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Personal Finance Re-Test

Quiz by Ashley Baker

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16 questions
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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

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