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PF 1.01
Test Description: Earning, Spending, Saving, and Borrowing
Instructions: Answer all questions to get your test result.
1) Sharon paid for an unexpected trip to the emergency room instead of paying her car payment. This illustrates:
A
an opportunity cost
B
the cost of credit
C
a high standard of living
D
workplace trends and opportunities
2) Tom borrowed $100 from a friend to buy items he needed for work with a retail value of $300. When he gets his paycheck, he will have enough money to pay his debt. This illustrates:
A
wise use of credit to extend a person's buying power
B
encouraging people to spend less and save more.
C
enabling people to earn more and raise their standard of living
D
use of borrowing to place oneself in great debt
3) Which is an example of earning?
A
Ed asked his mother for a loan
B
Sam sold things he made at a flea market
C
Evan bought a coat with a debit card
D
Mary loaned her credit card to a friend
4) Which is an example of responsible borrowing?
A
Greg spent all of his paycheck before he remembered he had a debt to repay.
B
Barry asked his mother for an advance on his allowance so he could buy another CD.
C
Ed accepted a loan from his uncle because he knew he could pay it back.
D
Fran borrowed her mother's credit card without permission to use at a big sale.
5) Which is an example of responsible earning?
A
Kate compared costs of school supplies in several stores before deciding where to shop
B
Dorothy kept her part-time job until she could find another so she could meet her monthly expenses
C
Larry set aside $30 from his part-time job earnings each month to help pay his senior expenses
D
Josh did not use his car,he did not know if his friend's insurance would cover him
6) Nancy works in a restaurant where she receives tips. Receiving tips is an example of which economic activity?
A
saving
B
borrowing
C
earning
D
spending
7) Which is an example of saving?
A
Sara used her debit card to make a purchase
B
Ben took out a loan to buy a car.
C
Kay wrote a check for a CD at a store.
D
Mary put money in a bank account.
8) Rick cannot afford to buy Christmas gifts for everyone in his family. This illustrates
A
the Law of Scarcity
B
an opportunity cost
C
a benefit of saving
D
a trade-off
9) Jim decided to save his money for his senior expenses rather than spending it at the mall. This illustrates
A
making wise choices in light of trade-offs
B
using one's knowledge to increase earnings
C
considering lifetime earnings when making career choices
D
worrying about today instead of planning ahead
10) Susan is going to obtain a loan to buy a stereo system. This is an example of which economic activity?
A
spending
B
earning
C
borrowing
D
saving
*select an answer for all questions
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