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Personal Finance
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Which would be an example of an income?
A
Buying your mom a present
B
Shopping for food
C
Tickets to a football game
D
Wages from job
2) a plan for how income will be spent.
A
credit
B
debit
C
deposit
D
budget
3) The money you pay the government when you purchase some items.
A
Property taxes
B
Payroll taxes
C
Sales taxes
D
Income taxes
4) Store has a sale of 20% off. Jane buys a shirt that usually cost $20. How much did she save?
A
$16
B
4%
C
$20
D
$4
5) Chili's requires an 18% tip for the server. Your food cost $78. What is your final bill?
A
$96.00
B
$14.04
C
$92.04
D
$94.00
6) Find the commission of selling a new cell phone : $2,000, at 7.5% commission rate
A
$250.00
B
$1,500.00
C
$75.00
D
$150
7) Commission usually applies to which of the following occupations
A
all occupations listed
B
Car dealer
C
retail- clothing sales
D
Real estate
8) Which of the following impacts a persons earnings?
A
All answers listed
B
Career choice
C
Ability to find employment
D
Ability of advancement
9) Which is NOT a form of borrowing?
A
Buying on installment
B
buying with a credit card
C
investing in bonds
D
Cash advances
10) What is the difference between saving and investing?
A
the amount of return and the availability of the funds.
B
Investment accounts generally earn a lower return than savings.
C
savings accounts generally earn a higher return than investments.
D
savings can only be used for emergencies
11) Which would be considered the highest risk investment type?
A
mutual funds
B
Stock
C
bonds
D
collectibles
12) Why is it important to start investing as soon as possible?
A
You have more time for your money to compound interest
B
Investing is an easy way to make quick money
C
You take less risk when you are young, so money will be safe
D
Fees on investments are cheaper when you are younger
13) Which of the following is not a type of investment?
A
Real estate
B
payday loan
C
stocks
D
bonds
14) Which of the following is not a benefit of saving?
A
encourages a healthy economy
B
earn income
C
earn high interest
D
Save for future purchases
15) A key difference between saving and investing is
A
Investing has a guaranteed return, savings does not
B
Saving is emergencies goals, investing is long-term wealth
C
Your money is insured when investing, it is not in savings
D
Savings is for everyone, investing if for the wealthy
*select an answer for all questions
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