee benefits typically cost an employer what percentage of your pay?

• ANSWER: Between 10% and 17%

QuestionAnswer

Career–400

• QUESTION: On average, a person with a college degree earns ____ compared to a person with a high school degree

• ANSWER: almost double

QuestionAnswer

Career –500

• QUESTION: Draw a venn diagram comparing a Career to a Job

• • ANSWER:

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Budgeting–100

• QUESTION: Give 3 examples of income

• ANSWER:

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Budgeting–200

• QUESTION: An amount of money spent to buy something or do something that is the exact same amount every time is know as a

• ANSWER: Fixed expense

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Budgeting–300

• QUESTION: Money taken out of a paycheck by an employer to pay for taxes, health insurance, and other payments is know as

• ANSWER: Payroll deductions

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Budgeting –400

• QUESTION: What is the purpose of Form W-2?

• ANSWER: To itemize how much money was earned by an employee and how much was withheld and sent to the Internal Revenue Service (IRS)

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Budgeting –500

• QUESTION: What is the purpose of Form W-4?

• ANSWER: To allow the employer to withhold federal income taxes from an employee’s wages

QuestionAnswer

Banking–100

• QUESTION: {true or false} Using a credit card for purchases is a low-interest way to buy now and pay later

• ANSWER: True

QuestionAnswer

Banking–200

• QUESTION: {true or false}When you use a debit card, you give your bank permission to immediately remove money from your checking account.

• ANSWER: True

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Banking–300

• QUESTION: The maximum amount you can charge on a credit card is called

• ANSWER: Credit Limit

QuestionAnswer

Banking–400

• QUESTION: A financial institution that is owned by it’s members that provides savings and checking accounts and other services to its membership at low fees.

• ANSWER: Credit Union

QuestionAnswer

Banking–500

• QUESTION: If you “bounce” a check when you make a purchase at a clothing store, what could happen?

• ANSWER: you can get charged by the store, and your bank and your credit score is lowered

QuestionAnswer

Credit/Taxes-100

• QUESTION: {true or false} If you pay off your full balance on a credit card at the end of the month, you will not be charged interest.

• ANSWER: true

QuestionAnswer

Credit/Taxes-200

• QUESTION: A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower

• ANSWER: Credit Score

QuestionAnswer

Credit/Taxes-300

• QUESTION: If you are under-age or you do not have the qualifications for credit, you have an option to still obtain credit if you have a

• ANSWER: Co-Signer

QuestionAnswer

Credit/Taxes -400

• QUESTION: List the 4 C’s of Credit

– ANSWER: Collateral, Capital. Capacity. Character

QuestionAnswer

Credit/Taxes -500

• QUESTION: What is a progressive tax?

• ANSWER: A tax that takes a larger percentage of income from high-income groups than from low-income groups.