This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 188 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 188 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Shelter A) A "want". B) A "need". Show Answer Correct Answer: B) A "need". 2. A consumer has a $ 20, 000 medical bill. The deductible is $ 1, 000 with an 80/20 coinsurance health policy. What is the out-of-pocket expense? A) $ 2, 000. B) $ 4, 800. C) $ 1, 900. D) $ 4, 500. Show Answer Correct Answer: B) $ 4, 800. 3. An individual, bank, or company who loans money A) Creditor. B) Debtor. C) Lender. D) Investor. Show Answer Correct Answer: C) Lender. 4. People can't have everything they want. They must make ..... about what to give up so they can have what they really want or need. A) Choices. B) Trades. C) Forces. D) Barters. Show Answer Correct Answer: A) Choices. 5. A payroll deduction collected by employers by law and sent to the federal government to support governmental programs A) Compound interest. B) Capital loss. C) Earned interest. D) Federal income tax. Show Answer Correct Answer: D) Federal income tax. 6. What type of federal funding is free money, but is based on financial need only? A) All federal scholarships. B) All private scholarships. C) Federal grants. D) The 529 Plan. Show Answer Correct Answer: C) Federal grants. 7. A Short Term Goal. A) 3-6 Months. B) 7-12 Months. C) 1-3 Years. D) None of these. Show Answer Correct Answer: A) 3-6 Months. 8. In the rule of 6 financial jars, what percentage of the total income does the enjoyment jar account for? A) 50%. B) 5%. C) 10%. D) 30%. Show Answer Correct Answer: C) 10%. 9. Which tax's is also known as a sales tax A) Proportional tax. B) Progressive tax. C) Property tax. D) Regressive tax. Show Answer Correct Answer: D) Regressive tax. 10. Things that are made for you to buy and use are called ..... A) Goods. B) Opportunity costs. C) Benefits. D) Services. Show Answer Correct Answer: A) Goods. 11. True or False:Note is another name for a principal. A) True. B) False. Show Answer Correct Answer: B) False. 12. To secure a loan banks may require ..... in case you do not pay the loan back A) Bond. B) Premium. C) Collateral. D) Principal. Show Answer Correct Answer: C) Collateral. 13. Ms. Christopher wants to buy a new house. Which of the following is most likely to be seen as a positive from her credit history? A) She has zero late payments. B) She has three open lines of credit. C) Other credit agencies have pulled her credit rating 3 times this month. D) None of above. Show Answer Correct Answer: A) She has zero late payments. 14. In 2007, the US experienced record numbers of home foreclosures, because many people had signed loans that they could not pay back. Lenders were able to take these homes because the homes were A) Illegally bought. B) Uninsured. C) Collateral. D) Part of a housing surplus. Show Answer Correct Answer: C) Collateral. 15. Define Interest Rate: A) The amount of debt not yet collected from the date a loan is issued. B) The amount of wealth built to give. C) The investments that grow for years which is beneficial for saving. D) The percentage of principal charged by the lender for use of its money. Show Answer Correct Answer: D) The percentage of principal charged by the lender for use of its money. 16. The more you add to yours savings, the better A) True. B) False. Show Answer Correct Answer: A) True. 17. When you are self-employed, you will normally pay tax ..... A) When you complete a tax return. B) When they turn 22. C) When they are unemployed. D) When they have savings of more than £2, 000 per annum. E) When your employer deducts it. Show Answer Correct Answer: A) When you complete a tax return. 18. Deter-minimize your risk by safeguarding your personal info A) True. B) False. Show Answer Correct Answer: A) True. 19. Work for which you plan in advance to get the education/training necessary to work in a field that you enjoy A) Job. B) Career. Show Answer Correct Answer: B) Career. 20. An employer will ask you to complete an ..... which asks for information related to employment. A) Personal Data Sheet. B) Application. C) References. D) Cover Letter. Show Answer Correct Answer: B) Application. ← 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