This quiz works best with JavaScript enabled. Home > Personal Finance > Personal Finance > Personal Finance – Quiz 87 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Finance Quiz 87 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... is an unplanned purchase of a product you do not really need. A) Comparison shopping. B) Impulse buying. C) Deficit spending. D) Unfinished income. Show Answer Correct Answer: B) Impulse buying. 2. Another name for money A) Per capita. B) Human capital. C) Currency. D) Credit. Show Answer Correct Answer: C) Currency. 3. What does the income section of a personal budget show? A) Only includes income from a person's job. B) Shows all of a person's income from ALL sources. C) Is not important if income is greater than expenses. D) Is the total amount that will be left over after expenses. Show Answer Correct Answer: B) Shows all of a person's income from ALL sources. 4. Pay at the end of the month A) Credit card. B) Debit card. Show Answer Correct Answer: A) Credit card. 5. The amount of money you have after taxes is A) Gross income. B) Net income. C) Petty cash. D) All of these. Show Answer Correct Answer: B) Net income. 6. What is considered tax season? (The time when you get taxes back from the state and federal govt.) A) January-April. B) March-May. C) September and October. D) December Only. Show Answer Correct Answer: A) January-April. 7. How can someone between ages 18-20 establish credit? A) Checking/savings account. B) Debit card. C) Paying with cash. D) Having a parent pay. Show Answer Correct Answer: A) Checking/savings account. 8. Which is better a Credit Union or a Bank? A) Credit Union. B) Bank. C) Depends on your financial needs. D) None of above. Show Answer Correct Answer: C) Depends on your financial needs. 9. Who is the number one target of credit card companies? A) People without a high school diploma. B) Teenagers. C) The elderly. D) Middle Aged Adults. Show Answer Correct Answer: B) Teenagers. 10. How much is each depositor insured for in a credit union or bank? A) $ 50, 000. B) $ 100, 000. C) $ 200, 000. D) $ 250, 000. Show Answer Correct Answer: D) $ 250, 000. 11. What is something you choose to give up when you choose something over another A) Scarcity. B) Checking account. C) Savings account. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 12. Cash flows are affected by financial planning decisions. Which of the following is correct? A) Car payments you make are cash outflows. B) Investments you make in stock are cash inflows. C) Your routine monthly expenses are cash inflows. D) Your income is a cash outflow. Show Answer Correct Answer: A) Car payments you make are cash outflows. 13. Interest earned on a deposit is A) Interest banks charge on a loan. B) Interest banks pay on a deposit. C) Difference between interest paid and interest charged on a loan. D) What the bank earns from the Federal Reserve Bank. Show Answer Correct Answer: B) Interest banks pay on a deposit. 14. Dave says you should invest in A) Single Stocks. B) Money Market. C) Mutual Fund. D) Bonds. Show Answer Correct Answer: C) Mutual Fund. 15. To use or take from someone if you do not have it yourself. A) Finance. B) Budget. C) Borrow. D) Withdrawal. Show Answer Correct Answer: C) Borrow. 16. If Martha puts $ 100 in the bank today at 6%, how much will she have in three years? A) $ 119.10. B) $ 124.10. C) $ 106.00. D) $ 112.10. Show Answer Correct Answer: A) $ 119.10. 17. Which is the most liquid bank account? A) Checkings. B) Savings. Show Answer Correct Answer: A) Checkings. 18. Premium A) Monthly payments to get an insurance plan. B) Amount that insured must pay before insurance. C) Percentage of bill the insured is responsible for. D) Max amount insured must pay. Show Answer Correct Answer: A) Monthly payments to get an insurance plan. 19. Which is an exceptional credit score? A) 672. B) 555. C) 713. D) 813. Show Answer Correct Answer: D) 813. 20. The US income tax charges higher rates for those with higher incomes. Wealthy people are in higher tax brackets, while poor people are in lower ones. This is an example of A) A regressive tax. B) A progressive tax. C) A proportional tax. D) A user fee. Show Answer Correct Answer: B) A progressive tax. ← 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