Professional Documents
Culture Documents
A. 21
B. 18
D. 25
A. Debit cards take funds from your account in real time; credit cards are
billed later
B. Debit cards are billed later; credit cards take funds from your account
in real time
C. Credit cards are for people age 40 and older; debit cards are for
younger people
D. Debit cards can only be used online; credit cards can be used at the
register
A. Federal loans
B. Private loans
A. 5%
B. 10%
C. 50%
D. 75%
C. The total amount you’ll pay over the course of the loan
D. The name of the bank that provides you with the loan
A. Total fees
B. Interest rate
C. Length of repayment
D. All of the above
A. Additional fees
C. Money you earn on both the money you’ve saved and your account’s
accumulated interest
A. Gross pay is what you bring home after taxes; net pay is before taxes
B. Gross pay is before taxes; net pay is what you bring home after taxes
C. Gross pay is when you’re not happy with your salary; net pay is when
you are happy
D. Gross pay is when you get an advance on your paycheck; net pay is
when you get your paycheck at the normal time
A. 580
B. 670
C. 740
D. 820
Answer Key
1. C
2. A
3. D
4. D
5. B
6. A
7. D
8. C
9. B
10. D
Most of our Personal Finance lessons end with 4-6 “Challenge Questions” – you can find a list of
all questions here.
Budgeting
Original Lesson: https://www.personalfinancelab.com/personal-finance/budgeting/
IRS Audits
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/irs-
audits/
Original lesson: https://www.personalfinancelab.com/personal-finance/when-to-hire-a-tax-
professional/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/tax-
additions/
1. What other items, other than you initial income from your paycheck can be taxed?
2. What is a W-2 or 1099?
3. In your opinion, should people pay taxes? If so, why. If not, why not?
4. Using examples, explain what Capital gains is.
Buying a Car
Original lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
buying-a-car/
Mortgages
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
mortgages/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
investing-strategy/
1. Using examples from the lesson, explain what is meant by the term Liquid.
2. If you were given $100,000 today, how would you invest it and why?
3. Are there any risks with any of these investments?
4. Why is it important to diversify?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
consumerism-rights-and-responsibilities/
Original Lesson: https://www.personalfinancelab.com/personal-finance/credit-using-borrowed-
money/
Credit Cards
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
credit-cards/
Original Lesson: https://www.personalfinancelab.com/personal-finance/credit-reports/
Original Lesson: https://www.personalfinancelab.com/personal-finance/good-debt-bad-debt/
1. In your own words, explain the difference between good debt and bad debt.
2. How might good debt become bad debt?
3. How can emotions cause you to increase your debt?
4. When refinancing homes, what risks should people be aware of?
5. Are there ways in which people can take to minimize their debt?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
income-and-compensation/
Managing Debt
Original Lesson: https://www.personalfinancelab.com/personal-finance/managing-debt/
ADMIN GUIDES
Most of our Personal Finance lessons end with 4-6 “Challenge Questions” – you can find a list of
all questions here.
Budgeting
Original Lesson: https://www.personalfinancelab.com/personal-finance/budgeting/
IRS Audits
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/irs-
audits/
Original lesson: https://www.personalfinancelab.com/personal-finance/when-to-hire-a-tax-
professional/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/tax-
additions/
1. What other items, other than you initial income from your paycheck can be taxed?
2. What is a W-2 or 1099?
3. In your opinion, should people pay taxes? If so, why. If not, why not?
4. Using examples, explain what Capital gains is.
Buying a Car
Original lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
buying-a-car/
1. What are the advantages and disadvantages of buying a new car?
2. In your opinion, is having a new or used car better for you and why?
3. Using examples, what do you understand by the term depreciation?
4. If you are to lease or take out a loan to buy a car, how does the down payment affect your
payments?
5. Would you rather have a bigger down payment and a smaller monthly payment, or a small down
payment and a larger monthly payment?
Mortgages
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
mortgages/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
investing-strategy/
1. Using examples from the lesson, explain what is meant by the term Liquid.
2. If you were given $100,000 today, how would you invest it and why?
3. Are there any risks with any of these investments?
4. Why is it important to diversify?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
consumerism-rights-and-responsibilities/
Original Lesson: https://www.personalfinancelab.com/personal-finance/credit-using-borrowed-
money/
Credit Cards
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
credit-cards/
Credit Reports
Original Lesson: https://www.personalfinancelab.com/personal-finance/credit-reports/
Original Lesson: https://www.personalfinancelab.com/personal-finance/good-debt-bad-debt/
1. In your own words, explain the difference between good debt and bad debt.
2. How might good debt become bad debt?
3. How can emotions cause you to increase your debt?
4. When refinancing homes, what risks should people be aware of?
5. Are there ways in which people can take to minimize their debt?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
income-and-compensation/
Managing Debt
Original Lesson: https://www.personalfinancelab.com/personal-finance/managing-debt/
Original Lesson: https://www.personalfinancelab.com/personal-finance/planning-for-retirement/
Short-Term Financing
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
short-term-financing/
1. In your own words, explain with examples what short term financing is.
2. How are credit cards and payday loan similar?
3. How can missing a payment on your credit card or loan be a problem for you?
4. How might buying something when you can outright afford it without the need for credit help
you with your finances?
Types Of Insurance
Original Lesson: https://www.personalfinancelab.com/glossary/what-is-insurance/
Car Insurance
Original Lesson: https://www.personalfinancelab.com/personal-finance/car-insurance/
Homeowner’s Insurance
Original Lesson: https://www.personalfinancelab.com/personal-finance/homeowners-insurance/
Renter’s Insurance
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
renters-insurance/
Health Insurance
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
health-insurance/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/life-
insurance/
1. List all the different types of Insurance mentioned in the text above.
2. Why might someone consider a Life insurance policy?
3. How can Life insurance be an investment?
4. Would you consider a Life insurance policy later on in your life? If so why? If not, why not?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
planning-long-term-purchases/
1. Using examples from your own life, explain what opportunity cost is.
2. Why should depreciation be a consideration when purchasing a product?
3. In the text above, what is meant by the real cost?
4. Explain what you understand by the term amortization and how would you explain it to someone
else using an example?
Consolidating Debt
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
consolidating-debt/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/debt-
management-services/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/debt-
negotiation/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
effectively-juggling-bills/
1. What reasons might there be that could cause someone to miss paying a bill?
2. In your opinion, how important is it to have an emergency fund?
3. After reading the text, would you pay a small amount to each creditor or prioritize and look to
eliminate one bill at a time?
4. What are some of the effects of paying your bills late?
Researching Purchases
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
researching-purchases/
Family Planning
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
family-planning/
1. How might budgeting help parents with being able to afford to raise a child?
2. How does your expense structure change with the different ages and stages of raising a child?
3. Other than the actual cost of paying to raise a child, what other non financial factors should also
be considered in raising a child?
4. Are there any programs are out there, both government and private that are there to assist families
and children in times of financial and emotional need?
Bankruptcy
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
bankruptcy/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
budgeting-spending-strategies/
1. Why is it important to have an idea of how much you receive and spend each month?
2. How might paying yourself first (saving first before spending) help your cashflow and budget?
3. What are the advantages and disadvantages of having an overdraft?
4. It has been said that to have more money, you need to go out and earn more, or cut costs. Which
would you prefer to do and why?
5. What is the opportunity of working more hours?
6. Is it possible to relate value of money to time spent working?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/pay-
yourself-first/
1. What do you understand by the concept Pay Yourself First or sometime known as Save first,
before you spend?
2. How might this help you budget?
3. If you were going to start Paying Yourself First today, how would you go about it?
4. What are the advantages of Paying Yourself First?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
unemployment-assistance-programs/
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
accounting-for-automatic-payments/
Building Wealth
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
building-wealth/
1. In order to build worth, you have to learn to manage your money and save some of the money
that you earn. Is this true, and if so why?
2. How might your career over time help you build your wealth?
3. Does earning more money guarantee to build wealth? If so , why? If not, why not?
4. Why should you have a savings account and a checking account, rather than having one single
account?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
spending-shocks/
1. What do you understand by the term Rainy-Day Fund or otherwise known as an Emergency
Fund?
2. How would having a Rainy-Day Fund be beneficial for you and your family?
3. Opportunity costs, is the cost of choosing one thing over another. How might this concept benefit
you when spending?
4. How might regular budgeting and spending assessment help you with your cash flow and
savings?
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
work-versus-study/
Original Lesson: https://www.personalfinancelab.com/personal-finance/credit-using-borrowed-
money/
Original Lesson: https://www.personalfinancelab.com/personal-finance/protecting-against-fraud/
Sales Tax
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/all-
about-sales-tax/
What is Wealth?
Original Lesson: https://www.personalfinancelab.com/glossary/wealth/
1. What assets do you currently own? How could those assets help you accumulate wealth for your
future?
2. Setting goals to build wealth are truly key to helping you have a successful, happy future. You
don’t have to be filthy rich. You just need enough money to support the lifestyle you’d like to
live. Thinking about your future, what is one financial goal you’d like to have for yourself in your
20’s? What choices would help you reach that goal? (Students could choose from a goal for their
20’s, 30’s, 40’s, etc.)
What is Money?
Original Lesson: https://www.personalfinancelab.com/glossary/money-types-of-stored-value-2/
1. As technology continues to evolve in our society, it is possible that the way we store our money
and pay for transactions will change. What do you think that process might look like 15 years
from now?
2. What additional security measures do you see happening in the future in order to keep scammers
from fraudulently stealing people’s money?
3. Describe your experience with using the different financial tools you learned about in this lesson.
Spending Plans
Original Lesson: https://www.personalfinancelab.com/glossary/spending-plan-2/
1. Suppose your friend got her first job and she wants to save for a new car. Explain how having a
spending plan would help her reach that goal.
2. Why is it important that you review your spending plan regularly?
3. What are three life events that could impact your spending plan? For each event, explain how
YOU would adjust your plan.
4. Explain the relationship between a spending plan and building wealth.
Reconciling Accounts
Original Lesson: https://www.personalfinancelab.com/finance-knowledge/personal-finance/
reconciling-accounts/
Original Lesson: https://www.personalfinancelab.com/personal-finance/receipts-keeping-and-
tossing/
1. When was the last time you received a receipt. Did you check it and did you keep it?
2. Have you ever received the wrong change?
3. Have you ever returned a product to a store. Were you asked for a receipt?
4. Why might the IRS expect you to keep receipts?
5. How might keeping your receipts help you with your spending plan?
Original Lesson: https://www.personalfinancelab.com/a-g/banks-credit-unions-and-savings-loan-
institutions/
1. Based on your current income (or future) income from a part-time job while in high school,
explain which financial institution would be the best fit for you. Include at least three reasons
why you would make that choice.
2. Your uncle wants to start his own business but needs to borrow money in order to do that. What
advice would you give him about the type of financial institution most likely to work with him?
3. You have your first part-time job and are working 20 hours per week. Your parents have asked
you to be responsible for paying for your cell phone bill, your car insurance, and for putting gas
in the car. They would also like you to start saving for college expenses. Explain how you would
use a savings account and a checking account to help manage your finances.
4. List 3 National Banks, 3 Credit Unions and 3 Savings and Loan Institutions near your home.
Debit Cards
Original Lesson: https://www.personalfinancelab.com/personal-finance/debit-credit-cards-
without-credit/