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Foundations in Finance Pretest

Quiz by Kelli Potthoff

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20 questions
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  • Q1

    Which of the following statements best explains why income alone does not determine wealth?

    Investing is the only factor that contributes to wealth building.

    How much money a person makes does not dictate his or her spending and saving behavior.

    Only people who are natural savers can become wealthy.

    Income alone does determine a person's wealth.

  • Q2

    The widespread financial insecurity of Americans is primarily because:

    Government programs are unavailable to help people when they are disabled or experience unemployment

    Most Americans save a high proportion of their income

    The saving rate of Americans is low and many borrow in order to spend more than they earn

    The income of Americans are low

  • Q3

    Which of the following is not one of the three basic reasons for saving money?

    Have money available to lend to friends

    Emergency fund

    Large purchases

    Build wealth

  • Q4

    This principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This is due to both the opportunity to earn interest on the money and because inflation will drive prices up, thereby changing the "value" of the money.

    Opportunity cost


    Time value of money

    Interest rate

  • Q5

    Rent is a

    Fixed expense

    Variable expense

    Intermittent expense

    Discretionary expense

  • Q6

    Which of the following account records would have the most current balance?

    Your own account register

    All of these records will have accurate account balances

    Account balance statement from the ATM

    Your monthly bank statement

  • Q7

    A credit score is intended to measure:

    Your financial success

    Your income level

    The risk of your not repaying debt

    The amount of money you have in the bank

  • Q8

    Which of the following things cannot be done with a debit card but can be done with a credit card?

    Purchase an airline ticket

    Purchase something online

    Rent a car

    Go into debt

  • Q9

    Which of the following statements if false?

    Students who are looking to learn specific skills can look into free or low-cost certifications found online, at community colleges, or through government-funded programs.

    An associate's degree is a two-year degree that can offer specialized training and a flexible schedule that allows yu to work while you earn your degree.

    On-the-job training often combines a professional trainer, hands-on activities and form classroom training.

    All high-paying careers require a four-year degree.

  • Q10

    When a company places an ad an offers no interest on your purchase for three years:

    The cost of the financing is built into the price of the item

    They are not interested in making a profit

    All of these answers are correct

    They are showing their appreciating to you by giving you free money

  • Q11

    What concept is best explained by the statement, "Money spend here cannot be spent there"?

    Delayed gratification

    Significant purchases

    Law of diminishing return

    Opportunity cost

  • Q12

    Which of the following statements if false?

    In addition to economic savings, wise consumers also enjoy improved health and have a positive impact on the larger social and even global environment.

    Your choices as a consumer have no impact on the larger social environment.

    Using a cost-benefit analysis approach to your buying decisions will make you a wise consumer.

    Being a wise consumer involves developing a variety of skills, from product research to careful comparative analysis.

  • Q13

    Which statement is true about liquidity?

    The more liquid an investment, the less return

    The less liquid the investment, the less return

    The more liquid the investment the more difficult it is to turn your investment into cash.

    The more liquid an investment, the more return

  • Q14

    A young investor willing to take moderate risk for above-average growth would be most interested in:

    Single stocks

    Mutual funds


    Real estate

  • Q15

    When buying and selling investments, you should not:

    Learn the different types of investments

    Understand basic investment strategies and identify ones that will help you reach your goals

    Set your investment goals and consider a time frame

    Switch your investment strategy often, based on market conditions


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