This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Finance > Personal Finance – Quiz 89 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 89 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What can you do if you want to buy an expensive item? A) Cry. B) Throw a tantrum until someone buys it for you. C) Beg your parents to buy it for you. D) Save up your money. Every little bit counts!. Show Answer Correct Answer: D) Save up your money. Every little bit counts!. 2. One way President Kennedy responded to the Soviet action referred to in the telegram was to support A) A decrease in the budget for space exploration. B) An expansion of the Peace Corps to aid impoverished nations. C) The removal of Soviet troops from East Berlin. D) The commitment to a Moon landing by the end of the decade. Show Answer Correct Answer: D) The commitment to a Moon landing by the end of the decade. 3. The federal government does not impose a sales tax. A) False. B) True. Show Answer Correct Answer: B) True. 4. Which of the following expenses would typically be included in a personal allowance? A) Car payments. B) Clothing purchase. C) Dining out with a client. D) Purchase of stock. Show Answer Correct Answer: B) Clothing purchase. 5. What is the main objective of investing in personal finance A) To grow wealth over time. B) To speculate on stock prices. C) To increase credit card debt. D) To avoid paying taxes. Show Answer Correct Answer: A) To grow wealth over time. 6. A set amount of money earned by an employee in a set amount of time A) Benefit. B) Salary. C) Bonus. D) Tip. Show Answer Correct Answer: B) Salary. 7. Carefully planning where your personal money is spent or invested A) Savings. B) Budget. C) Personal money management. D) Debt. Show Answer Correct Answer: C) Personal money management. 8. Is it a good idea to make a list before going grocery shopping to stick to your budget? A) No. B) Yes make a list. Show Answer Correct Answer: B) Yes make a list. 9. This card simply takes the place of cash, as it takes money directly from your checking account when you use it. A) Debit Card. B) Gift Card. C) Visa Card. D) Credit Card. Show Answer Correct Answer: A) Debit Card. 10. If Costoc and Sams Club are both selling X Boxes, they are in ..... with each other. A) Competition. B) Opportunity cost. C) Consumers. D) Voluntary exchange. Show Answer Correct Answer: A) Competition. 11. Which is the best definition of a need A) Something you really want. B) Something that makes your life easier. C) Something that is for survival. D) Something that is rare. Show Answer Correct Answer: C) Something that is for survival. 12. A market where share prices are rising, encouraging buying. A) Bear Market. B) Bull Market. Show Answer Correct Answer: B) Bull Market. 13. Rosa chose to go to college instead of getting a job after high school. She sacrificed four years of salary while earning her degree. What is the price she chose to pay by going to college instead of employment? A) Scarcity. B) Finance. C) Values. D) Opportunity costs. Show Answer Correct Answer: D) Opportunity costs. 14. Like a credit card, but it takes money directly from your bank account. A) Checking account. B) Budget. C) Credit card. D) Debit card. Show Answer Correct Answer: D) Debit card. 15. Which type of tax do you pay on your home or land? A) Location Tax. B) Land Tax. C) Property Tax. D) House Tax. Show Answer Correct Answer: C) Property Tax. 16. If you make $ 1600 a month, how much should you spend on "wants" ? A) $ 160. B) $ 800. C) $ 480. D) $ 320. Show Answer Correct Answer: C) $ 480. 17. Your car needs gas and so you pay $ 25 cash to fill up. Which budget category does this expense come from? A) Cash. B) Car. C) Checking. D) Emergency fund. Show Answer Correct Answer: B) Car. 18. Personal Finance is a class I am required to pass in high school. A) False. B) True. Show Answer Correct Answer: B) True. 19. What you earn and spend is reflected in the regular installment that your bank issues every month. A) FALSE . B) TRUE. Show Answer Correct Answer: A) FALSE . 20. Identify which of the following is studied by microeconomics: A) How Thomas, who is the president of the central bank, will with his advisors impact the monetary policy of the country. B) How much money the country needs from taxes in order to have a stable budget. C) How to increase the number of foreign investors in the country. D) How an entrepreneur, like Beth, started her company and how she makes her business decisions. Show Answer Correct Answer: D) How an entrepreneur, like Beth, started her company and how she makes her business decisions. 21. Banks in the United States make most of their money by A) Taking customers' property. B) Investing in the stock market. C) Selling houses that they buy from customers. D) Loaning money to individuals and businesses. Show Answer Correct Answer: D) Loaning money to individuals and businesses. 22. You have $ 200. How do you keep track of it? A) Budget it by splitting it among your current and future expenses. B) Stick it under your bed for safekeeping. C) Put it in your savings account. D) Spend it. Because YOLO. Show Answer Correct Answer: A) Budget it by splitting it among your current and future expenses. 23. Saving-spending plan that is based on a person's income and estimated expenses A) Invest. B) Credit. C) Budget. D) None of above. Show Answer Correct Answer: C) Budget. 24. ..... is when your expenses are less than or equal to your income. A) Income. B) Balanced budget. C) Expenses. D) None of above. Show Answer Correct Answer: B) Balanced budget. 25. A plan for saving and spending in order to know where all your monthly income is going. A) Savings Account. B) Budget. C) CD. D) NONE. Show Answer Correct Answer: B) Budget. 26. What statement BEST describes saving? A) Loaning money to another individual. B) Setting aside money for the future. C) Planning how to spend one's income. D) Earning money in exchange for work. Show Answer Correct Answer: B) Setting aside money for the future. 27. Aaron has $ 22 in the bank. He makes a deposit of $ 5. How much money does he have in the bank now? A) $ 17. B) $ 27. C) $ 23. D) None of above. Show Answer Correct Answer: B) $ 27. 28. Jose is interested in investing in a security, and is focused on lowering the risk of his investment. Which of the following securities should he choose and why? A) Stocks because they have a guaranteed rate of return. B) Bonds because they will always pay out dividends. C) Bonds because they have a lower risk. D) Stocks because they do not fluctuate. Show Answer Correct Answer: C) Bonds because they have a lower risk. 29. Why is it a good idea to pay cash for purchases whenever possible? A) Paying with credit can be more expensive than paying with cash. B) People who can pay with cash are more likely to be approved for loans. C) Paying with cash creates more jobs than paying with credit. D) People can get the things they want more quickly by paying with cash. Show Answer Correct Answer: A) Paying with credit can be more expensive than paying with cash. 30. A set amount you are paid for every hour that you work; also called hourly pay A) Hourly rate. B) Revenue. C) Scale. D) Credit. Show Answer Correct Answer: A) Hourly rate. ← 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