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Personal Finance Final Exam Review

Quiz by Laura Schoenike

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30 questions
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  • Q1
    Which of the following is your credit limit?
    Interest Rate
    Amount of time you have to pay
    Maximum amount you can use on that account
    The annual fee(s)
    60s
  • Q2
    Having life insurance is most important for which of the following people?
    Youth ages 5-7
    Older adults with grown children
    Young adults ages 16-24
    Parent(s) in their 30s with small children
    60s
  • Q3
    What does the IRS (Internal Revenue Service) do?
    Regulates securities and investments
    Grants personal loans
    Regulates federal taxes
    Determines financial aid
    60s
  • Q4
    What are the 3 major credit bureaus?
    SEC, IRS, and DOR
    Equifax, Experian, and TransUnion
    TransAtlantic, Experian, and Better Business Bureau
    Waterstone, Associated, and US Bank
    60s
  • Q5
    Which type of income is NOT taxable?
    Dividends
    Bonuses
    Allowance/Spending Money from your parents/guardians
    Wages or Salary
    60s
  • Q6
    What is a mortgage?
    Loan on a car
    Extended credit card limit
    Loan on a house
    Prepayment for an apartment
    60s
  • Q7
    What is the relationship between deductible and premium for health insurance?
    Higher deductible, lower premium
    Higher deductible, higher premium
    No relationship
    60s
  • Q8
    Which of the following is true in a bear market?
    Guaranteed capital gains and dividends
    Prices are lower, investments are more affordable
    Prices are higher, investments are more expensive
    Stocks will perform very well
    60s
  • Q9
    What does the Securities & Exchange Commission (SEC) do?
    Collects federal taxes
    Sets student loan interest rates
    Regulates (polices) securities and investments
    Makes laws regulating unemployment
    60s
  • Q10
    Your home initially cost $250,000. Your initial down payment was $50,000 and you financed the rest with a mortgage. Since then, you have paid in $100,000 by making monthly payments. This house was assessed and is currently worth $275,000. What is your equity in this house at this time?
    $125,000
    $175,000
    $100,000
    $150,000
    60s
  • Q11
    Your home initially cost $325,000. Your initial down payment was $60,000 and you financed the rest with a mortgage. Since then, you have paid in $15,000 by making monthly payments. This house was assessed and is currently worth $330,000. What is your equity in this house at this time?
    $250,000
    $75,000
    $255,000
    $80,000
    60s
  • Q12
    Which type of insurance covers you in "natural disasters" (tree brand, hail, etc.) and other similar types of unavoidable damage?
    Bodily Injury
    Collision
    Comprehensive
    Liability
    60s
  • Q13
    Which insurance offers "extra" coverage in case you run out in another area?
    Comprehensive
    Balloon
    Umbrella
    Personal Liability
    60s
  • Q14
    What is a deductible?
    The amount insurance will pay, no questions asked
    The amount the person at fault must pay
    The amount government will contribute for Medicaid and Medicare users
    The amount the policyholder must pay out of pocket before insurance kicks in
    60s
  • Q15
    What is the relationship between risk and reward?
    Higher risk, higher reward
    Regardless of reward, risk stays the same
    Regardless of risk, reward stays the same
    Higher risk, lower reward
    60s

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