This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 177 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 177 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is debt? A) Items you buy with cash. B) Money you borrowed and has not repaid. C) Money you have available in your account. D) Money used to buy clothes. Show Answer Correct Answer: B) Money you borrowed and has not repaid. 2. People often use which of the following when they do not have enough money to pay for something at the time they purchase it? A) Personal check. B) Credit card. C) Money order. D) Debit card. Show Answer Correct Answer: B) Credit card. 3. Money borrowed that must be repaid, usually with interest. A) Loan. B) Debt. C) Interest. D) Debit. Show Answer Correct Answer: A) Loan. 4. Items that are owned by an individual A) Assets. B) Liabilities. C) Property. D) Expenses. Show Answer Correct Answer: A) Assets. 5. James earns £4 375 per month. How much income tax will he pay in the year? Use the income tax table, the personal allowance for the year is £12, 500. A) £9, 000. B) £5, 000. C) £21, 000. D) £16, 000. Show Answer Correct Answer: A) £9, 000. 6. The things you spend your money on. A) Savings. B) Expenses. C) Credit. D) Budget. Show Answer Correct Answer: B) Expenses. 7. I have a really big social studies project due tomorrow. But, my friends are playing soccer tonight in the park near my house. I will play with them instead of working on my project. Which of the following BEST describes the choices of this student? A) This is an income. B) This is an expenditure. C) This is a cost. D) This is an example of savings. Show Answer Correct Answer: C) This is a cost. 8. APR stands for A) Annual Percentage Rate. B) Average Percentage Rate. C) Annual Percentage Rise. D) Average Percentage Rise. Show Answer Correct Answer: A) Annual Percentage Rate. 9. The amount of interest due based on the total amount of money borrowed: A) Accrued. B) Simple. C) Compound. D) Principal. Show Answer Correct Answer: B) Simple. 10. Exercising good credit management mean A) Using credit for at least 80 percent of your purchases. B) Following an individual plan for using credit wisely. C) Always getting someone to cosign your loans. D) Never using credit under any circumstances. Show Answer Correct Answer: B) Following an individual plan for using credit wisely. 11. Your account was charged $ 30.00 for an overdraft fee. What is an overdraft fee? A) A fee for maintaining your account. B) A state tax. C) A fee for over spending. D) None of above. Show Answer Correct Answer: C) A fee for over spending. 12. What does having an absolute advantage mean? A) A business can supersede other businesses' revenue in the same market. B) A company can take advantage of a smaller company's goods and services by buying them out of the market. C) A business allows another business to move ahead in the marketplace. D) A company or country can produce a product at a lower cost than another country. Show Answer Correct Answer: D) A company or country can produce a product at a lower cost than another country. 13. Which is not a smart buying strategy? A) Set a budget before spending. B) Compare prices before buying. C) Summary of spending regularly. D) If you want to buy, buy. Show Answer Correct Answer: D) If you want to buy, buy. 14. The cost of credit expressed as a yearly interest rate is known as: A) Annual Percentage Rate (APR). B) Annual Fee. C) Penalty APR. D) Introductory Rate. Show Answer Correct Answer: A) Annual Percentage Rate (APR). 15. ..... is the amount of good or service there is and ..... is determined by how many people want the good or service. A) Supply; demand. B) Demand; supply. Show Answer Correct Answer: A) Supply; demand. 16. A finance company (lender) agrees to loan money to a buyer for a new washer and dryer. What is this an example of? A) The lender is taking on a new debt for their company. B) The lender is giving credit to a buyer. C) The lender is creating a savings plan for the buyer. D) The lender is saving the buyer money on a new loan. Show Answer Correct Answer: B) The lender is giving credit to a buyer. 17. Provides checking accounts, and loans to people A) Private business. B) Banks. C) Government. D) Households. Show Answer Correct Answer: B) Banks. 18. Which is not a legal right that employees receive? A) Leave of absence. B) Sick leave. C) Social Security Fund. D) Provident fund. Show Answer Correct Answer: D) Provident fund. 19. Financial goals are targets, usually driven by specific ..... financial needs. A) Past. B) Future. C) Personal. D) Current. Show Answer Correct Answer: B) Future. 20. An example of a "good" is ..... A) A car. B) Painting a portrait. C) Giving a haircut. D) Paying taxes. Show Answer Correct Answer: A) A car. ← 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