This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 55 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 55 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A card that lets you buy goods and services based on a promise to pay later. A) Budget. B) Debit card. C) Credit card. D) Checking account. Show Answer Correct Answer: C) Credit card. 2. Money that is received is called A) Spending. B) Saving. C) Debt. D) Income. Show Answer Correct Answer: D) Income. 3. A 529 plan can help you save more money than a traditional savings account because ..... A) It is tax free. B) It is given to you at a very young age. C) The interest rates are considerably better. D) It is linked to the stock market. Show Answer Correct Answer: A) It is tax free. 4. Sally owns a gas station. What type of tax will she have to pay on the land that the gas station is on? A) Property Tax. B) Payroll Tax. C) Income Tax. D) Sales tax. Show Answer Correct Answer: A) Property Tax. 5. Darin earns $ 52, 000 annually as a martial arts instructor. He contributes $ 125 each month for insurance and $ 50 per month for retirement. Calculate his Social Security contribution. He is married and claims 2 allowances. A) $ 3216.25. B) $ 260 92. C) $ 257.82. D) $ 126.58. Show Answer Correct Answer: B) $ 260 92. 6. What is bartering? A) Giving a gift. B) Trading goods or services. C) Paying with money. D) None of above. Show Answer Correct Answer: B) Trading goods or services. 7. A typical overdraft fee is how much? A) $ 5. B) $ 25. C) $ 40. D) $ 60. Show Answer Correct Answer: C) $ 40. 8. A budget is..... A) The same thing as a savings account. B) A sum of money to be used for a particular purpose. C) A list of things you want. D) None of above. Show Answer Correct Answer: B) A sum of money to be used for a particular purpose. 9. Which best describes an investor's primary goal? A) To earn a profit. B) To lose money. Show Answer Correct Answer: A) To earn a profit. 10. What does getting jiggly with it mean? A) Hip. B) Dorky. C) Sad. D) Happy. Show Answer Correct Answer: D) Happy. 11. Which of the following is NOT included in an individual's credit report? A) Bankruptcies and foreclosures. B) Account balances. C) Medical information. D) Current and past addresses. Show Answer Correct Answer: C) Medical information. 12. How do you access your credit report? A) Freeworthinesscheck.com. B) Creditreportcard.com. C) Annualcreditreport.com. D) Creditfree.com. Show Answer Correct Answer: C) Annualcreditreport.com. 13. Value of what must be given up in order to produce a certain good A) Opportunity cost. B) Savings. C) Profit. D) Consumer. Show Answer Correct Answer: A) Opportunity cost. 14. Why do you think the cost of personal computers has changed so much through the years? A) The cost to produce them has become less expensive. B) It is hard to find places to purchase them. Show Answer Correct Answer: A) The cost to produce them has become less expensive. 15. A basic household budget includes which two categories? A) Income and expenses. B) Imports and exports. C) Debt and Credit. D) Wants and needs. Show Answer Correct Answer: A) Income and expenses. 16. When saving you should consider A) Future expenses. B) Future needs. C) Future wants. D) All of these. Show Answer Correct Answer: D) All of these. 17. The money earned, if a company you're invested in makes money A) Mutual Funds. B) Dividends. C) Stocks. D) Pie. Show Answer Correct Answer: B) Dividends. 18. Which of the following concepts about Fixed Costs is correct? A) Is an alternative that is best ignored when the decision is made. B) Is an expense that does not change by month (for example:rent, electricity and water bills, wifi internet fee, ). C) Expenses that change each month (entertainment, car repair, medical examination, etc.). D) It is a money management spending plan over a set period of time. Show Answer Correct Answer: B) Is an expense that does not change by month (for example:rent, electricity and water bills, wifi internet fee, ). 19. Spending plan A) Required to pay expense for a specific amount of time; not easy to reduce or eliminate; rent, internet, cellphone. B) 3 control systems:. C) An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time. D) Step 4. Show Answer Correct Answer: C) An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time. 20. What is the differences between stocks and bonds? A) They are both investments. B) A stock is what corn grows on, and a bond gets you out of jail. C) Stock represents ownership, and bonds represents your word. D) A stock represents ownership, and bonds represents a loan. Show Answer Correct Answer: D) A stock represents ownership, and bonds represents a loan. ← 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