QL SP 2025 Final

Last updated 22 days ago

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Lena is buying a used car and plans to take out an auto loan. Which statement is correct?

Her principal is the loan amount after subtracting any down payment

Her interest rate is the total cost she pays for the car

A shorter loan term means a longer repayment schedule

Her monthly payment will likely be 10-12% of the car’s price

Marco is making a budget for the first time. Should he use net pay or gross pay?

Net pay, since it’s what he actually takes home after deductions

Gross pay, since it includes only his rent and utility bills

Net pay, since it’s before taxes are taken out

Gross pay, since that’s what’s reported on his pay stub

Why is it helpful for Tasha to send a personalized thank-you after her job interview?

She can express regret about mistakes she made

It lets her build on key topics discussed and leave a lasting impression

She can restate her salary expectations

It allows her to list new references

Which of the following is considered a tax credit, rather than a tax deduction?

Donating to a qualified charity

Claiming interest on a student loan

Contributing to a traditional IRA

Receiving the Child Tax Credit

Which of the following is NOT true about secured credit cards?

The credit limit depends on your security deposit

They’re useful for building credit history

They’re a high-risk product for banks

They’re typically used by those with limited credit

Jordan buys concert tickets using his checking account. Which payment method reduces his checking balance?

A prepaid card

His credit card

His debit card (run as "credit")

Cash from his wallet

Tyrell’s renters insurance premium is $20/month, and his deductible is $400. After a break-in causes $1,500 in damages, what happens?

Tyrell pays $0; insurance pays $1,500

Tyrell pays $400; insurance pays $1,100

Tyrell pays $20; insurance pays $1,500

Tyrell pays $400; insurance pays $1,500

Dina is filling out her W-4 form at her new job. What will this form determine?

The exact amount of her annual salary

How much her employer contributes to her 401(k)

How much federal income tax is withheld from each paycheck

Whether she qualifies for a tax refund at the end of the year

If you invest $1,000 at 1% compound interest annually for 10 years, what will you have?

Exactly $1,100

Slightly more than $1,100

Around $2,000

Exactly $11,000

What’s NOT found in a credit report?

Total number of credit accounts

Slightly more than $1,100

Savings account balance

Age of credit history

Which of the following is the least effective strategy when choosing a bank or credit card?

Reviewing the fine print and checking for fees

Comparing multiple options

Choosing based only on sign-up bonuses

Reading reviews that align with your needs

Four teens bought $1,200 of gear for college on credit cards. Who pays the least interest?

Tyler, who pays $200 per month

Ava, who makes the minimum payment

Malik, who pays the full balance after one month

Jonah, who pays $400 per month

Target Date Funds are useful for beginner investors because...

They offer guaranteed retirement income

They are insured by the government

They automatically adjust risk over time

They invest evenly in stocks and crypto

Amari just received her W-2 form in the mail. What is the purpose of a W-2 form?

It shows how much interest she earned from her savings account

It provides a summary of her wages and the taxes withheld during the year

It is used to claim dependents on her tax return

It verifies her employment eligibility

What does liability coverage on an auto insurance policy pay for?

Your car if it’s vandalized

A new windshield if it’s broken

Damages you cause to another’s property

Your hospital bills if you are at fault

Which is NOT an example of a dark pattern?

Requiring several steps to cancel an account

A timer urging you to “buy now”

Clear “unsubscribe” links in emails

Misleading button placement causing accidental purchases

Who is saving, not investing?

Nina, who puts $600/month in a savings account

Rick, who buys shares of a mutual fun

Jo, who buys government bonds

Clara, who uses a robo-advisor to build a portfolio

What belongs in a resume?

Career goals and interests

Detailed personal story

Education, skills, and experience

Medical history

Which of these is NOT deducted from Kim’s paycheck?

Social Security

Medicare

Federal taxes

Library fines

Luis just got a new smartphone. What’s a major benefit of mobile banking?

All bank fees are waived

You can deposit checks via phone

Mobile banking locks out desktop banking

Setup fees are usually $10 or more

Vivian just started her full-time job. What tax form will she complete in her first week?

W-2

W-4

1099

I-9

Chris earns $3,200/month. His expenses: rent $1,100, car $700, insurance $250, food $400, loans $600, and entertainment $300. What's the result?

Budget surplus of $150

Budget deficit of $150

Total budget of $6,000

Exactly balanced budget

What is comparison shopping?

Comparing two unrelated purchases

Comparing your purchase to a friend’s

Comparing features and prices before buying

Waiting for prices to drop before purchasing

How can Grace protect herself from identity theft?

Use public Wi-Fi to log in to her bank

Ignore suspicious charges

Monitor her bank transactions regularly

Recycle documents without shredding

Rafael just got a raise. If his goal is to save on interest, which debt should he tackle first?

Credit card at 22% APR

Auto loan at 7% APR

Federal loan at 4% APR

Private student loan at 10% APR

Lena is buying a used car and plans to take out an auto loan. Which statement is correct?

Her principal is the loan amount after subtracting any down payment

Her interest rate is the total cost she pays for the car

A shorter loan term means a longer repayment schedule

Her monthly payment will likely be 10-12% of the car’s price

Marco is making a budget for the first time. Should he use net pay or gross pay?

Net pay, since it’s what he actually takes home after deductions

Gross pay, since it includes only his rent and utility bills

Net pay, since it’s before taxes are taken out

Gross pay, since that’s what’s reported on his pay stub

Why is it helpful for Tasha to send a personalized thank-you after her job interview?

She can express regret about mistakes she made

It lets her build on key topics discussed and leave a lasting impression

She can restate her salary expectations

It allows her to list new references

Which of the following is considered a tax credit, rather than a tax deduction?

Donating to a qualified charity

Claiming interest on a student loan

Contributing to a traditional IRA

Receiving the Child Tax Credit

Which of the following is NOT true about secured credit cards?

The credit limit depends on your security deposit

They’re useful for building credit history

They’re a high-risk product for banks

They’re typically used by those with limited credit

Jordan buys concert tickets using his checking account. Which payment method reduces his checking balance?

A prepaid card

His credit card

His debit card (run as "credit")

Cash from his wallet

Tyrell’s renters insurance premium is $20/month, and his deductible is $400. After a break-in causes $1,500 in damages, what happens?

Tyrell pays $0; insurance pays $1,500

Tyrell pays $400; insurance pays $1,100

Tyrell pays $20; insurance pays $1,500

Tyrell pays $400; insurance pays $1,500

Dina is filling out her W-4 form at her new job. What will this form determine?

The exact amount of her annual salary

How much her employer contributes to her 401(k)

How much federal income tax is withheld from each paycheck

Whether she qualifies for a tax refund at the end of the year

If you invest $1,000 at 1% compound interest annually for 10 years, what will you have?

Exactly $1,100

Slightly more than $1,100

Around $2,000

Exactly $11,000

What’s NOT found in a credit report?

Total number of credit accounts

Slightly more than $1,100

Savings account balance

Age of credit history

Which of the following is the least effective strategy when choosing a bank or credit card?

Reviewing the fine print and checking for fees

Comparing multiple options

Choosing based only on sign-up bonuses

Reading reviews that align with your needs

Four teens bought $1,200 of gear for college on credit cards. Who pays the least interest?

Tyler, who pays $200 per month

Ava, who makes the minimum payment

Malik, who pays the full balance after one month

Jonah, who pays $400 per month

Target Date Funds are useful for beginner investors because...

They offer guaranteed retirement income

They are insured by the government

They automatically adjust risk over time

They invest evenly in stocks and crypto

Amari just received her W-2 form in the mail. What is the purpose of a W-2 form?

It shows how much interest she earned from her savings account

It provides a summary of her wages and the taxes withheld during the year

It is used to claim dependents on her tax return

It verifies her employment eligibility

What does liability coverage on an auto insurance policy pay for?

Your car if it’s vandalized

A new windshield if it’s broken

Damages you cause to another’s property

Your hospital bills if you are at fault

Which is NOT an example of a dark pattern?

Requiring several steps to cancel an account

A timer urging you to “buy now”

Clear “unsubscribe” links in emails

Misleading button placement causing accidental purchases

Who is saving, not investing?

Nina, who puts $600/month in a savings account

Rick, who buys shares of a mutual fun

Jo, who buys government bonds

Clara, who uses a robo-advisor to build a portfolio

What belongs in a resume?

Career goals and interests

Detailed personal story

Education, skills, and experience

Medical history

Which of these is NOT deducted from Kim’s paycheck?

Social Security

Medicare

Federal taxes

Library fines

Luis just got a new smartphone. What’s a major benefit of mobile banking?

All bank fees are waived

You can deposit checks via phone

Mobile banking locks out desktop banking

Setup fees are usually $10 or more

Vivian just started her full-time job. What tax form will she complete in her first week?

W-2

W-4

1099

I-9

Chris earns $3,200/month. His expenses: rent $1,100, car $700, insurance $250, food $400, loans $600, and entertainment $300. What's the result?

Budget surplus of $150

Budget deficit of $150

Total budget of $6,000

Exactly balanced budget

What is comparison shopping?

Comparing two unrelated purchases

Comparing your purchase to a friend’s

Comparing features and prices before buying

Waiting for prices to drop before purchasing

How can Grace protect herself from identity theft?

Use public Wi-Fi to log in to her bank

Ignore suspicious charges

Monitor her bank transactions regularly

Recycle documents without shredding

Rafael just got a raise. If his goal is to save on interest, which debt should he tackle first?

Credit card at 22% APR

Auto loan at 7% APR

Federal loan at 4% APR

Private student loan at 10% APR