Personal Finance Question Preview (ID: 61517)


Econ Mini Unit #3. TEACHERS: click here for quick copy question ID numbers.

When we decide to spend or save our money on something, that is money that we also have decided will not be saved or spent on something else. What is this called?
a) A Trade-Off
b) Needs vs. Wants
c)
d)

What is the difference between gross pay and net pay?
a) Gross pay is how much money you have to spend, while net pay is how much you save.
b) Gross pay is what employees earn before taxes, net pay is that amount minus deductions
c)
d)

What is a savings account?
a) A savings account is a place where you can store your cash safely while earning interest.
b) A savings account is where you keep money you will need to spend in the immediate/short term.
c)
d)

What is a checking account?
a) A checking account is a place where you can store your cash safely while earning interest.
b) A checking account is a bank account for everyday expenses like paying bills and making purchases.
c)
d)

When talking about a loan, what is the ‘principal’?
a) The amount of money you borrow; it decreases as you pay off your loan
b) The amount of interest you will have to pay on your loan
c)
d)

When talking about a loan, what is the ‘term’?
a) The amount of money you borrow
b) The length of time it will take to repay the loan completely, including interest, and assuming you pay on time
c)
d)

When talking about a loan, what is the ‘interest’?
a) The percentage of the loan amount that you pay the lender you borrowed from as a fee
b) The amount of money you borrow
c)
d)

What is a mortgage?
a) A form of health insurance
b) A home loan; if you fail to repay the loan the lender has the right to take your property.
c)
d)

What is the difference between a fixed rate loan vs. a variable rate loan?
a) Fixed rate loans can be altered by lenders to force you to pay higher interest rates if the economy is doing poorly
b) A fixed rate loan has the same interest rate for the whole borrowing period; variable rates can change with the economy
c)
d)

What might impact your ability to get a loan, or the interest rate you have to pay on that loan?
a) The political party you vote for
b) You credit score
c)
d)

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