Unit 3 Personal and Business Finance
Quiz by Tara Stevens
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17 questions
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- Q1What is the purpose of a budget?Tracking income and expensesForecasting sales revenueManaging employee payrollCreating marketing strategies30s
- Q2What is the primary purpose of insurance?Maximizing profitsIncreasing shareholder valueManaging financial riskProviding healthcare services30s
- Q3What is the purpose of a financial statement?Forecasting future salesDetermining employee salariesProviding a snapshot of an entity's financial healthManaging inventory levels30s
- Q4Which of the following is an example of an indirect tax?VATNational insuranceCouncil taxIncome tax30s
- Q5What is the main purpose of a profit and loss statement?To assess market trends in a businessTo calculate taxes owed by a businessTo track inventory levels in a businessTo show the financial performance of a business30s
- Q6What is the purpose of a cash flow forecast?To measure the value of inventory in a businessTo predict and manage cash inflows and outflowsTo calculate net profit of a businessTo analyze market competition in a business30s
- Q7What is the purpose of a budget in personal finance?To calculate tax deductionsTo plan and track income and expensesTo assess creditworthinessTo analyze investment opportunities30s
- Q8What is the purpose of insurance in personal finance?To secure loans and creditTo minimize tax liabilitiesTo maximize investment returnsTo mitigate financial risks and protect against unforeseen events30s
- Q9What is the difference between a debit card and a credit card?Debit cards require a credit check, while credit cards do not.Debit cards are linked directly to the user's bank account, while credit cards allow users to borrow money up to a certain limit.Debit cards offer better rewards and cashback options than credit cards.Debit cards have higher interest rates compared to credit cards.30s
- Q10What is the difference between gross income and net income?Gross income is the total income earned, while net income is the total expenses incurred.Gross income is the income earned after taxes, while net income is the total income earned before taxes.Gross income is the total income earned before deductions, while net income is the income after deductions.Gross income is the income earned after deductions, while net income is the total income earned before deductions.Gross income is the income earned before taxes, while net income is the income portion saved.30s
- Q11What does APR stand for in relation to personal finance?Annual Percentage RateAutomated Payment ReminderAccidental Personal RiskAverage Price Reduction30s
- Q12What is the difference between fixed expenses and variable expenses?Fixed expenses remain the same every month, while variable expenses can change from month to month.Fixed expenses are discretionary expenses, while variable expenses are mandatory expenses.Fixed expenses are essential expenses, while variable expenses are non-essential expenses.Fixed expenses can change from month to month, while variable expenses remain the same every month.Fixed expenses are short-term expenses, while variable expenses are long-term expenses.30s
- Q13What is a credit score used for?To evaluate an individual's job performance.To assess an individual's creditworthiness.To determine an individual's savings account balance.To analyze an individual's investment portfolio.To calculate an individual's net worth.30s
- Q14What is the purpose of a savings account?To invest in the stock market.To pay off debts.To donate to charities.To accumulate and store money for future use or emergencies.To cover daily expenses.30s
- Q15What is the purpose of a credit card?To withdraw cash from an ATM.To transfer money to other bank accounts.To make purchases on credit and borrow money from the card issuer.To track and categorize expenses.To earn rewards and cashback on purchases.30s