This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 147 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 147 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When should you use a credit card? A) For large purchases!. B) When I'm hungry. C) Only for small purchases. D) Never. Show Answer Correct Answer: C) Only for small purchases. 2. The most common source of credit today is a(n) A) Auto loan. B) Credit card. C) Bank loan. D) Store layaway plan. Show Answer Correct Answer: B) Credit card. 3. The main purpose of a W2 is A) To accept a new job. B) To use while doing your taxes. C) To open a new bank account. D) To tell your employers how much taxes to take out of your check. Show Answer Correct Answer: B) To use while doing your taxes. 4. What happens to the cost of a loan when the APR is higher? A) Loan cost increases. B) Loan cost decreases. C) No change. D) None of above. Show Answer Correct Answer: A) Loan cost increases. 5. A pay stub shows all of the following EXCEPT: A) Income taxes and Social Security contributions. B) Tips received from customers. C) Total earnings, total deductions, and net pay. D) Total hours worked and the amount of money earned for the pay period. Show Answer Correct Answer: B) Tips received from customers. 6. Tammy puts $ 20 every month in a piggy bank that she's had since she was a child. She does not plan to break the piggy bank until she turns 65 years old. What is Tammy doing with her money so that she will benefit financially when she turns 65? A) Saving/Investing. B) Planning. C) Supporting. D) Achieving. Show Answer Correct Answer: A) Saving/Investing. 7. A card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services. A) Debit Card. B) Credit Card. C) Check. D) Investment Card. Show Answer Correct Answer: A) Debit Card. 8. Movement of cash into and out of a business. A) Capital. B) Asset. C) Cash budget. D) Cash flow. Show Answer Correct Answer: D) Cash flow. 9. An expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings A) Paycheck to Paycheck. B) Compound Growth. C) Inflation. D) Large Purchase. Show Answer Correct Answer: A) Paycheck to Paycheck. 10. A financial product purchased by many people facing a similar risk to protect against the risk of larger losses A) Premium. B) Policy. C) Insurance. D) Risk. E) Deductible. Show Answer Correct Answer: C) Insurance. 11. A PIN number is not needed for a debit card. A) True. B) False. Show Answer Correct Answer: B) False. 12. When getting a mortgage, you can avoid paying PMI if you make a down payment of ..... or more. A) 0%. B) 5%. C) 10%. D) 20%. Show Answer Correct Answer: D) 20%. 13. E-Banking allows 24-hour access to bank accounts. A) True. B) False. Show Answer Correct Answer: A) True. 14. An estimate of expected income and expense for a given time. A) Supply. B) Interest. C) Budget. D) Investing. Show Answer Correct Answer: C) Budget. 15. Credit Limit A) The maximum amount of credit offered to a customer. B) A score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan. C) The amount of money present in a financial repository, such as a savings or checking account, at any given moment. D) An act of taking money out of an account. Show Answer Correct Answer: A) The maximum amount of credit offered to a customer. 16. What is a way to save money in regards to food? A) Order cheaper food. B) Carpool or ride a bike. C) Turn off the lights when not in the room. D) None of above. Show Answer Correct Answer: A) Order cheaper food. 17. What is the money an individual earns? A) Expenses. B) Credit. C) Income. D) Co-pays. Show Answer Correct Answer: C) Income. 18. Credit Score, aka FICO score A) A numerical rating of your credit history. B) Repaid at regularly scheduled intervals, or installments. C) A risk management plan of protection against financial loss. D) Used for depositing money at a bank or other financial institution, with low interest rates. Show Answer Correct Answer: A) A numerical rating of your credit history. 19. Money that you earn or receive A) Debt. B) Pay off. C) Income. D) Interest rate. Show Answer Correct Answer: C) Income. 20. Stocks represent ownership in a corporation. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. ← 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