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Personal Finance

Quiz by David Pierce

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14 questions
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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

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