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Personal Finance Vocabulary
Test Description: Use your knowledge of personal finance to play the games.
Instructions: Answer all questions to get your test result.
1) Which is NOT a way to receive income?
A
winning a prize
B
through a gift
C
through allowance
D
growing on trees
2) What is an example of a variable expense?
A
a cell phone bill
B
a mortgage bill (house loan)
C
a car payment
D
an electric bill
3) What is an example of a fixed expense?
A
A gas bill
B
A water bill
C
A mortgage bill (house loan)
D
An electric bill
4) What is the best way to manage your money?
A
Create a budget
B
Spend all your money and when you run out wait until you get more and spend again
C
Take out loans
D
Ask your parents for money when you run out
5) Which of the following is an emergency fund NOT to be used for?
A
In case of unexpected pet bills
B
In cases of unexpected medical situations
C
In case you lost your job
D
In case you want to take a fun weekend vacation
6) Which is the LEAST risky way to invest your money?
A
In gold
B
In stocks
C
In mutual funds
D
In a savings account
7) Which of the following the MOST risky way to invest your money?
A
In stocks
B
In mutual funds
C
In a certificate of deposit (CD)
D
In a savings account
8) What can happen if a buyer can't pay back a debt?
A
They go to jail
B
Fees can be added to the amount of the debt
C
They get forgiven for the debt and don't have to pay it back.
D
Nothing happens
9) Which of the following does a credit score NOT determine?
A
To determine if the person is smart
B
To determine if a person can get a car loan
C
To determine if a person can get a credit card
D
To determine if a person can get a mortgage loan
10) Which of the following WILL NOT hurt your credit score?
A
Not paying your cell phone bill on time
B
Paying your credit card bill off every month
C
Not paying your credit card bills on time
D
Not paying your rent on time
*select an answer for all questions
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