This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 145 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 145 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the best investment for tax free growth? A) 401k. B) 403b. C) Roth IRA. D) Mutual Fund. Show Answer Correct Answer: C) Roth IRA. 2. The money income that a person has left after taxes is called A) Mutual fund. B) Warranty. C) Disposable income. D) Savings income. Show Answer Correct Answer: C) Disposable income. 3. To add your signature to a loan made by someone else, promising that you will repay if the other person does not A) Invest. B) Co-sign. C) Borrow. D) Lend. Show Answer Correct Answer: B) Co-sign. 4. Why are financial institutions important to economic growth? A) Higher potential rate of return. B) A mutual fund is not insured. C) Increases financial resources for business investment. D) Provide access to capital for people and businesses. Show Answer Correct Answer: D) Provide access to capital for people and businesses. 5. Part of the letter of application that contains the name and address of the person to whom who are writing? A) Letter address. B) Return address. C) Body of letter. D) None of above. Show Answer Correct Answer: A) Letter address. 6. One reason abolitionists were unpopular with many Northerners from the 1830s to 1860 was because the abolitionists A) Favored the growth of slavery. B) Encouraged the annexation of Texas. C) Advocated views that increased tensions with the South. D) Supported the Fugitive Slave Law. Show Answer Correct Answer: C) Advocated views that increased tensions with the South. 7. INDEXCBOE Index:VIX on March 17, 2022 is in which of the following ranges? A) 20-30. B) 40-50. C) 60-80. D) 80-100. Show Answer Correct Answer: A) 20-30. 8. Transfer Payment A) A tax on property such as land buildings and vehicles. B) Money subtracted from gross pay for required taxes insurance retirement benefits. C) Business tax incentives granting a temporary reduction of taxes. D) Movement of money by government. Show Answer Correct Answer: D) Movement of money by government. 9. The FLAT TAX is an example of what type of tax? A) Progressive Tax. B) Proportional Tax. C) Regressive Tax. D) None of the Above. Show Answer Correct Answer: B) Proportional Tax. 10. Allows you to use money from a checking account without a check A) Save. B) Debit card. C) Time deposit. D) Risk. E) Mutual fund. Show Answer Correct Answer: B) Debit card. 11. What is the process of verifying transactions with a bank? A) Checking. B) Verifying. C) Saving. D) Reconciling. Show Answer Correct Answer: D) Reconciling. 12. Sarah is saving money to make a cake for her Mom's birthday. The list below shows the cost of items Sarah needs to make the cake.-Cake mix:$ 4 per box-Frosting:$ 3 per can-Candles:$ 1 per boxSarah will need one box of cake mix, two cans of frosting, and one box of candles. What is the total cost of the cake Sarah will make? A) $ 8. B) $ 16. C) $ 11. D) None of above. Show Answer Correct Answer: C) $ 11. 13. What percentage of your income should go directly into your savings account? A) 70%. B) 20%. C) 10%. D) Whatever you want. Show Answer Correct Answer: C) 10%. 14. A plan for how much will be spent on various things. A) Surplus. B) Budget. C) Deficit. D) Securities. Show Answer Correct Answer: B) Budget. 15. How does a fixed-rate mortgage differ from an adjustable-rate mortgage (ARM)? A) Fixed-rate mortgages have changing interest rates, while ARMs have fixed rates. B) Both have fixed interest rates. C) Fixed-rate mortgages are only for short-term loans. D) ARMs have changing interest rates, while fixed-rate mortgages have fixed rates. Show Answer Correct Answer: D) ARMs have changing interest rates, while fixed-rate mortgages have fixed rates. 16. A contract between the insurance company and the insuredthat states the exact terms of the policy including what risks are covered and how much will be paid for any losses A) Premium. B) Policy. C) Insurance. D) Risk. E) Deductible. Show Answer Correct Answer: B) Policy. 17. Why would someone need to use credit? A) When there are not enough workers to do a job. B) When there is not enough cash to pay for an immediate need or want. C) When there is extra money to pay off bills. D) When there is exactly how much money needed to pay for something. Show Answer Correct Answer: B) When there is not enough cash to pay for an immediate need or want. 18. Private student loans have better interest rates than government student loans A) True. B) False. Show Answer Correct Answer: B) False. 19. What is a deposit account held at a financial institution that allows withdrawals and deposits. A) Debit account. B) Checkings account. C) Savings account. D) A loan. Show Answer Correct Answer: B) Checkings account. 20. WHAT MIGHT BE A GOOD CAREER CHOICE FOR SOMEONE WHO LIKES ART? A) Veterinarian. B) Banker. C) Web designer. D) None of above. Show Answer Correct Answer: C) Web designer. ← 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