This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 73 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 73 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Jorge and Jose are young men with good credit reports. They work at the same company and make the same amount of salary. Scott borrowed $ 6, 000 to take an oversees vacation and Eric borrowed $ 6, 000 to buy a truck. Who is likely to pay the lowest finance charge? A) Eric will pay less because the truck is collateral for the loan. B) Scott will pay less because people who travel oversees are less risky to lenders. C) They will both pay the same because the rate of interest on the loans is set by law. D) They will both pay the same because they are borrowing the same amount of money. Show Answer Correct Answer: A) Eric will pay less because the truck is collateral for the loan. 2. Money owed by one person to a lender A) Bank. B) Debt. C) Income. D) Insurance. Show Answer Correct Answer: B) Debt. 3. If you make $ 7.00 a week for 6 weeks, how much money will you have. A) $ 71.00. B) $ 17.00. C) $ 42.00. D) $ 56.00. Show Answer Correct Answer: C) $ 42.00. 4. Which is the correct type of insurance that would be used:David's mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed? A) Property and liability. B) Health. C) Life. D) Disability. E) Workers' compensation. Show Answer Correct Answer: C) Life. 5. What is the amount of money you have left over after you subtract your expenses from your income? A) Income. B) Expenses. C) Balance. D) None of above. Show Answer Correct Answer: C) Balance. 6. A required contribution to the state and federal government; money paid to the government A) Tax. B) Donate. C) Spend. D) Loan. Show Answer Correct Answer: A) Tax. 7. Coca Cola and Pepsi produce a similar product. How could competition between the two companies MOST LIKELY affect consumers? A) The companies will each try to raise the price of the product in order to drive up demand. B) The companies will each try to produce a better version of the product and sell it at a lower cost to consumers. C) The companies will each try to reduce production costs, lowering the quality of the product available to consumers. D) The companies will each try to make less of the product, which will result in increases in consumer demand and price. Show Answer Correct Answer: B) The companies will each try to produce a better version of the product and sell it at a lower cost to consumers. 8. Complete the statement ..... means to put money in the bank, while ..... means to take money out ..... is the current total amount of money you have in your account. A) Withdraw, Deposit, Balance. B) Balance, Deposit, Withdraw. C) Deposit, Withdraw, Balance. D) Deposit, Balance, Withdraw. Show Answer Correct Answer: C) Deposit, Withdraw, Balance. 9. Julio had 20, 000 in his savings account when his bank declared bankruptcy. Which of the following is true? A) Julio got all of his savings back. B) Julio lost all of his savings. C) Julio lost half of his savings. D) Julio may get some of his money back after the bank sells its assets. Show Answer Correct Answer: A) Julio got all of his savings back. 10. If you do not have access to money to cover cash needs, you may have insufficient liquidity. A) True. B) False. Show Answer Correct Answer: A) True. 11. Savings, Property, investments are all examples of ..... A) Assets on Hand. B) Budget. C) Inflation. D) Value. Show Answer Correct Answer: A) Assets on Hand. 12. *When you ..... your income, you are trading your money in exchange for goods or services. A) Save. B) Spend. Show Answer Correct Answer: B) Spend. 13. Bill earns $ 13.75 an hour at the daycare. How much will Bill earn this week if he works 40 hours? A) $ 550. B) $ 22, 000. C) $ 27, 500. D) None of above. Show Answer Correct Answer: A) $ 550. 14. You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? A) Savings. B) Budget. C) Credit. D) You would need to use all 3 of these. Show Answer Correct Answer: D) You would need to use all 3 of these. 15. If the card is lost or stolen, report it immediately. What type of card is this? A) Credit Card. B) Debit Card. C) Credit Card & Debit Card. D) None of above. Show Answer Correct Answer: C) Credit Card & Debit Card. 16. An unlimited amount of wants but limited resources. A) Bankruptcy. B) Consumer. C) Banker. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 17. When borrowing money, the longer your term length, the ..... your monthly payments and the ..... the total interest you will pay. A) Lower, higher. B) Lower, lower. C) Higher, lower. D) Higher, higher. Show Answer Correct Answer: A) Lower, higher. 18. Security seeker A) Individual who likes to save money rather than spend money. B) Individual who enjoys spending money on himself/herself or others. C) Individual who enjoys investing money into high-risk ventures. D) Individual who plans for the future and is prepared for any type of financial situations. Show Answer Correct Answer: D) Individual who plans for the future and is prepared for any type of financial situations. 19. Deposits at commercial banks are insured by a government-owned insurance agency called the A) Federal Deposit Insurance Corporation. B) National Credit Union Share Insurance Fund. C) Federal Deposit Interest Company. D) Insurance Regulatory and Development Authority. Show Answer Correct Answer: A) Federal Deposit Insurance Corporation. 20. Lucy decides to open a florist shop. She is using her own money to open the shop. What should Lucy expect? A) She should expect to fire most of the employees she hires during training. B) She should expect to have to work long hours making plans for the business. C) She should expect to be given the space for her shop from the local government for free. D) She should expect to receive all of the money she needs to open the shop from the government. Show Answer Correct Answer: B) She should expect to have to work long hours making plans for the business. ← 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