ID Number

Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?

You are covered by your parents’ insurance until you marry, regardless of your age.

If your parents become unemployed, your insurance coverage may stop, regardless of your age.

Young people don’t need health insurance because they are so healthy.

You continue to be covered by your parents’ insurance as long as you live at home, regardless of your age.

Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all of the money she saved. Which of the following is the safest place for her college money?

Locked in her closet at home.

Stocks.

Corporate bonds.

A bank savings account

Which of the following statements best describes your right to check your credit history for accuracy?

Your credit record can be checked once a year for free.

You cannot see your credit record.

All credit records are the property of the U.S. Government and access is only available to the FBI and Lenders.

You can only check your record for free if you are turned down for credit based on a credit report.

Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

When you need to buy a car to get a much better paying job.

When you really need a week vacation.

When some clothes you like go on sale.

When the interest on the loan is greater than the interest you get on your savings.

Many people put aside money to take care of unexpected expenses. If Juan and Elva have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away?

Invested in a down payment on a house.

Checking account

Stock

Savings account

If you are behind on your debt payments and go to a responsible credit counseling service such as the Consumer Credit Counseling Services, what help can they give you?

They can cancel anc cut up all of your credit cards without your permission.

They can get the federal government to apply your income taxes to pay off your debts.

They can work with those who loaned you money to set up a payment schedule that you can meet.

They can force those who loaned you money to forgive all your debts.

Which of the following best describes the primary sources of income for most people age 20-35?

Dividends and interest

Salaries, wages , tips

Profits from business

Rents

Chelsea worked her way through college earning $15,000 per year. After graduation, her first job pays $30,000. The total dollar amount Chelsea will have to pay in Federal Income taxes in her new job will:

Double, at least, from when she was in college.

Go up a little from when she was in college.

Stay the same as when she was in college.

Be lower than when she was in college.

Sara and Joshua just had a baby. They received money as baby gifts and want to put it away for the baby’s education. Which of the following tends to have the highest growth over periods of time as long as 18 years?

A checking account.

Stocks.

A U.S. Govt. savings bond.

A savings account.

David just found a job with a take-home pay of $2,000 per month. He must pay $900 for rent and $150 for groceries each month. He also spends $250 per month on transportation. If he budgets $100 each month for clothing, $200 for restaurants and $250 for everything else, how long will it take him to accumulate savings of $600.

3 months.

4 months.

1 month.

2 months.

Rob and Mary are the same age. At age 25 Mary began saving $2,000 a year while Rob saved nothing. At age 50, Rob realized that he needed money for retirement and started saving $4,000 per year while Mary kept saving her $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account?

They would each have the same amount because they put away exactly the same

Rob, because he saved more each year

Mary, because she has put away more money

Mary, because her money has grown for a longer time at compound interest

If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal law?

$500

$1000

Nothing.

$50

If you went to college and earned a four-year degree, how much more money could you expect to earn than if you only had a high school diploma?

About 10 times as much

No more; I would make about the same either way

A little more; about 20% more.

A lot more, about 70% more

If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?

An elderly retires man, with a wife who is also retired.

A young married man without children

A young single woman with two young children

A young single woman without childen.

Which of the following credit card users is likely to pay the greatest dollar amount in finance charges per year, if they all charge the same amount per year on their cards?

Jessica, who pays at least the minimum amount each month and more, when she has the money.

Vera, who generally pays off her credit card in full but, occasionally, will pay the minimum when she is short of cash.

Megan, who always pays off her credit card bill in full shortly after she receives it.

Erin, who only pays the minimum amount each month.

Which of the following statements is NOT correct about most ATM (Automated Teller Machine) cards?

You can generally get cash 24 hours-a-day.

You can generally obtain information concerning your bank balance at an ATM machine.

You can get cash anywhere in the world with no fee.

You must have a bank account to have an ATM Card.

Ann started a t-shirt business and her sales are growing at 20% per month. She pays for all her t-shirts when she places the order and gives her customers 30 days to pay for their shirts. All her other expenses, such as rent, phone and internet service are due at the beginning of each month. She has priced the shirts to make a 5% profit on each shirt. What do you see as a possible problem with Ann’s business?

There is none. She is growing and making a profit.

Ann is going to having a cash flow problem.

Ann is going to have to find a place to invest all the cash she will bring in.

Ann needs to grow her business at a faster rate.

When did you get your first credit card?

Before graduating high school

When I graduated from high school

When I started college.

During my first year in college

After completing my first year of college.

I don't have one yet.

Do you have a checking account?

Yes

No

Who prepares your income taxes?

I do it myself by hand

I do it myself using a computer program

A tax preparer

My parents

What is the highest level of education you expect to achieve?

Associate degree (two-year).

Bachelor degree (four-year).

Master’s degree.

Doctorate, law or professional (six year or more)

What is the highest level of schooling your father or mother completed?

Neither completed high school.

Completed high school.

Some college.

College graduate or more than college.

Don’t know.

When you finish your undergraduate education, how much do you expect to owe in student loans?

Nothing

Less than $5,000

$5,000 to $9,999

$10,000 to $19,999

$20,000 to $29,999

$30,000 to $49,999

$50,000 or more

When you start to work full-time, after you finish your education, how much do you expect to make per year before deductions for taxes and other items?

Under $30,000.

$30,000 to $39,999.

$40,000 to $49,999

$50,000 or more

Which of the following classes did you have in high school (CHECK ALL THAT APPLY)

An entire course in personal money management or personal finance

A portion of a course where at least a week was focused on personal money management or personal finance

An entire course in economics

A portion of a course where at least a week was focused on economics

A course in which we played a stock market game.

Which of the following classes have you had in college? (CHECK ALL THAT APPLY)

A semester-length course in personal money management or personal finance.

Coverage of money management or personal finance (including part of freshman orientation)

Economics

Finance

Accounting.

What is your class standing?

Freshman

Sophomore

Junior

Senior

Please detail any additional information that we need to be aware of.