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Unit 5 REVIEW - Finance

Quiz by Bobbie Jarvis

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20 questions
Show answers
  • Q1
    1. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
    Loan payment on a new car
    Expenses for new clothes
    Postponing a purchase for a big-screen TV
    Dining out at local restaurants
    30s
  • Q2
    2. Maintaining a balanced budget requires
    Decreasing assets and increasing liabilities
    Responsibility, and a sense of reality and restraint
    Deficit spending and payday lending
    Character, collateral and capacity
    30s
  • Q3
    3. In determining your net worth which of the following is considered an asset?
    A student loan
    A credit report
    A certificate of deposit (CD)
    A medical bill
    30s
  • Q4
    4. At the end of the month you have discretionary income available after all expenses have been paid. The budget this month has a:
    Capital gain
    Loan
    Deficit
    Surplus
    30s
  • Q5
    You have total assets of $240,000 and total liabilities of $125,000. What is your net worth?
    $110,000
    $112,000
    $115,000
    $117,000
    30s
  • Q6
    6. All effective financial goals should:
    Have the approval of a financial advisor
    Solely be based on current needs
    Be achieved in five years
    Have target dates for achiemement
    30s
  • Q7
    7. An example of a variable expense is
    school tuition
    medical expenses
    an auto insurance premium
    a mortgage payment
    30s
  • Q8
    8. A good reason for a person to prepare and use a monthly budget is to:
    Manage her income and expenses to achieve financial goals
    Lower car insurance premiums
    Prove to her employer that her salary should be increased
    Increase her investment income
    30s
  • Q9
    9. Aaron realizes he has a budget deficit of roughly $175 at the end of two months in a row. Which of these options makes the most sense for him to fix his problem?
    Sell his current car and get a less expensive vehicle
    Cancel his cable TV subscription and go out to dinner three fewer times each month with friends
    Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing
    Contribute $100 less to savings each month and $75 less to his retirement fund
    30s
  • Q10
    10. Which of the following is not an Asset?
    Your sports equipment
    Money in your paycheck that you will receive next week
    Money in your checking account
    The market value of your car
    30s
  • Q11
    11. Your net worth is $10,000. You have $25,000 in assets. How much do you have in liabilities
    $5,000
    $10,000
    $35,000
    $15,000
    30s
  • Q12
    12. Which is the most difficult budget item for a person to change?
    Fixed expenses
    Monthly savings
    Variable expenses
    Discretionary income
    30s
  • Q13
    13. You overhear your cousin talking about the importance of creating and sticking to a budget. Which of the following reasons he gives below is actually FALSE?
    Using a budget can allow you to work towards your financial goals.
    Using a budget can qualify you for special discounts at your favorite stores
    A budget can help you identify any bad spending habits.
    Having a budget can help you create an emergency fund.
    30s
  • Q14
    14. When you are determining your net worth, your car loan is considered:
    A capital loss
    An asset
    A liability
    A capitalgain
    30s
  • Q15
    15. When setting long-term financial goals, it is important to know that these goals should be:
    The same as those of other people that are the same age
    Realistic to achieve
    Achievable with in one year
    Based on a person's current salary
    30s

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