This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 107 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 107 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. An amount of money owed to someone is called A) Debt. B) Income. C) Spending. D) Expenditure. Show Answer Correct Answer: A) Debt. 3. Which is the most correct order of financial planning using the GAPAAR strategy? A) Set goals, evaluate yourself, plan, follow the plan, review. B) Set goals, plan, evaluate yourself, follow the plan, review. C) Evaluate yourself, set goals, plan, follow the plan, review. D) Evaluate yourself, plan, set goals, follow the plan, review. Show Answer Correct Answer: A) Set goals, evaluate yourself, plan, follow the plan, review. 4. Items or services you pay for such as rent, groceries, entertainment, bills, etc. A) Credits. B) Expense. C) Liability. D) Revenue. Show Answer Correct Answer: B) Expense. 5. Which of the following has investments listed in order from least risk to most risk? A) IRA, money market account, bond, CD. B) Bond, stock, savings account, money market account. C) Stock, ira, bond, savings account. D) Savings account, bond, ira, stock. Show Answer Correct Answer: D) Savings account, bond, ira, stock. 6. 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. 7. People in households consume ..... and ..... A) Resources and labor. B) Goods and services. C) Goods and labor. D) Services and resource. Show Answer Correct Answer: B) Goods and services. 8. XC What was the median rent paid in West Sacramento in December 2019? Prices dropped by $ 300 since October. A) $ 1579. B) $ 2104. C) $ 1039. D) $ 1261. E) $ 2447. Show Answer Correct Answer: A) $ 1579. 9. James wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen? A) How he plans to save money over a long period of time. B) How he plans to increase his expenditures this coming year. C) How many Pokemon cards he will trade with friends. D) How he plans to spend money on himself and others. Show Answer Correct Answer: A) How he plans to save money over a long period of time. 10. Buying things to feel better is an example of A) Disposable income. B) Risk management. C) Impulse buying. D) Dividend. Show Answer Correct Answer: C) Impulse buying. 11. Things that are necessary to survive ..... A) Savings. B) Credit. C) Wants. D) Needs. Show Answer Correct Answer: D) Needs. 12. You walk outside only to find that your car has been towed because you were parked illegally. You paid the towing company with a check and took this unexpected expense from which budget? A) Entertainment. B) Utilities. C) Reserves. D) None of above. Show Answer Correct Answer: C) Reserves. 13. A fee paid on a monthly basis on your insurance contract. A) Premium. B) Installment. Show Answer Correct Answer: A) Premium. 14. In the late 1800s, the major goal of United States policy in both the annexation of Hawaii and the acquisition of the Philppines was to A) Obtain coaling stations and seaports for United States ships. B) Expanded United States fishing rights in international waters. C) Limit the spread of Japanese influence. D) Protect the area around the Panama Canel. Show Answer Correct Answer: A) Obtain coaling stations and seaports for United States ships. 15. Which statement describes an effect of the Louisiana Purchase (1803)? A) The size of the United States was doubled. B) The boundary was Mexico was finally established. C) The Northwest Territory became part of the United States. D) The Mississippi River became the western boundary of the United States. Show Answer Correct Answer: A) The size of the United States was doubled. 16. The decisions made in order to earn, budget, spend, and give money would best define: A) Personal Finance. B) Budgeting. C) Accounting. D) Financial Literacy. Show Answer Correct Answer: A) Personal Finance. 17. HOW CAN YOUNG PEOPLE BE RESPONSIBLE WITH THEIR MONEY? A) Track their spending. B) Save their money. C) Set long-and short-term money goals. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. If you miss a payment on your credit card you can be charged up to a $ 35 late fee A) True. B) False. Show Answer Correct Answer: A) True. 19. Checking Account A) An account at a bank against which checks can be drawn by the account depositor. B) When someone pays you with a check, you'll usually have to sign the back of it before you can deposit it in your account. What you write when you sign it depends upon what you want to do with the check and how the check is written. C) A retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee usually selects the types of investments. D) Annual or annualized percentage rate, typically of interest on loans or credit. Show Answer Correct Answer: A) An account at a bank against which checks can be drawn by the account depositor. 20. Kevin has the following debts:Home Equity Loan, $ 24, 000; Visa, $ 1, 200; Student Loan, $ 5, 000; Car, $ 12, 000. How should he prioritize his debt snowball? A) Home Equity Loan, Visa, Student Loan, Car. B) Visa, Car, Student Loan, Home Equity Loan. C) Visa, Student Loan, Car, Home Equity Loan. D) Cannot prioritize the debt snowball without knowing the interest rates on. Show Answer Correct Answer: C) Visa, Student Loan, Car, Home Equity Loan. ← PreviousNext →Related QuizzesPersonal Finance QuizzesPersonal Finance Quiz 1Personal Finance Quiz 2Personal Finance Quiz 3Personal Finance Quiz 4Personal Finance Quiz 5Personal Finance Quiz 6Personal Finance Quiz 7Personal Finance Quiz 8Personal Finance Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books