Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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
reach personal economic goals
B
increase the amount in your savings
C
control your spending habits
D
plan for retirement
2) What is a budget (spending plan)?
A
An individual's values, needs, wants, and goals that create a financial plan
B
A financial planning tool used to track only an individual's flexible expenses
C
Specific objectives to be accomplished through financial planning
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
future value calculation
B
law of investing
C
70/20/10 rule
D
rule of 72
4) The purpose of a cash flow statement is to
A
report current income and payments
B
project the future value of investments
C
budget for future spending
D
summarize assets and liabilities for an individual or family
5) Most nations of the world can be classified as having a ______________ economy.
A
mixed
B
market
C
command
D
traditional
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
equilibrium
B
competition
C
supply
D
demand
8) When the amount of a country's imports exceeds the amount of its exports, there is a
A
surplus
B
deficit
C
negative net worth
D
balance
9) Earning interest on interest applies to
A
) fixed interest
B
compounded interest
C
principal interest
D
simple interest
10) The ___________________ is the point where supply and demand are equal.
A
competition price
B
premium price
C
equilibrium price
D
selling price
11) In a _____________ economy, all resources are owned and controlled by the government.
A
command
B
traditional
C
market
D
mixed
12) ______________ establish supply.
A
Governments
B
Consumers
C
Producers
D
Markets
13) When a nation is able to produce products more efficiently than other countries, it is said to have
A
absolute advantage
B
comparative advantage
C
production advantage
D
economic 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
$900.00
C
$970.26
D
$5,900.00
15) What is the first step that should be completed when creating a budget (spending plan)?
A
Track current income and expenses
B
Allocate money to income and expense categories
C
Implement and control
D
Make adjustments to spending
16) A mixed economy combines elements of a _________________ economy and a ________________ economy.
A
market, traditional
B
traditional, command
C
capitalistic, traditional
D
market, command
17) Gross domestic product is the
A
value of all final goods and services produced in, or imported to, a country during one year
B
dollar value of all goods and services produced in a country during one year
C
price-adjusted value of all goods and services produced in a country during one year
D
dollar value of all final 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
exchange rate
B
balance of payments
C
conversion rate
D
inflation 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
36 years
B
There is not enough information provided to solve this problem
C
12 years
D
6 years
20) Assets + Liabilities = Net Worth
A
True
B
False
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?