This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 127 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 127 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The FDIC and the NCUA insure accounts up to $ 250, 000.00. A) True. B) False. Show Answer Correct Answer: A) True. 2. If you have a mortgage with a 20-year terms, how many payments will you probably have to make? A) 20. B) 200. C) 240. D) 360. Show Answer Correct Answer: C) 240. 3. Where the money comes from for single-payer healthcare A) Premiums. B) Copays. C) Taxes. D) Deductibles. Show Answer Correct Answer: C) Taxes. 4. Freddie spends $ 9 a month for movie rentals for 4 months. Will $ 30 be enough for Freddie to pay for the movie rentals? A) Yes. B) No. Show Answer Correct Answer: B) No. 5. A(n)? sale is traditionally used to introduce a new store opening or a new product line being released A) Attic. B) Introduction. C) Promotional. D) Reduction. Show Answer Correct Answer: C) Promotional. 6. An increase in the general level of prices for goods and services A) Assets. B) Net Worth. C) Inflation. D) Personal Goals. Show Answer Correct Answer: C) Inflation. 7. When may a person view his/her credit report for free? A) If a person has suffficient financial resources. B) A person may not review his/her credit report. C) At any time and an unlimited number of times. D) Once a year, from each of the three main credit reporting agencies. Show Answer Correct Answer: D) Once a year, from each of the three main credit reporting agencies. 8. What part of a person's financial plan should cover unexpected expenses such as car repairs and medical bills? A) Overdraft protection. B) Pay-day loans. C) Emergency fund. D) Insurance. Show Answer Correct Answer: C) Emergency fund. 9. A money market account is like a savings account that has a higher interest rate. A) True. B) False. Show Answer Correct Answer: A) True. 10. What do we call a plan for how to use our money? A) Savings. B) Spending. C) A budget. D) An outline. Show Answer Correct Answer: C) A budget. 11. Anything owned that has value A) Asset. B) Liability. C) Net worth. D) Net income. Show Answer Correct Answer: A) Asset. 12. Which of the following best describes a brokerage account? A) A financial product offered by banks that provides an interest rate premium in exchange for an amount of money that cannot be withdrawn for a pre-determined period of time. B) Account used to buy and sell securities (e.g. stocks and ETFs). C) A deposit account that allows for withdrawals and deposits. D) An interest-bearing deposit account. Show Answer Correct Answer: B) Account used to buy and sell securities (e.g. stocks and ETFs). 13. Lana bought a treadmill on credit. She made 6 payments. Each payment consisted of $ 85 plus $ 6 interest. How much in all did Lana pay for her treadmill? A) $ 36. B) $ 546. C) $ 560. D) $ 510. Show Answer Correct Answer: B) $ 546. 14. The taxes you pay for a land or a building. A) Sales. B) Property. C) Payroll. D) Income. Show Answer Correct Answer: B) Property. 15. Your credit score is not configured off of which of the following: A) Payment history. B) Amount owed. C) GPA. D) Length of credit history. Show Answer Correct Answer: C) GPA. 16. APR A) Annual or annualized percentage rate, typically of interest on loans or credit. B) The real rate of return earned on an investment, taking into account the effect of compounding interest. C) A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt. D) A sum of money lent or invested, on which interest is paid. Show Answer Correct Answer: A) Annual or annualized percentage rate, typically of interest on loans or credit. 17. Jamar 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 earn a lot of money over time to spend on others. C) How he plans to spend money on himself and others. D) None of above. Show Answer Correct Answer: A) How he plans to save money over a long period of time. 18. Borrowed money that must be repaid A) Salary. B) Loan. C) Interest. D) None of above. Show Answer Correct Answer: B) Loan. 19. Kyle worked 34 hours cutting lawns. His gross income was $ 329.12. What was his hourly wage? A) $ 9.68. B) $ 12.54. C) $ 15.67. D) $ 10.00. Show Answer Correct Answer: A) $ 9.68. 20. Which of the following BEST describes the operations of banks? A) Banks pay a small interest rate for your deposits, hold a small amount in the vault, and loan the rest out at a high interest rate. B) Banks borrow money from the government at low rates and loan it to customers at high rates. C) Banks, with government approval, print money that they loan out to businesses and consumers. D) Banks take in deposits which they use to pay their employees and other costs. Show Answer Correct Answer: A) Banks pay a small interest rate for your deposits, hold a small amount in the vault, and loan the rest out at a high interest rate. ← 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