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Personal Money Management
Test Description: Personal Money Management
Instructions: Answer all questions to get your test result.
1) Money that someone receives is called __________________
A
Savings
B
Credit
C
Income
D
Interest
2) A spending and saving plan is called __________________
A
Credit
B
Savings
C
Interest
D
Budget
3) Helps individuals, families, and businesses figure out how to best use their income.
A
Credit
B
Income
C
Budget
D
Savings
4) When you spend some money now with the hopes of making more money in the future.
A
Investment
B
Savings
C
Credit
D
Budget
5) A fee for the use of borrowed money, usually a % of the borrowed money
A
Interest
B
Credit
C
Budget
D
Investing
6) The ability to borrow money
A
Income
B
Budget
C
Credit
D
Savings
7) Some people have a good credit score and others have a bad credit score, how does this happen?
A
Your credit score is randomly assigned to you at the age of 18
B
Your credit score is determined by your ability to pay back money in a timely manner that you borrowed
C
Your credit score is only determined by how much money you have in savings
D
Your credit score improves as you get older, no matter what
8) If you borrow $100,000 at 2% interest how much will you pay back in total.
A
$220,000
B
$120,000
C
$102,000
D
$200,000
9) When making a budget, which of the following items is considered a want?
A
Medicine
B
Shelter
C
Laptop
D
Food
10) When making a budget, which of the following items is considered a need?
A
Iphone
B
Clothing
C
Car stereo
D
High Definition Telivision
11) When you make investments, you are guaranteed to make money of each investment.
A
True
B
False
12) Credit cards are ____________________
A
a very risky way to get yourself into debt and they should never be used
B
a good way to build credit and get rewards if they are used responsibly
*select an answer for all questions
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