This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 25 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sharon is 20 years old. She has one gas, two bank, and two department store credit cards. Her application for another credit card has been declined. The probable reason is: A) The total amount she can charge on her cards is more than her ability to repay. B) She pays the complete balance each month. C) She is extremely careful about disclosing account information to unsolicited callers. D) None of above. Show Answer Correct Answer: A) The total amount she can charge on her cards is more than her ability to repay. 2. Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his first step? A) Decide what income and spending categories would reflect his values, needs, and wants. B) Decide how much money he can spend for each of the bills he pays each month. C) Track his current income and expenses-if he has already created an Income and Expense Statement then he has completed this step. D) Develop a control system that will work with his life style. Show Answer Correct Answer: C) Track his current income and expenses-if he has already created an Income and Expense Statement then he has completed this step. 3. A restrictive endorsement is endorsed pay to the order of. A) True. B) False. Show Answer Correct Answer: B) False. 4. Scholarships must be paid back. A) True. B) False. Show Answer Correct Answer: B) False. 5. Which of the following scenarios uses saving? A) Kevin took out a loan to pay for a new car. B) Tony pays cash when he goes on vacations. C) Marsha wrote a check for $ 50 to pay for her credit card. D) Bryce puts aside $ 30 each month. Show Answer Correct Answer: D) Bryce puts aside $ 30 each month. 6. The amount borrowed. A) Principal. B) Debit Card. C) Budget. D) Loan. Show Answer Correct Answer: A) Principal. 7. Required payments to a government are ..... A) Income. B) Taxes. C) Medicare. D) None of above. Show Answer Correct Answer: B) Taxes. 8. Expenses that change from month to month are called: A) Variable or flexible expenses (emergency costs, car repairs, food, etc). B) Stable pricing. C) Fixed expenses (rent/mortgage, loans, etc). D) Discretionary expenses (eating out, new shirt, etc.). Show Answer Correct Answer: A) Variable or flexible expenses (emergency costs, car repairs, food, etc). 9. ..... are the buyers of labor services. A) Workers. B) Employers. C) Consumers. D) Customers. Show Answer Correct Answer: B) Employers. 10. What is the PERFECT credit score? A) 567. B) 900. C) 850. D) 750. Show Answer Correct Answer: C) 850. 11. Land, houses, and equipment are examples of what type of investment? A) Poor investments. B) Real Investments. C) Loan investments. D) Financial Investments. Show Answer Correct Answer: B) Real Investments. 12. The measure of an investment's profit or loss, usually expressed as a percentage of the initial investment A) Emergency Fund. B) Fifth Foundation. C) Rate of Return. D) Accrued Interest. Show Answer Correct Answer: C) Rate of Return. 13. When should you plan for your career? A) During college. B) After the first career change. C) Senior year of high school. D) Throughout a lifetime. Show Answer Correct Answer: D) Throughout a lifetime. 14. How many factors determine your credit score. A) 4. B) 5. C) 2. D) 3. Show Answer Correct Answer: B) 5. 15. A number that indicates how well a person repays loans or other bills. A) Interest Rate. B) Credit Score. C) Career. D) Budget. Show Answer Correct Answer: B) Credit Score. 16. Lucy receives a weekly allowance of five dollars from her mom for the chores she does each week. Lucy wants to earn more than five dollars a week because she runs out of money each week. Her mom tells her to set up a budget to show why she needs a bigger budget. What should Lucy include in her budget to show her mom that she needs an increased allowance? A) Lucy should make a list of all of the chores she has done. B) Lucy should make a list of her allowance and how much she spends. C) Lucy should make a list of how she spent her allowance in the past year. D) None of above. Show Answer Correct Answer: B) Lucy should make a list of her allowance and how much she spends. 17. What can someone do to build good credit history? A) Close checking accounts to avoid bouncing checks. B) Rent an apartment with a friend who has already signed a lease. C) Use your debit card responsibly, being careful not to overdraw the account. D) Get and use a store credit card or major credit card and pay off the amounts due each month. Show Answer Correct Answer: D) Get and use a store credit card or major credit card and pay off the amounts due each month. 18. The FSEOG (Federal Supplemental Educational Opportunity Grant) program provides assistance for what? A) Save for college. B) Graduated with honors. C) Have financial challenges. D) Are first time attenders to college. Show Answer Correct Answer: C) Have financial challenges. 19. When you purchase something you do not pay for immediately: A) Credit. B) Debit. C) FICO. D) Asset. Show Answer Correct Answer: A) Credit. 20. A collection of investments assembled to meet your investment needs. A) ROI. B) IRA. C) Capital Gains. D) Portfolio. Show Answer Correct Answer: D) Portfolio. 21. Many financial experts believe to maximum number of credit cards a person should have is ..... A) 10. B) 3. C) 5. D) 6. Show Answer Correct Answer: B) 3. 22. Which of the following is an example of an expenditure? A) Birthday money from your grandparents. B) Selling things on ebay. C) Buying a lunch at school. D) Getting paid for walking your neighbor's dog. Show Answer Correct Answer: C) Buying a lunch at school. 23. Gorgonzola is making a personal budget. What should be in the "Necessary Expenses" section of his budget? A) Apartment rent. B) Cable television. C) Guitar lessons. D) Concert tickets. Show Answer Correct Answer: A) Apartment rent. 24. When dealing with investments, as risk of losing money increases A) It is more likely the investment is short term. B) More insurance is needed to protect the investment. C) More people take that risk. D) The rate of return is usually higher. Show Answer Correct Answer: D) The rate of return is usually higher. 25. If an individual does not meet the credit terms for a pawn loan, the lender will keep the property. A) True. B) False. Show Answer Correct Answer: A) True. 26. Which one will pursue a lifelong goal? A) Career. B) Job. Show Answer Correct Answer: A) Career. 27. SALES TAXES ARE THE SAME NO MATTER WHERE YOU LIVE. A) False. B) True. Show Answer Correct Answer: A) False. 28. What is the danger in co-signing a loan? A) The bank wouldn't give that person a loan without your help. B) If the person doesn't pay, you become responsible for the debt. C) It automatically lowers both of your credit scores. D) It could cause them to have a higher interest rate. Show Answer Correct Answer: B) If the person doesn't pay, you become responsible for the debt. 29. A written order to a bank to pay a certain amount of money from a checking account to another person or business. A) Dollars. B) Check. C) Debit Card. D) A.T.M. Show Answer Correct Answer: B) Check. 30. The money that a person has after paying taxes is known as A) Disposable income. B) Taxable income. C) Nontaxable income. D) Consumable income. Show Answer Correct Answer: A) Disposable income. ← PreviousNext →Related 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