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Money Matters TEKS Test Review
Test Description: The game is to prepare you for the Money Matters TEKS test.
Instructions: Answer all questions to get your test result.
1) The main purpose of personal financial planning is to
A
increase the amount in your savings
B
reach personal economic goals
C
control your spending habits
D
plan for retirement
2) What is a budget (spending plan)?
A
A financial planning tool used to track only an individual's flexible expenses
B
Specific objectives to be accomplished through financial planning
C
An individual's values, needs, wants, and goals that create a financial plan
D
A financial planning tool that records planned and actual income through expenditures over a period of time
3) The ______________ is an estimate of how long it will take to double your savings with compounded interest.
A
rule of 72
B
future value calculation
C
law of investing
D
70/20/10 rule
4) The purpose of a cash flow statement is to
A
summarize assets and liabilities for an individual or family
B
report current income and payments
C
project the future value of investments
D
budget for future spending
5) Most nations of the world can be classified as having a ______________ economy.
A
mixed
B
command
C
traditional
D
market
6) Interest that is earned on only the principal investment is called
A
simple interest
B
compounded interest
C
fixed interest
D
cumulative interest
7) The quantity of a good or service that consumers are willing and able to buy at a certain price is called
A
demand
B
supply
C
competition
D
equilibrium
8) When the amount of a country's imports exceeds the amount of its exports, there is a
A
negative net worth
B
surplus
C
deficit
D
balance
9) Earning interest on interest applies to
A
compounded interest
B
principal interest
C
simple interest
D
) fixed interest
10) The ___________________ is the point where supply and demand are equal.
A
selling price
B
equilibrium price
C
premium price
D
competition price
11) In a _____________ economy, all resources are owned and controlled by the government.
A
mixed
B
market
C
command
D
traditional
12) ______________ establish supply.
A
Producers
B
Consumers
C
Markets
D
Governments
13) When a nation is able to produce products more efficiently than other countries, it is said to have
A
production advantage
B
economic advantage
C
absolute advantage
D
comparative advantage
14) You have invested $5,000 in an account earning 3% simple interest. How much money will you have after six years?
A
$5,970.26
B
$5,900.00
C
$900.00
D
$970.26
15) What is the first step that should be completed when creating a budget (spending plan)?
A
Allocate money to income and expense categories
B
Make adjustments to spending
C
Track current income and expenses
D
Implement and control
16) A mixed economy combines elements of a _________________ economy and a ________________ economy.
A
market, command
B
traditional, command
C
market, traditional
D
capitalistic, traditional
17) Gross domestic product is the
A
dollar value of all final goods and services produced in a country during one year
B
price-adjusted value of all goods and services produced in a country during one year
C
value of all final goods and services produced in, or imported to, a country during one year
D
dollar value of all goods and services produced in a country during one year
18) A(n) ______________ is the value of a currency of one country compared with the value of another.
A
inflation rate
B
balance of payments
C
conversion rate
D
exchange rate
19) According to the rule of 72, how long will it take your investment to double in value if it earns 6% compounded interest?
A
6 years
B
12 years
C
There is not enough information provided to solve this problem
D
36 years
20) Assets + Liabilities = Net Worth
A
True
B
False
*select an answer for all questions
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