Personal Finance Re-Test
Quiz by Ashley Baker
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- Q1
What is the basic needs that a household must pay for?
Saving
Wage
Expenses
Income
45s - Q2
Setting money aside to use in the future is.....
Budget
Saving
Expenses
Wage
45s - Q3
What is a plan on how to spend and save money?
Budget
Wage
Saving
Expenses
45s - Q4
An hourly rate paid in exchange for labor is......
Saving
Wage
Income
Budget
45s - Q5
What is the money that comes from the outside source such as a job or career?
Budget
Saving
Income
Wage
45s - Q6
As income is received, we must remember that it is.........
Never ending
Plentiful
Limited
Free
45s - Q7
When you overspend, what could happen ?
You could go into debt
You will be in debt for a few seconds
Nothing will happen
You will be buying more items
45s - Q8
How is income received?
All the Above
Government Assistance
Retirement or veterans
Work
45s - Q9
What is the essential skill of sound personal financial decision-making?
Income
Saving
Expenses
Budget
45s - Q10
What is the difference between cash and credit?
Cash is money you have immediately to use, while credit is when you have to borrow money and pay it back to someone.
Cash is money you borrow, but have to pay back, while credit is money you have immediately to use.
Cash is only used to save in a bank, while credit is used to pay for goods and services.
Cash is money that grows on trees like leaves, while credit is money that you receive in the mail.
45s - Q11
What is a fixed amount of income?
Income
Salary
Saving
Wage
45s - Q12
Why would someone need to use credit?
When there is not enough cash to pay for an immediate need or want.
When there is exactly how much money needed to pay for something.
When there is extra money to pay off bills.
When there are not enough workers to do a job.
45s - Q13
When you use a credit card, what are you really doing?
You are borrowing money from a bank or business.
You are saving the money for a rainy day.
You are lending money to a bank or business.
You are earning interest on the money.
45s - Q14
What is a benefit of saving money in a bank?
People with savings accounts have access to unlimited loans.
Money in savings accounts cannot be taxed.
People with savings accounts have access to unlimited credit
Money in savings accounts earns interest.
45s - Q15
Why should you pay a loan back quickly?
You will owe less interest.
You will owe more interest.
You may lose your job.
You will earn more interest.
45s