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Personal Finance Summer 2019

Question 1 of 3

Q1 . On the statement below, how might the "Out of Network ATM fee" be avoided?

A By using the correct PIN number (passcode) when using your ATM card

B By taking out over $100 in cash when making a cash withdrawal

C By only using ATM machines from the specific bank in which you have a checking account

D By selecting an option on the ATM keypad for “free withdrawals”

Q2 . In the game "Spent," you had to choose how far away from your job you would live. What was the relationship between home/apartment costs and travel costs?

A The farther you moved from your job, the more expensive the housing costs, while travel costs stayed the same.

B As you move farther from your job, housing costs went down, but travel costs went up.

C The closer you are to your job, the lower the cost of housing and travel.

D Housing and travel costs don't change regardless how far you live from your job.

Q3 . True or false: If the bank where you have an account is Wells Fargo and you go to another bank's ATM machine, say Bank of America, you will be able to withdraw cash BUT the other bank will charge you a fee.

A True

B False

Q4 . When you make a purchase using a debit card, how much can you spend?

A There is no limit on what you can spend using a debit card

B The money can come from your friends’ accounts, so the more friends you have, the more you can spend

C The money comes from the balance in your checking account, so you can spend up to the amount you have in your account, but no more than that

D You can spend up to $20 per transaction

Q5 . True or false: People in the US with only a high school diploma have about the same unemployment rate as people who have earned a Bachelor's degree (four year college degree). Remember, the unemployment rate is the percentage of people who cannot find a job.

A True

B False

Q6 . On the statement below, what is the balance in the checking account on October 28, 2003?

A $36.76

B -$72.47

C $731.57

D $0.55

Q7 . True or false: Basic car insurance is legally required in order to drive a car.

A True

B False

Q8 . Using the chart below, how much more per week does someone earn who has graduated with a Bachelor's degree (four year college) than someone who graduated with a high school diploma? (choose one)

A The amounts are roughly the same

B $464

C $652

D $188

Q9 . When budgeting, we like to say "pay yourself first," which means put money in savings as a top priority. What is a good amount to save each month?

A 1-2% of your salary

B $10 per month

C 10% of your net salary, and more if you can.

D Whatever you have available after you have met all your needs and wants.

Q10 . When we did the budgeting exercise, we looked at apartment rentals in different cities. Select the answer below that best summarizes what we learned about apartment rentals. (Choose one answer)

A Most apartment rentals will cost $300-600 per person, regardless of where you live.

B You should reasonably expect that renting an apartment will cost between $500-$3,000, depending on where you live and how nice an apartment you get.

C In places like San Francisco or New York City, most people pay $6,000 per month or more for an apartment.

Q11 . Which of the following is NOT a way you can DEPOSIT money into your checking account?

A Going to a bank office and having a bank teller do it for you

B Through an ATM machine

C Direct deposit of your paycheck by your employer

D When you are buying something at a store with a debit card, the checkout person can make a deposit for you

E Electronic transfer from another account

Q12 . Which of the following is true regarding John's direct deposit (shown as "Payroll Deposit - HOTEL")? (Check ALL that apply)

A Every time John receives a direct deposit he has to pay the bank fees

B The direct deposit increases the balance in his account by the amount of the deposit

C The direct deposit amount is the amount of John’s gross salary (before taxes are taken out)

D The direct deposit is made every four weeks

Q13 . When we did Salary-based Budgeting, we looked at a gross salary amount, then we looked at how you have to pay taxes, medicare and social security (called FICA). The table below shows these calculations for an individual making $60,000 per year, which is $5,000 per month. In this case, the gross salary is $5,000 and the net salary is $3,659.50. Which amount would be deposited in your bank account (which amount is your "take home pay").

A $5,000

B $3,659.50

C Neither, it is impossible to know what will be deposited in your bank account.

Q14 . On the statement below, what is the total amount deposited in the bank account for the month?

A $694.81

B $1,515.63

C $1,442.61

D -72.47

Q15 . Roughly how much is a four year college degree worth over a 40 year career compared to having a high school diploma? (Remember, we calculated this value by calculating what 40 years of earnings would be for someone with a Bachelor's degree minus how much they would earn over 40 years if they only have a high school diploma.)

A $2.4 million

B Roughly $1 million ($965,120 to be precise)

C There is no difference

D $100,000

Q16 . What is the difference between "gross salary" and "net salary?" (Choose ALL that are correct)

A Net salary is your pay after all "needs" are met

B Net salary is your gross salary minus the amount the government takes out (taxes, social security and medicare)

C "Gross" and "net" are basically the same thing

D Gross refers to yearly salary and net means monthly

From Classroom to Quiz Stardom

When James Wilson first created a quiz on ancient civilizations for his high school history class, he never imagined it would lead to a side career as one of QuizMaker's most successful creators.

Three years and over 200 quizzes later, James's 'History Mysteries' series has amassed more than 2 million plays and a dedicated following of history enthusiasts from around the world.

Finding a Niche in Historical Puzzles

James's approach combines historical accuracy with engaging storytelling and problem-solving elements. 'I wanted to create quizzes that weren't just about memorizing dates and names,' he explains. 'Each quiz tells a story and invites players to solve a historical mystery or puzzle.'

This unique format has resonated with players who might not typically be drawn to history content, helping James build an audience beyond traditional history buffs.

Building a Community Around Historical Content

Beyond creating engaging quizzes, James has built a thriving community through his dedicated social media channels and a monthly newsletter where he shares historical facts, behind-the-scenes research, and previews of upcoming quizzes.

'The community aspect has been the most rewarding part,' James says. 'I receive messages from students saying my quizzes helped them develop a love for history, and from older adults who enjoy testing their knowledge and learning new things.'

Monetization Strategy

While James started creating quizzes as a teaching tool, they've now become a significant source of income. Through a combination of premium quizzes, sponsorships from educational companies, and affiliate marketing for history books and courses, he's been able to generate substantial revenue.

'Last year, my quiz income actually exceeded my teaching salary,' James reveals. 'It's allowed me to reduce my teaching hours and focus more on creating high-quality educational content.'