This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 122 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 122 (26 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... are storage houses for people's money. A) Banks. B) Credits. C) Grants. D) None of above. Show Answer Correct Answer: A) Banks. 2. If an expense can be cut from your budget to save money, it is considered a ..... A) Savings. B) Need. C) Want. D) Income. Show Answer Correct Answer: C) Want. 3. To set aside income for a time so that you have it to use later A) Risk. B) Save. C) Mutual fund. D) Debit card. E) Time deposit. Show Answer Correct Answer: B) Save. 4. Why do we have to build a budget? A) To fulfill your own desires and needs. B) To solve a very necessary problem at a urgent time. C) All are correct . D) Both of the above ideas are wrong. Show Answer Correct Answer: C) All are correct . 5. If an employer has a "matching" program for your 401(k) that means: A) They match your salary to those in comparable companies. B) They will match the amount of stocks you buy in the company which you plan to put towards retirement. C) They will match your saving contributions in your stock options. D) They will put money into your retirement account up to a certain amount to match what you put into it. Show Answer Correct Answer: D) They will put money into your retirement account up to a certain amount to match what you put into it. 6. Read the following information to choose the card type: "Usage limit depends on the bank's creditworthiness towards the user." A) Credit Card Credit Card. B) Debit Card Debit Card. C) Both Credit Card and Debit Card. D) Visa card. Show Answer Correct Answer: A) Credit Card Credit Card. 7. Assessment Questions:1. What term means giving part of what you have to others? A) Spending. B) Budgeting. C) Donating. D) Savings. Show Answer Correct Answer: C) Donating. 8. An individual can "bounce a check" if he/she has sufficient funds in a checking account. A) False. B) True. Show Answer Correct Answer: A) False. 9. I avoid paying a PMI if I make a down payment of ..... or more. A) 20%. B) 5%. C) 0%. D) 10%. Show Answer Correct Answer: A) 20%. 10. The money owed by a person is known as ..... A) Credit. B) Saving. C) Debt. D) Investing. Show Answer Correct Answer: C) Debt. 11. Who is most negatively affected by inflation? A) People lending out money (creditors). B) People on a fixed income. C) People trying to save. D) All answers are correct. Show Answer Correct Answer: D) All answers are correct. 12. All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc is: A) Financial literacy. B) Compound interest. C) Personal finance. D) Interest rate. Show Answer Correct Answer: C) Personal finance. 13. When purchasing a video game you would use what method of payment? A) Coins. B) Credit Card. C) Cash. D) Bank Loan. Show Answer Correct Answer: C) Cash. 14. Martin spends $ 25 on his products for Desktop Stores. At the end of selling, Martin has $ 38 in his cash register. How much profit did Martin make? A) $ 13. B) $ 38. C) $ 53. D) None of above. Show Answer Correct Answer: A) $ 13. 15. Which one is TRUE about Credit Unions? A) Same as commerical banks. B) Largest depositories. C) Owned by members. D) For profit. Show Answer Correct Answer: C) Owned by members. 16. In March, Viola's savings account had a balance of $ 243. In April, her balance was $ 263. Which statement could explain what happened to Viola's savings account during these two months? A) She withdrew $ 20. B) She deposited $ 20. C) She spent $ 20. D) None of above. Show Answer Correct Answer: B) She deposited $ 20. 17. The set amount of money, per dependent, you can subtract from your taxable income A) Pay. B) Salary. C) Income. D) Exemption. Show Answer Correct Answer: D) Exemption. 18. "I want to open my own restaurant. I will need to take out a loan from my bank." -Jayla Smith, EntrepreneurWhich of the following BEST explains what Jayla should expect after taking a loan from her bank? A) To do very little as a new business owner and be successful. B) To repay the bank based on the amount of the loan plus interest. C) To receive money from her employees to help her repay the loan. D) To be so successful that she will be able to repay the loan in full right away. Show Answer Correct Answer: B) To repay the bank based on the amount of the loan plus interest. 19. What do you call a plan for spending and saving your money? A) Budget. B) Plan. C) Credit. D) None of above. Show Answer Correct Answer: A) Budget. 20. The Orlov family pays $ 2, 580 per year in property taxes. They pay in equal monthly payments. FACT or FIB, they pay $ 258 each month. A) FACT. There are 10 months in a year and $ 2580 divided by 10 is $ 258. B) FIB. There are 12 months in a year and $ 2580 divided by 12 is $ 125. Show Answer Correct Answer: B) FIB. There are 12 months in a year and $ 2580 divided by 12 is $ 125. 21. Which of the following records should you keep for more than a year? A) Tax returns and supporting documentation. B) Utility bills. C) Auto and homeowner Insurance policies. D) Credit-card statements. Show Answer Correct Answer: A) Tax returns and supporting documentation. 22. In the United States, the money is called A) Yen. B) Dollar. C) Pound. D) Franc. Show Answer Correct Answer: B) Dollar. 23. The current amount of money in an account. A) Investment. B) Credit. C) Balance. D) Debit. Show Answer Correct Answer: C) Balance. 24. Which of these is an annuity? A) Bob gets $ 10 this year and $ 20 next. B) Betty gets $ 50 in six months and $ 20 six months later. C) Jack gets $ 10 in three months and $ 10 six months later. D) Joan gets $ 100 every year for the rest of her life. Show Answer Correct Answer: D) Joan gets $ 100 every year for the rest of her life. 25. The process used to find the value today of an amount to be received in the future. A) Extrinsic. B) Future. C) Discounting. D) Present. Show Answer Correct Answer: C) Discounting. 26. A(n) ..... is a check that is dishonored because of insufficient funds. A) Statement. B) Cleared Check. C) Bad Check. D) Overdraft. Show Answer Correct Answer: C) Bad Check. ← PreviousRelated QuizzesPersonal Finance QuizzesFinance QuizzesPersonal Finance Quiz 1Personal Finance Quiz 2Personal Finance Quiz 3Personal Finance Quiz 4Personal Finance Quiz 5Personal Finance Quiz 6Personal Finance Quiz 7Personal Finance Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books