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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
budget
B
short term goal
C
investment
D
opportunity cost
2) All of these are forms of cash
A
currency, checks and debit cards
B
currency, coins, and credit cards
C
credit cards, checks and debit cards
D
checks, credit cards and coins
3) Saving money means giving up the opportunity cost to
A
spend in the present
B
apply for credit cards
C
have money in the future
D
save money
4) Saving money for less than 2 months is
A
impossible
B
a short term goal
C
long term goal
D
unrealistic
5) Spending money, time or items toward future benefits for making more money is called
A
saving
B
paying off
C
borrowing
D
investing
6) What is the term for the money you earn?
A
expense
B
savings
C
interest
D
income
7) Agreement to receive cash, goods, or services now and pay for them at a later date
A
savings
B
income
C
investment
D
credit
8) The term for the second best choice or alternative a person gives up to get something else?
A
opportunity cost
B
need
C
investment
D
budget
9) A card that allows money to be withdrawn from your account
A
check
B
gift certificate
C
credit card
D
debit card
10) When dealing with credit cards it is important to know your card's
A
annual percentage rate
B
credit limit
C
payment due date
D
A.B. AND C
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
a person with a bad credit history and a lot of debt
D
an individual who pays on time
12) A store is offering 10% off for customers who use their store card. This is an example of making purchases using
A
currency
B
credit
C
cash
D
debit
13) Susan is in 5th grade. Her dream is to one day be a doctor. This is a _____________
A
investment
B
savings
C
short term goal
D
long 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
saving and investing
B
spending and saving
C
investing and borrowing
D
saving and borrowing
*select an answer for all questions
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