This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A person who buys things is a ..... A) Consumer. B) Producer. C) Need. D) None of above. Show Answer Correct Answer: A) Consumer. 2. What is the purpose of a credit score? A) Measure of income. B) Indicator of spending habits. C) Assess crefitworthiness. D) Determine investment potential. Show Answer Correct Answer: C) Assess crefitworthiness. 3. What does the word spend mean? A) Save. B) Keep. C) Pay. D) None of above. Show Answer Correct Answer: C) Pay. 4. Where do financial institutions obtain funding from loans? A) Deposits from customers. B) The Government. C) FDIC. D) The Federal Reserve. Show Answer Correct Answer: A) Deposits from customers. 5. What is NOT a reason that people usually save money? A) To buy basic necessities. B) To buy special items in the future. C) To make a down payment on an expensive payment like a house. D) To have an emergency fund. Show Answer Correct Answer: A) To buy basic necessities. 6. Itemized deductions are recorded on the? document A) Schedule A. B) Schedule B. C) Form 1040AB. D) Form 1040EZ. Show Answer Correct Answer: A) Schedule A. 7. What is the money you earn or money you receive? A) Expenses. B) Income. C) Balance. D) Deficit. Show Answer Correct Answer: B) Income. 8. An individual, business or government that has received and used something belonging to somebody else, with the intention of returning or repaying it A) Borrower. B) Employer. C) Lender. D) Investing. Show Answer Correct Answer: A) Borrower. 9. Installment credit would result in payments that A) Are monthly and have an end date. B) Require you to put up collateral. C) Require a down-payment. D) Are monthly and have no end date. Show Answer Correct Answer: A) Are monthly and have an end date. 10. Xbox A) A "want". B) A "need". Show Answer Correct Answer: A) A "want". 11. Which of the following actions will not make an individual vulnerable to identity theft? A) Using a computer without updated spyware. B) Responding to an email from your depository institution. C) Paying cash for a movie ticket. D) Throwing mail in the garbage. Show Answer Correct Answer: C) Paying cash for a movie ticket. 12. A plan for how to use your income is called a A) Income. B) Expenditure. C) Budget. D) Debt. Show Answer Correct Answer: C) Budget. 13. Your capacity to borrow, or the maximum amount of money you can borrow. A) Credit Card. B) Credit. C) Line of Credit. D) Revolving Credit. Show Answer Correct Answer: B) Credit. 14. Occurs when money is withdrawn from a bank account and the available balance goes below zero. A) Overpayment. B) Overdraft. C) Underpayment. D) Underdraft. Show Answer Correct Answer: B) Overdraft. 15. A spending or savings plan. A) Budget. B) Payroll taxes. C) Balanced budget. D) Expense. Show Answer Correct Answer: A) Budget. 16. A small plastic card issued by a bank. Money for the purchase is immediately transferred from your account to the seller. A) Credit Card. B) Debit Card. C) Gift Card. D) Investing. Show Answer Correct Answer: B) Debit Card. 17. An investment program funded by shareholders that trades in diversified. A) Mutual Funds. B) Share program. C) Dividends. D) None of the answers. Show Answer Correct Answer: A) Mutual Funds. 18. Credit is a means of buying something now and paying for it later (usually with interest). A) True. B) False. Show Answer Correct Answer: A) True. 19. A range of income amounts that are taxed at a particular rate A) Tax Bracket. B) Conditions. C) You. D) Me. Show Answer Correct Answer: A) Tax Bracket. 20. Your housing expenses should roughly equate to 30% of your income. If Zyana makes $ 10, 000 per month, she should spend no more than what amount on housing? A) $ 5, 000. B) $ 13, 000. C) $ 3, 000. D) $ 1, 000. Show Answer Correct Answer: C) $ 3, 000. ← PreviousNext →Related QuizzesPersonal Finance QuizzesPersonal Finance Quiz 1Personal Finance Quiz 2Personal Finance Quiz 4Personal Finance Quiz 5Personal Finance Quiz 6Personal Finance Quiz 7Personal Finance Quiz 8Personal Finance Quiz 9Personal Finance Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books