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Personal Finance

Quiz by Kathryn Danekes

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19 questions
Show answers
  • Q1
    What is one way individuals can protect themselves from identity theft?
    Ignoring data breach notifications
    Never changing passwords on accounts
    Regularly monitoring their credit report
    Sharing personal information on social media
    30s
  • Q2
    What type of financial institution offers services such as accepting deposits, providing loans, and facilitating financial transactions?
    Banks
    Movie theaters
    Coffee shops
    Retail stores
    30s
  • Q3
    What is the difference between revolving credit and installment credit?
    There is no difference between them
    Installment credit has no set repayment schedule
    Revolving credit involves borrowing a fixed amount, while installment credit allows for repeated borrowing
    Revolving credit allows for repeated borrowing and repayment, while installment credit involves borrowing a fixed amount and repaying it in set installments.
    30s
  • Q4
    What type of tax is based on the percentage of income earned and tends to increase as income rises?
    Progressive tax
    Regressive tax
    Proportional tax
    Property tax
    30s
  • Q5
    What is the primary function of money as described in economics?
    A fashion accessory
    A medium of exchange
    A time machine
    A pet
    30s
  • Q6
    What is a key component of a credit score that lenders consider when evaluating creditworthiness?
    Number of pets
    Favorite color
    Debt to income ratio
    Height and weight
    30s
  • Q7
    How can individuals create generational wealth through their financial decisions?
    By relying solely on inheritance for wealth creation
    By prioritizing short-term gains over long-term stability
    By avoiding financial decisions altogether
    By making wise financial decisions that lead to long-term growth and stability
    30s
  • Q8
    What is a common deduction found on a paystub that contributes to government-funded programs like Social Security and Medicare?
    Federal Reserve System (FRS)
    Federal Trade Commission (FTC)
    Federal Insurance Contributions Act (FICA)
    Federal Aviation Administration (FAA)
    30s
  • Q9
    Which of the following is an example of a major life decision that can be analyzed using economics-based decision-making skills?
    Deciding what color to paint your bedroom
    Picking a movie to watch on a Friday night
    Choosing what to have for breakfast
    Deciding whether to attend college or enter the workforce after high school
    30s
  • Q10
    What document may be required to complete forms like the FAFSA or scholarship applications?
    Unnecessary documents
    Necessary documents
    Optional documents
    Extra documents
    30s
  • Q11
    Which of the following financial institutions offers different services like savings accounts, loans, and credit cards?
    Laundromats
    Coffee shops
    Banks
    Bookstores
    30s
  • Q12
    Which type of payment method is commonly used for everyday transactions and can be accessed through physical or digital means?
    Gift cards
    Bitcoin
    Credit cards
    Debit cards
    30s
  • Q13
    What term is used to describe the total value of assets minus liabilities for an individual?
    Gross income
    Minimum balance
    Total expenses
    Net worth
    30s
  • Q14
    When considering buying a car, what is an important factor to evaluate using a rational decision-making model?
    Ignoring the vehicle's safety features
    Choosing the car with the most attractive exterior design
    Relying solely on the initial purchase price
    Assessing the total cost of ownership including maintenance, insurance, and fuel expenses
    30s
  • Q15
    What is an important consideration when analyzing the costs and benefits of using credit?
    Maximizing credit card spending without a repayment plan
    Avoiding checking credit statements for accuracy
    Understanding the impact of interest rates on repayment amounts
    Ignoring the terms and conditions of the credit agreement
    30s

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