Personal Finance Unit Test

Personal Finance Unit Test

48 Qs

quiz-placeholder

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 Personal Finance Unit Test

Personal Finance Unit Test

Assessment

Quiz

others

Hard

Created by

David McLeod

Used 4+ times

FREE Resource

48 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What does a bank use as security for a loan?

A promise to pay back the loan

A higher interest rate for risky loans

An asset that the bank can claim if the loan is unpaid

A deposit greater than the loan amount

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Rent is a?
fixed expense
discretionary expense
variable expense
intermittent expense

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Groceries are a:
Fixed Expense
Discretionary Expense
Variable Expense
Intermittent Expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

The following are guidelines for budgeting with an irregular income except:
Prioritize the list in order of importance.
Budgeting w/ an irregular income is no different than w/ a regular income.
Make a list of all of your expenses for the month ahead.
When your check comes in, spend your money all the way down the list.

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

The zero-based budget is the best method of budgeting because:
This type of budget is less complicated than other types of budgets.
A zero-based budget allows less money for wants.
It ensures that every dollar you make is assigned a specific purpose.
Sticking to a zero-based budget requires less discipline.

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is not a record-keeping feature you could expect from your bank?
A reconciliation sheet
A monthly account statement
An account register
Customer service reconciles your account for you

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following account records would have the most current balance?
Account balance statement from the ATM
All of these records will have accurate account balances
Your own account register
Your monthly bank statement

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