Personal Finance 7th Grade
Quiz by Patrick Garmon
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
- Q1
Why do people choose to pay for items with cash instead of using credit cards to pay for items?
Credit cards charge interest to balances on the card causing the person to pay a higher amount.
Paying with cash increases your ability to borrow money.
People who pay with cash usually have high skilled jobs.
People like to use cash instead of swiping their card.
30s - Q2
Why do people invest in stocks, businesses, and other options?
To make money
To flaunt their luxurious car, house, and hairdo.
To lose money
To increase stagflation
30s - Q3
Which BEST describes saving?
Saving your credit score for a special purchase
Saving money through purchasing stocks and bonds
Setting aside money for future financial choices
Spending money you do not have
30s - Q4
Why is it important to make personal budgets?
To determine whether or not you can invest in a new company.
To determine how much you spend on food and gas.
To try and make more money
To make the best financial decisions with my limited income.
30s - Q5
When a student receives money for their birthday, holiday, or chores; what is the money called?
Interest
Credit
Income
Taxes
30s - Q6
What two parts of personal finance make up a person's budget?
401K and Bills
Savings and interest
Income and expenses
Inflation and investment
30s - Q7
What is the difference between a person who works as a cashier at Chick-Fil-A and an attorney?
Chick-Fil-A employee gets to eat for free and the attorney must pay for their meal.
Chick-Fil-A employee performs a low skilled job while the attorney performs a high skilled job.
The attorney has less education compared to the cashier at Chick-Fil-A.
The attorney drives a BMW and the Chick-Fil-A employee drives a Toyota.
30s - Q8
What is a good reason for using a loan from a bank to cover an expense?
a car
a new video game
Atlanta Braves game
going out to eat
30s - Q9
What risk does a person assume when they use a credit card?
it could increase the taxes a person owes
going to far into debt
it can reduce your income
making less money on their investments
30s - Q10
What is the difference between investments and savings?
People earn more money from savings than if they invest in high risk financial choices.
People who save will likely keep their money, while investments are risky and you could lose the money.
Savings cannot be used for financial transactions while investments are guaranteed to be profitable.
People can only grow wealthy from investments not from savings.
30s - Q11
What is true about making an investment?
It is less risky to invest than to open a savings account.
Investments always pay off.
There is no guarantee the investment will be profitable.
Investments are guaranteed by the federal government.
30s - Q12
Why is it a good idea to have emergency funds?
To help with unexpected costs that may arise through the month/year.
To pay monthly expenses.
For a family vacation.
For a down payment on a vehicle.
30s