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Personal Finance

Test Description: Personal Finance

Instructions: Answer all questions to get your test result.

1) Which would be an example of an income?

AWages from job BShopping for food CTickets to a football game DBuying your mom a present

2) a plan for how income will be spent.

Acredit Bbudget Cdebit Ddeposit

3) The money you pay the government when you purchase some items.

AIncome taxes BProperty taxes CPayroll taxes DSales taxes

4) Store has a sale of 20% off. Jane buys a shirt that usually cost $20. How much did she save?

A$20 B$4 C4% D$16

5) Chili's requires an 18% tip for the server. Your food cost $78. What is your final bill?

A$96.00 B$14.04 C$92.04 D$94.00

6) Find the commission of selling a new cell phone : $2,000, at 7.5% commission rate

A$150 B$1,500.00 C$250.00 D$75.00

7) Commission usually applies to which of the following occupations

Aretail- clothing sales BCar dealer Call occupations listed DReal estate

8) Which of the following impacts a persons earnings?

ACareer choice BAbility of advancement CAll answers listed DAbility to find employment

9) Which is NOT a form of borrowing?

ABuying on installment BCash advances Cbuying with a credit card Dinvesting in bonds

10) What is the difference between saving and investing?

Asavings accounts generally earn a higher return than investments. Bsavings can only be used for emergencies Cthe amount of return and the availability of the funds. DInvestment accounts generally earn a lower return than savings.

11) Which would be considered the highest risk investment type?

Acollectibles Bbonds CStock Dmutual funds

12) Why is it important to start investing as soon as possible?

AInvesting is an easy way to make quick money BYou take less risk when you are young, so money will be safe CFees on investments are cheaper when you are younger DYou have more time for your money to compound interest

13) Which of the following is not a type of investment?

Astocks BReal estate Cbonds Dpayday loan

14) Which of the following is not a benefit of saving?

ASave for future purchases Bearn high interest Cencourages a healthy economy Dearn income

15) A key difference between saving and investing is

AInvesting has a guaranteed return, savings does not BYour money is insured when investing, it is not in savings CSavings is for everyone, investing if for the wealthy DSaving is emergencies goals, investing is long-term wealth

*select an answer for all questions

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