This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 79 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 79 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The most secure method for an employer to pay employees is to use: A) Direct deposit. B) A printed paycheck. C) A payroll card. D) In-store credit. Show Answer Correct Answer: A) Direct deposit. 2. The cost of a trade off A) Immediate gratification. B) Opportunity cost. C) Scarcity. D) None of above. Show Answer Correct Answer: B) Opportunity cost. 3. Antonio has calculated that his gross pay for his current pay period is $ 1680. If he contributes to Social Security (6.2%) and Medicare (1.45%) and falls into a tax bracket of 25%, what is his net pay? A) $ 1260. B) $ 548.52. C) $ 1131.48. D) $ 1680. Show Answer Correct Answer: C) $ 1131.48. 4. The ability to repay, meaning the borrower has a steady source of income A) Character. B) Capacity. C) Collateral. D) None of above. Show Answer Correct Answer: B) Capacity. 5. Helps make decisions about your income; Saving-spending plan. A) Income. B) Networking. C) Budget. D) Bank Loan. Show Answer Correct Answer: C) Budget. 6. Annual Percentage Rate (APR) A) Amount charged by the bank for allowing you to use their credit card. B) A partial cash payment paid at the time of sale. C) Interest rate the bank charges for borrowing money. D) The maximum amount you may borrow at one time. Show Answer Correct Answer: C) Interest rate the bank charges for borrowing money. 7. Last month, Emmanuel earned $ 50 in income but his overall expenses were $ 70. Which statement best describes Emmanuel's personal budget? A) He has a balanced budget. B) He has an unbalanced budget. C) Emmanuel is rich. D) None of above. Show Answer Correct Answer: B) He has an unbalanced budget. 8. What does personal finance refers to? A) Managing firm's net worth. B) Management of government finances. C) Management of an individual's financial resources. D) Management of corporation's financial resources. Show Answer Correct Answer: C) Management of an individual's financial resources. 9. Insurance policy that covers the "real" costs associated with replacing personal belongings, structures, and vehicles. A) Property. B) Liability. C) Life. D) None of the Above. Show Answer Correct Answer: A) Property. 10. Items of monetary value a person or household owns are A) Income. B) Liability. C) Monetary asset. D) Asset. Show Answer Correct Answer: D) Asset. 11. Three (3) examples of large businesses from Georgia that provide jobs for Georgia's citizens, products for people across Georgia and the United States and additional tax revenue for our state. A) Home Depot. B) Georgia-Pacific. C) Coca Cola. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 12. Propaganda that only shows one side of the story A) Logical Fallacy. B) Stacked card. C) Tag along. D) Bandwagon. Show Answer Correct Answer: B) Stacked card. 13. A budget is defined as which of the following? A) An estimate of your income and expenditures for an undefined period of time. B) A method for researching major expenditures. C) An estimate of your income and expenditures for a set period of time. D) A list of expenses that never fluctuate. Show Answer Correct Answer: C) An estimate of your income and expenditures for a set period of time. 14. How can creating a budget help you? A) It can help me to stay focused on my financial goals. B) It will help me in calculating my taxes. C) It will allow me to spend more money than is necessary. D) It will allow me to stay physically healthy. Show Answer Correct Answer: A) It can help me to stay focused on my financial goals. 15. Robert's credit application has been declined because of his negative credit history. Which statement is most likely to be true? A) Robert holds 2 store credit cards, a bank credit card, a car loan and a mortgage. B) Robert has applied for 4 credit cards and a car loan in the past 6-weeks. C) Robert has received 3 traffic tickets in the past 2 months. D) Robert pays his bills consistently and on time. Show Answer Correct Answer: B) Robert has applied for 4 credit cards and a car loan in the past 6-weeks. 16. What are the four steps to starting a savings program? A) Risk of decline in value of investment, risk of lost of purchasing power, risk of failure or default, risk of illiquidity. B) It's a legal requirement, coverage of unexpected expenses, some life insurance plans build equity to borrow against, possible tax credit to cover insurance premium. C) Set goals, study income and expenditures compared to goals, investigate investment opportunities, create a plan to achieve those goals. D) Huge drop in credit score, lack of future credit options, could loan personal property. Show Answer Correct Answer: C) Set goals, study income and expenditures compared to goals, investigate investment opportunities, create a plan to achieve those goals. 17. The benefit or item you give up. A) Budget. B) Value. C) Opportunity Cost. D) Assets on Hand. Show Answer Correct Answer: C) Opportunity Cost. 18. Rodney earns $ 8.45 per hour. Last week he worked 38 hours. What is his weekly pay? A) $ 313.50. B) $ 321.10. C) $ 338.00. D) None of above. Show Answer Correct Answer: B) $ 321.10. 19. Which is true as income increases A) More available jobs. B) Inflation rate increases. C) Standard of living increases. D) Inflation rate decreases. Show Answer Correct Answer: C) Standard of living increases. 20. What must one do in order to figure out the amount that is left over after each month? A) Subtract expenses from the income. B) Add expenses and income. C) Subtract expenses from savings. D) Subtract income from the expenses total. Show Answer Correct Answer: A) Subtract expenses from the income. 21. What's NOT another name for a resume? A) Professional profile. B) Personal data sheet. C) Biographical summary. D) Application letter. Show Answer Correct Answer: D) Application letter. 22. The difference between the budgeted amount and the actual amount that you spend A) Budget variance. B) Future value. C) Refinance. D) None of above. Show Answer Correct Answer: A) Budget variance. 23. Money put away for emergencies. A) Savings. B) Mutual funds. C) ATM. D) Federal Deposit insurance corporations. Show Answer Correct Answer: A) Savings. 24. Which of these workers does NOT make a good? A) Doctor. B) Factory worker. C) Baker. D) None of above. Show Answer Correct Answer: A) Doctor. 25. What is the definition of personal finance? A) Managing your money. B) Trading money for goods and services. C) Money you earn from working. D) A small plastic card issued by a bank. Show Answer Correct Answer: A) Managing your money. 26. A payday-loan is different from other loans because A) Usually targeted to small business owners at very low rates. B) Higher interest. C) Usually used in an emergency. D) Paid back over the course of 30 years. Show Answer Correct Answer: C) Usually used in an emergency. 27. Which one of the following is considered a fixed expense? A) Groceries. B) Dining out. C) Rent or mortgage. D) Entertainment. Show Answer Correct Answer: C) Rent or mortgage. 28. Something pledged as security for repayment of a loan, to be forfeited in the event of a default A) Interest. B) Dependent. C) Utilities. D) Collateral. Show Answer Correct Answer: D) Collateral. 29. A 700 credit score is considerded A) Good. B) Poor. C) Average. D) Great. Show Answer Correct Answer: D) Great. 30. A "grade" that banks assign to each person that shows how responsible they are with money A) Credit score. B) A+. C) Money score. D) Good banking grade. Show Answer Correct Answer: A) Credit score. ← 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