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Personal Finance And Economics
Test Description: Georgia Personal Finance Standards
Instructions: Answer all questions to get your test result.
1) Which of the following is a benefit of making a household budget
A
you can retire today
B
you will never have to work again
C
a budget will help and individual adapt to changes in financial circumstances
D
you can buy everything you want
2) Which of the following is the BEST definition of INVESTING?
A
a plan for spending
B
setting aside of income for future use.
C
the amount of money a person earns during a year.
D
using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits.
3) Which of the following is the BEST definition of a BUDGET?
A
the amount of money a person earns during a year.
B
setting aside of income for future use.
C
using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits
D
a plan for spending
4) Which of the following is a reason for and a benefit of saving?
A
you will never have to pay back a loan
B
Providing a cushion for emergencies.
C
you can buy everything you want
D
allowing you to quit your job
5) an amount of money borrowed by one party from another party = is a definition of what economic term?
A
expenditure
B
savings
C
debt
D
budget
6) What is the economic term for an additional amount you pay to use borrowed money.
A
debt
B
expenditure
C
interest
D
income
7) What is the economic term for legal proceeding involving a person or business that is unable to repay outstanding debts.
A
expenditure
B
income
C
taxes
D
bankruptcy
8) What is an important difference between the federal budget and the budget of the state of Georgia?
A
There are no differences.
B
The state budget must be balanced.
C
The federal government may not run into debt.
D
The federal budget must be balanced.
9) Which of the following is the BEST definition of CREDIT?
A
a legal proceeding involving a person or business that is unable to repay outstanding debts
B
setting aside of income for future use
C
an amount of money loaned to a person that must be paid back along with additional interest.
D
an additional amount you pay to use borrowed money.
10) Unchecked debt can lead to which of the following health issues?
A
hypertension (high blood pressure)
B
All of the Above!
C
stroke
D
mental health issues
*select an answer for all questions
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