Personal Finance
Quiz by David Pierce
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- Q1
What is someone’s net worth?
The value of all of their cash and possessions, minus debts like loans and other expenses
How much cash one has in the bank
30s - Q2
What happens if you don’t pay off your credit card balance by the end of the month?
You will owe the balance plus interest, and your next month available balance will be less that amount
Your credit card will be canceled
30s - Q3
Why should you avoid making only the minimum payment on your credit card?
You will have more money to spend without consequences
You will gather interest debt on the money you are not paying back, which will
compound over time
30s - Q4
What is compound interest?
Compound interest gets applied to the principal (original) balance plus all accumulated Interest
Compound interest results in less debt for borrowers and less profit for investors
30s - Q5
What is simple interest?
When an account or loan uses simple interest, the interest rate only applies to the principal (original) balance or amount
When an account uses simple interest, interest compounds over time as the rate is applied to the original balance plus accumulated interest
30s - Q6
How can you use compound interest to build wealth?
You earn interest on the original investment, then after that you earn interest on the original amount + the interest you earned, and on and on
Use your credit card a lot and accumulate debt by only paying the minimum payment
30s - Q7
The purpose of insurance is to ______
Transfer risk and protect yourself from unforeseen events
Pay people to perform tasks for you
30s - Q8
What is an insurance ‘premium’?
The amount of your own money you have to pay for health expenses before your
insurance starts to pay
The amount you pay to have health insurance every mont
30s - Q9
What is an insurance ‘deductible’?
The amount you pay to have health insurance every month
The amount of your own money you have to pay for health expenses before your
insurance starts to pay
30s - Q10
What is an insurance ‘limit’?
The highest amount your insurance will pay for medical expenses
The amount you pay to have health insurance every month
30s - Q11
What determines your insurance premium?
The predicted likelihood of you having an event that will lead to loss or expenses
Everyone pays the same amount for insurance premiums
30s - Q12
If I need to pay a bill, I am probably going to use my
savings bond
checking account
savings account
30s - Q13
If I want to earn interest on my money, I should deposit it into my ________________ account
treasury bond
savings
checking
30s - Q14
I want to withdraw $60 from an ATM to buy concert tickets. I am most likely going to withdraw it from my _______________ account
money market
savings
checking
30s