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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
You can only spend what you have
D
All of the above
2) When you have the opportunity to, you should pay with a ____ card first.
A
Neither
B
Debit
C
Both
D
Credit
3) Whenever you use your credit card; you will have to pay ___ along with the cash you borrowed.
A
interest
B
income
C
credit
D
taxes
4) Debit cards are preferred over credit cards for most consumers because....
A
there are interest charges
B
it's tied to your bank account
C
all of the above
D
it builds you credit score
5) When paying off a credit card you should:
A
pay it all off even if it wipes out your money
B
pay the minimum payment since it cost you less that month
C
never, ever use credit cards.
D
always pay more than the minimum
6) Expenses that change month to month are called...
A
bad budgeting
B
variable expenses
C
fixed expenses
7) Credit Cards offer
A
cash back specials
B
bonus miles
C
all of these
D
discounts
8) Good credit can make you more money when you borrow money to someone else.
A
true
B
false
9) Most credit card companies let you borrow unlimited amounts of money.
A
true
B
false
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
budgeting
B
financial responsibility
C
financing
D
none of the choices
12) Income that you have left over after taxes, bills, and other necessary expenses is called ________ income.
A
taxable income
B
interest
C
discretionary
D
savings
13) T/F Budgeting will help you have extra money for unexpected expenses.
A
true
B
false
*select an answer for all questions
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