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Personal Finance
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Each day after school, Brittany has soccer. She could spend that time babysitting for extra cash. Babysitting his her
A
short term goal
B
budget
C
opportunity cost
D
investment
2) All of these are forms of cash
A
currency, coins, and credit cards
B
checks, credit cards and coins
C
currency, checks and debit cards
D
credit cards, checks and debit cards
3) Saving money means giving up the opportunity cost to
A
spend in the present
B
apply for credit cards
C
save money
D
have money in the future
4) Saving money for less than 2 months is
A
unrealistic
B
a short term goal
C
long term goal
D
impossible
5) Spending money, time or items toward future benefits for making more money is called
A
paying off
B
saving
C
borrowing
D
investing
6) What is the term for the money you earn?
A
interest
B
expense
C
income
D
savings
7) Agreement to receive cash, goods, or services now and pay for them at a later date
A
investment
B
savings
C
income
D
credit
8) The term for the second best choice or alternative a person gives up to get something else?
A
opportunity cost
B
budget
C
investment
D
need
9) A card that allows money to be withdrawn from your account
A
debit card
B
gift certificate
C
check
D
credit card
10) When dealing with credit cards it is important to know your card's
A
A.B. AND C
B
credit limit
C
annual percentage rate
D
payment due date
11) Who is most likely to have high finance charges?
A
a customer who pays bills online
B
an person who pays off credit card balances each month
C
an individual who pays on time
D
a person with a bad credit history and a lot of debt
12) A store is offering 10% off for customers who use their store card. This is an example of making purchases using
A
cash
B
credit
C
currency
D
debit
13) Susan is in 5th grade. Her dream is to one day be a doctor. This is a _____________
A
long term goal
B
investment
C
savings
D
short term goal
14) Sam started a college fund for his son when he was born. Each month he transfers $100 from his checking account to the fund. By doing this, he is both _________ and ___________.
A
spending and saving
B
investing and borrowing
C
saving and borrowing
D
saving and investing
*select an answer for all questions
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