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Personal Finance 7th Grade

Quiz by Patrick Garmon

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12 questions
Show answers
  • 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

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