This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 68 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 68 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Megan is purchasing a five year CD that will pay a simple interest rate of 3.75% for $ 7500. How much will the CD be worth after five years? A) $ 8906.25. B) $ 1406.25. C) $ 21562.50. D) $ 140, 625.00. Show Answer Correct Answer: A) $ 8906.25. 2. Creative listening is used to differentiate facts from useless opinions A) F. B) T. Show Answer Correct Answer: A) F. 3. The government provide schools, roads, national security and public assistance and as a part of ..... A) Public needs. B) Tax relief. C) Benefits. D) Public services. Show Answer Correct Answer: D) Public services. 4. A proceeding in which a creditor may legally take possession of money or goods held by a third party in payment of a borrower's debt is called? A) Repossession. B) Foreclosure. C) Delinquency. D) Garnishment. Show Answer Correct Answer: D) Garnishment. 5. Maximum that can be paid by a insurance company in a no-fault policy. A) Capacity Payout. B) Max Endorsement. C) Threshold. D) Limited Funds. Show Answer Correct Answer: C) Threshold. 6. A plan for how you will spend your money each month A) Mortgage. B) Budget. C) Co-sign. D) Lease. Show Answer Correct Answer: B) Budget. 7. Which type of savings tool typically earns the HIGHEST Interest? A) Certificate of Deposit. B) Savings. C) Checking. D) Money Market Account. Show Answer Correct Answer: A) Certificate of Deposit. 8. When do you start paying into Social Security? A) When you get a full-time job. B) When you want to. C) When you turn 30. D) When you retire. Show Answer Correct Answer: A) When you get a full-time job. 9. A required contribution to the state and federal government A) Tax. B) Spend. C) Loan. D) Donate. Show Answer Correct Answer: A) Tax. 10. HOW BANKS MAKE THEIR MONEY A) CHARGING FEES FOR SERVICES. B) CHARGING COMMISSIONS ON INVESTMENTS. C) CHARGING INTEREST ON LOANS. D) ALL OF THESE. Show Answer Correct Answer: D) ALL OF THESE. 11. Emerson has accepted a job as a plumber. His starting hourly wage is $ 23.00 an hour. His boss asks him to work some overtime where he will get paid time and a half. If in the two week pay period he works 40 hours both weeks and 10 hours overtime, what would his gross pay wages total up to? A) $ 2070. B) $ 1265. C) $ 1840. D) $ 2185. Show Answer Correct Answer: D) $ 2185. 12. What term means to borrow money to pay for expenses now? A) Debt. B) Interest. C) Loan. D) Investment. Show Answer Correct Answer: C) Loan. 13. Which person is likely to have a higher income? A) High School graduate. B) Indentured servant. C) College graduate. D) High School drop-out. Show Answer Correct Answer: C) College graduate. 14. Non-monetary employee benefits A) Any benefits that do not directly put money into an employee's bank account. B) A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker:Compare with salary. C) A small sum of money given to someone for performing a service; a gratuity. D) Cash or a cash equivalent that an individual transfers to another individual while neither receiving nor expecting anything in return. Show Answer Correct Answer: A) Any benefits that do not directly put money into an employee's bank account. 15. You should start saving for retirement A) When you reach age 50. B) When you get married. C) When you reach age 65. D) When you get your first job. Show Answer Correct Answer: D) When you get your first job. 16. Compute the sales commission:Amount $ 750.00 Rate 3% A) $ 22.50. B) $ 21.30. C) $ 25.00. D) $ 27.80. Show Answer Correct Answer: A) $ 22.50. 17. What is compound interest A) A interest in compounds. B) Method of calculating interest in which the interest is added to the principal each period so that the principal continues to grow. C) A method of calculating interest in which it adds on to simple interest so that they both continue to grow. D) A complicated fascination in the word compound that relates to economics. Show Answer Correct Answer: B) Method of calculating interest in which the interest is added to the principal each period so that the principal continues to grow. 18. A ..... is a business owned jointly by two or more people with unlimited liability A) Partnership. B) Sole Proprietorship. C) Limited Liability Corporation (LLC). D) Corporation. Show Answer Correct Answer: A) Partnership. 19. ..... is typically paid on borrowed $ from a loan A) Interest. B) Taxes. C) Loan. D) None of above. Show Answer Correct Answer: A) Interest. 20. Overdraft prevention prevents overdrafts only if you have money or available credit in a linked account. A) False. B) True. Show Answer Correct Answer: B) True. 21. If you don't have enough money in your accounts, your debit card can be denied when trying to purchase something. A) False. B) True. Show Answer Correct Answer: B) True. 22. What is the relationship between a borrower's credit score and their interest rate on a loan? A) A high credit score means a lower risk leading to a lower interest rate. B) A low credit score means a greater risk leading to a lower interest rate. C) The interest rate is only influenced by current market rates for a loan type. D) A credit score is only used to determine whether the loan is extended. Show Answer Correct Answer: A) A high credit score means a lower risk leading to a lower interest rate. 23. When people need to make economic choices due to a lack of available goods and money, this is called ..... in economic terms. A) Trade offs. B) Scarcity. C) Incentive. D) Opportunity cost. Show Answer Correct Answer: B) Scarcity. 24. T or F = Balance is the amount of money held in an account. A) True. B) False. Show Answer Correct Answer: A) True. 25. The money it costs to go to college isn't worth it in the long run. A) True. B) False. Show Answer Correct Answer: B) False. 26. An amount of money owed to someone is called A) Spending. B) Expenditure. C) Income. D) Debt. Show Answer Correct Answer: D) Debt. 27. Which is the most correct order of financial planning using the GAPAAR strategy? A) Set goals, evaluate yourself, plan, follow the plan, review. B) Evaluate yourself, set goals, plan, follow the plan, review. C) Evaluate yourself, plan, set goals, follow the plan, review. D) Set goals, plan, evaluate yourself, follow the plan, review. Show Answer Correct Answer: A) Set goals, evaluate yourself, plan, follow the plan, review. 28. Items or services you pay for such as rent, groceries, entertainment, bills, etc. A) Credits. B) Revenue. C) Liability. D) Expense. Show Answer Correct Answer: D) Expense. 29. Which of the following has investments listed in order from least risk to most risk? A) Bond, stock, savings account, money market account. B) IRA, money market account, bond, CD. C) Stock, ira, bond, savings account. D) Savings account, bond, ira, stock. Show Answer Correct Answer: D) Savings account, bond, ira, stock. 30. The amount of a resource that businesses are willing and able to provide to the consumer A) Demand. B) Supply. C) Scarcity. D) Profit. Show Answer Correct Answer: B) Supply. ← 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