This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 30 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the most important to consider when planning a budget? A) Budget for unexpected events before expected expenses. B) Budget for needs before wants. C) Budget for fixed expenses Before flexible expenses. D) A budget for unexcpected expenses before expected expenses. Show Answer Correct Answer: B) Budget for needs before wants. 2. The cost of money A) Principal. B) Interest. C) Simple interest. D) Interest rate. Show Answer Correct Answer: B) Interest. 3. Government subsidized insurance for individuals below the poverty line A) Medicare. B) Medicaid. C) Obamacare. D) None of above. Show Answer Correct Answer: B) Medicaid. 4. A savings account allows people to earn ..... while a bank holds their money. A) Protection. B) Fees. C) Overdraft. D) Interest. Show Answer Correct Answer: D) Interest. 5. An amount of money that is SPENT on something A) Savings. B) Debt. C) Personal budget. D) Expenditure. Show Answer Correct Answer: D) Expenditure. 6. The advantages of loans are..... A) Can own valuable assets. B) Have future expenses. C) Principal and interest must be paid on time. D) High interest rates. Show Answer Correct Answer: A) Can own valuable assets. 7. Karle was a bank teller who made 54, 000. She also cut hair for 10, 000. Her taxes was 1, 200. Her health care was 1, 100. What is her gross income? A) 64, 000. B) 61, 800. C) 43, 006. D) 62, 000. Show Answer Correct Answer: A) 64, 000. 8. What's it called when you spend more than you have? A) Transfer. B) Debt. C) Withdrawal. D) None of above. Show Answer Correct Answer: B) Debt. 9. Which conclusion is most clearly supported by the information in the graph? A) Older Americans remained in the labor force longer in 1990 than in 1950. B) All Americans born during the baby boom after World War ll joined the labor force. C) Half as many men were in the labor force in 1990 as compared to 1950. D) In every decade shown, the percentage of women in the labor force grew while the percentage of men n the labor force declined. Show Answer Correct Answer: D) In every decade shown, the percentage of women in the labor force grew while the percentage of men n the labor force declined. 10. ..... means that we have limited quantities of resources to meet our unlimited wants. A) Shortage. B) Recession. C) Simplify. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 11. $ 1, 000.00 emergency fund is best used for ..... A) Vacation. B) Birthday Party. C) Water Heater Replacement. D) Christmas. Show Answer Correct Answer: C) Water Heater Replacement. 12. A budget helps people make responsible economic decisions. A) False. B) True. Show Answer Correct Answer: B) True. 13. Payment that allows money to be withdrawn from a person's account A) Loan. B) Debit. C) Credit. D) Investment. Show Answer Correct Answer: B) Debit. 14. Retirement planning should ideally begin ..... A) A few years before retirement. B) When all debts are paid off. C) When kids go off to college. D) When the first paycheck is recieved. Show Answer Correct Answer: D) When the first paycheck is recieved. 15. This bank account allows you to deposit money at a bank for safekeeping and access it at any time. A) Saving Account. B) Certificate of Deposit (CD) Account. C) Checking Account. D) Bill Account. Show Answer Correct Answer: A) Saving Account. 16. Money taken from your paycheck to support people who are disabled or retired A) Escrow account. B) Credit score/ FICO. C) Social Security Tax/ FICA. D) Annual Percentage Rate/ APR. Show Answer Correct Answer: C) Social Security Tax/ FICA. 17. What is the First Principle of Finance? A) Make Your Money Work For You. B) Spend Less Than You Earn. C) Protect Your Money. D) None of above. Show Answer Correct Answer: B) Spend Less Than You Earn. 18. The work a person does A) Labor. B) Income. C) Salary. D) Resources. Show Answer Correct Answer: A) Labor. 19. How can someone "live within their income" ? A) A person only buys used goods. B) A person makes investments that will give them a high rate of their return. C) A person should not spend more than their income. D) A person only maintains one job at a time. Show Answer Correct Answer: C) A person should not spend more than their income. 20. The person who receives the money in the event of your death A) Mom. B) Beneficiary. C) Probation Officer. D) Children. Show Answer Correct Answer: B) Beneficiary. 21. If you want to take out a loan, you 'apply' for it. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 22. A number that ranges from 300-850 that rates your credit risk A) Credit card. B) Credit report. C) Investing. D) Credit score. Show Answer Correct Answer: D) Credit score. 23. What is the range for credit scores? A) 300-800. B) 300-850. C) 0-1000. D) None of above. Show Answer Correct Answer: B) 300-850. 24. When your check goes into your account, it is called a ..... ? A) Deposit. B) Option. C) Withdrawal. D) Will Call. Show Answer Correct Answer: A) Deposit. 25. What is a balanced budget? A) The income is more than the expenses. B) The income is less than the expenses. C) The income matches the expenses. D) None of above. Show Answer Correct Answer: C) The income matches the expenses. 26. An accountant receives a yearly salary of $ 72, 000. Find his monthly salary. A) $ 6000.00. B) $ 864, 000.00. C) $ 600.00. D) None of above. Show Answer Correct Answer: A) $ 6000.00. 27. If you were selecting a savings account, which of the following interest rates would be the best? A) 4.9%. B) 6.3%. C) 2.1%. D) 0.5%. Show Answer Correct Answer: B) 6.3%. 28. Not having enough of something is called ..... A) Benefit. B) Bartering. C) Scarcity. D) Opportunity cost. Show Answer Correct Answer: C) Scarcity. 29. A person who sells things is a ..... A) Consumer. B) Producer. Show Answer Correct Answer: B) Producer. 30. You couldn't decide between pizza or meatloaf. You went with the pizza. The meatloaf is your A) Opportunity cost. B) Trade off. C) Intermediate term goal. D) Delayed gratification. Show Answer Correct Answer: A) Opportunity cost. ← 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