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Biz 8 Intro To Biz Personal Finance I
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) A benefit of paying with cash is:
A
You do not have to get a loan for it
B
It's your money
C
All of the above
D
You can only spend what you have
2) When you have the opportunity to, you should pay with a ____ card first.
A
Credit
B
Both
C
Neither
D
Debit
3) Whenever you use your credit card; you will have to pay ___ along with the cash you borrowed.
A
credit
B
taxes
C
income
D
interest
4) Debit cards are preferred over credit cards for most consumers because....
A
it's tied to your bank account
B
all of the above
C
there are interest charges
D
it builds you credit score
5) When paying off a credit card you should:
A
pay the minimum payment since it cost you less that month
B
always pay more than the minimum
C
never, ever use credit cards.
D
pay it all off even if it wipes out your money
6) Expenses that change month to month are called...
A
variable expenses
B
fixed expenses
C
bad budgeting
7) Credit Cards offer
A
discounts
B
all of these
C
bonus miles
D
cash back specials
8) Good credit can make you more money when you borrow money to someone else.
A
false
B
true
9) Most credit card companies let you borrow unlimited amounts of money.
A
false
B
true
10) The interest you charge on a credit card over an entire year was called:
A
operating benefit analysis (ORC)
B
cost benefit analysis (CBA)
C
internal revenue service (IRS)
D
annual percentage rate (APR)
11) Accounting for how much money you'll have after necessary expenses is...
A
financing
B
budgeting
C
none of the choices
D
financial responsibility
12) Income that you have left over after taxes, bills, and other necessary expenses is called ________ income.
A
discretionary
B
savings
C
interest
D
taxable income
13) T/F Budgeting will help you have extra money for unexpected expenses.
A
false
B
true
*select an answer for all questions
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