Dollars And Sense Book Quiz: Trivia!
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Which of the following is an example of a liability?
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A 2008 Jeep Cherokee
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A daily latte at Starbucks
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An $8.50 an hour pay at VANS shoe store.
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A new Macbook Pro
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What do you know about the book, Dollars and Sense? How much have you understood the fundamentals explained? Are you adept at handling money? This quiz will help you make dollars and resolve all your money issues. For that you'll have to understand, what are your long-term goals, how do you calculate income, liability, and what is issued by your See morebank and connected to your checking account. This quiz contains so many examples of how to compute dollars needed, while understanding assets and liabilities.
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- 2.
A ______ is something you must have to survive.
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Job
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Need
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Want
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Cell phone
Correct Answer
A. NeedExplanation
A need is something that is essential for survival. It is something that is necessary and cannot be done without. In this context, a need is something that is required to survive. A job, a cell phone, and wanting something are not necessary for survival, so they are not the correct answers.Rate this question:
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- 3.
Which of the following students has a frugal relationship with money?
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Tammy converts all her paychecks to cash so she can have cash at hand whenever she sees something she likes.
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Daniel packs a lunch every day so he has just enough money saved to buy things like i-touches and Jordans because everyone else has them.
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Karina doesn't spend a dime. Her parents pay for most of her needs and wants, so she doesn't have much to save up for; she just enjoys having lots of cash.
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Angie earns $8 per hour and tries to work ten hours a week. When he gets his paycheck, he puts 50% into his savings account, sets aside 20% for food, and converts the rest to cash, but doesn't use it unless he feels he has a good reason to buy something.
Correct Answer
A. Angie earns $8 per hour and tries to work ten hours a week. When he gets his paycheck, he puts 50% into his savings account, sets aside 20% for food, and converts the rest to cash, but doesn't use it unless he feels he has a good reason to buy something.Explanation
Angie has a frugal relationship with money because she carefully manages her earnings. She saves 50% of her paycheck, sets aside 20% for food, and only converts the remaining amount to cash. She exercises self-control by not using the cash unless she has a good reason to buy something. This shows that she is mindful of her spending and prioritizes saving for the future.Rate this question:
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- 4.
Why are goals good to have?
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They will set you on the path you will be on for the rest of your life.
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They give you something to work towards and help you to direct your efforts.
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They ensure motivation and success.
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Because you need some kind of concrete plan for your life.
Correct Answer
A. They give you something to work towards and help you to direct your efforts.Explanation
Goals are good to have because they give individuals a sense of direction and purpose. By having goals, individuals have something to work towards and can focus their efforts on achieving those goals. This provides motivation and a sense of accomplishment when the goals are achieved. Goals also help individuals prioritize their actions and make decisions that align with their desired outcomes. Overall, having goals helps individuals stay focused, motivated, and increase their chances of success.Rate this question:
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- 5.
An itemized summary of estimated or intended expenditures for a given period, along with proposals for financing them, is called a _________
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Financial log
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Budget
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Career
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Spending summary
Correct Answer
A. BudgetExplanation
A budget is an itemized summary of estimated or intended expenditures for a given period, along with proposals for financing them. It helps individuals or organizations plan and allocate their financial resources effectively. A financial log is a record of financial transactions, not necessarily including proposals for financing. Career and spending summary are not relevant to the definition of a budget.Rate this question:
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- 6.
If you are working ten hours a week for ten dollars an hour, will you actually get paid $100 a week?
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Yes, because you agreed to that income when you filled out your application.
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No, you will actually receive more due to benefits.
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Yes, and if they pay you less, your employer will have to pay interest.
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No, because money will be taken out for taxes.
Correct Answer
A. No, because money will be taken out for taxes.Explanation
The correct answer is "No, because money will be taken out for taxes." When you earn income, taxes are typically deducted from your paycheck. This means that a portion of your earnings will be withheld to cover taxes owed to the government. Therefore, the actual amount you receive will be less than the total amount you earned.Rate this question:
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- 7.
What is social security tax?
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It pays for providing social security numbers to all US Citizens
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It provides benefits for retired workers and their dependents.
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It goes into a back-up security bank in case of a costly national emergency.
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It pays for national security.
Correct Answer
A. It provides benefits for retired workers and their dependents.Explanation
Social security tax is a tax that is deducted from the income of individuals to fund the social security program. The program provides benefits for retired workers and their dependents, including retirement income, disability benefits, and survivor benefits. The tax contributions are used to fund these benefits and ensure financial security for retired individuals and their families.Rate this question:
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- 8.
What do you get when you subtract your liabilites from your assets?
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Your income.
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Your profit.
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Your net worth.
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Your financial responsibility.
Correct Answer
A. Your net worth.Explanation
When you subtract your liabilities from your assets, you are left with your net worth. Net worth represents the value of your assets after deducting your debts or liabilities. It is a measure of your financial position and indicates how much you would have if you were to sell all your assets and pay off all your debts.Rate this question:
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- 9.
Which of the following is an example person who is a victim of phishing?
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Janay receives an email from her favorite clothing store. It says it will give her a large discount if she enters her social security number so they know more about her. She is then taken to a fraudulent website and learns that her information has been stolen.
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Rayanne just received her debit card in the mail, along with her PIN number. She puts it in her purse and a person who passes by reaches in and grabs it before she has a chance to stop them.
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Fred sees that he has posted links to many of his friends' walls, but knows that it wasn't actually him. Someone had accessed the computer file that stored his password and had been using his Facebook.
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Ryan receives an automated phone call that asks him to say his PIN number and bank account number. He does so, and ends up losing half of his savings.
Correct Answer
A. Janay receives an email from her favorite clothing store. It says it will give her a large discount if she enters her social security number so they know more about her. She is then taken to a fraudulent website and learns that her information has been stolen.Explanation
Janay is a victim of phishing because she received an email that appeared to be from her favorite clothing store, but it was actually a fraudulent email. The email enticed her to enter her social security number in order to receive a large discount. However, when she clicked on the link provided in the email, she was taken to a fake website where her personal information was stolen. This is a classic example of phishing, where cybercriminals deceive individuals into providing sensitive information by pretending to be a trustworthy entity.Rate this question:
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- 10.
A ________ is issued by a bank and is connected directly to your checking account, meaning when you make a purchase you must have that amount of money in your account.
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Credit card
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Debit card
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PIN card
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Gift card
Correct Answer
A. Debit cardExplanation
A debit card is a type of card issued by a bank that is directly linked to a person's checking account. This means that when a purchase is made using a debit card, the person must have sufficient funds in their account to cover the cost of the purchase. Unlike a credit card, which allows the person to borrow money and pay it back later, a debit card only allows for spending what is already available in the connected checking account. Therefore, a debit card requires the user to have the necessary funds in their account at the time of the purchase.Rate this question:
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- 11.
What does the FCBA stand for?
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Federal Credit Billing Act
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Fair Credit Billing Appeal
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Federal Crisis Billing Act
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Financial and Credit Billing Appeal
Correct Answer
A. Federal Credit Billing ActExplanation
The FCBA stands for the Federal Credit Billing Act. This act is a federal law that provides consumer protections for credit card users. It outlines the procedures for resolving billing errors and unauthorized charges on credit card statements. The FCBA also establishes guidelines for disputing charges and sets time limits for creditors to respond to consumer complaints. Overall, the Federal Credit Billing Act aims to ensure fair and accurate billing practices in the credit card industry.Rate this question:
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- 12.
How, in simple terms, can you build good credit?
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By rarely using your credit card.
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By paying off your card in full every month.
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By informing your bank that you are a student and need good credit to take loans.
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By using a debit card instead.
Correct Answer
A. By paying off your card in full every month.Explanation
Paying off your credit card in full every month is a good way to build good credit because it shows that you are responsible with your finances and can manage debt effectively. When you consistently pay off your card, it demonstrates to lenders that you are reliable and trustworthy, which can lead to a higher credit score. This responsible behavior can also increase your credit limit over time, giving you more purchasing power. On the other hand, rarely using your credit card or using a debit card instead may not have the same positive impact on your credit history. Informing your bank that you are a student and need good credit to take loans may not necessarily help in building credit, as it is your credit card payment history that matters the most.Rate this question:
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- 13.
What must be given in order to take a loan from a pawnshop?
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Collateral
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Credit score
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Social Security Number
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A contract
Correct Answer
A. CollateralExplanation
In order to take a loan from a pawnshop, collateral must be given. Collateral refers to an item of value that is provided to the pawnshop as security for the loan. If the borrower is unable to repay the loan, the pawnshop can sell the collateral to recover the amount loaned. This ensures that the pawnshop has a guarantee of repayment, making collateral a necessary requirement for obtaining a loan from a pawnshop.Rate this question:
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- 14.
When you sell all of your assets to pay back your creditors, you are going through what type of bankruptcy?
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Chapter 13: Reorginization
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Chapter 7: Liquidation
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Chapter 12: Clear Slate
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Chapter 1: Ultimate
Correct Answer
A. Chapter 7: LiquidationExplanation
When you sell all of your assets to pay back your creditors, you are going through Chapter 7 bankruptcy, which is known as liquidation. In Chapter 7 bankruptcy, a trustee is appointed to sell the debtor's non-exempt assets and distribute the proceeds to the creditors. This type of bankruptcy allows individuals or businesses to obtain a fresh start by eliminating most of their debts.Rate this question:
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- 15.
Beatrice sees a $300 dress in a window on her way to work. She buys it without a second thought. What is this called?
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Clouded judgement
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Impulse buying
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Frugality
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Budget straying
Correct Answer
A. Impulse buyingExplanation
Impulse buying refers to the act of making a purchase without careful consideration or thought. In this scenario, Beatrice sees the dress and buys it without hesitation or thinking about the cost or necessity. This impulsive behavior is characteristic of impulse buying.Rate this question:
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- 16.
What is a certificate of deposit?
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A way to easily access ATMs.
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A bank investment for your savings where you earn interest over a duration of a set period of time.
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A long-term savings plan.
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A type of receipt signifying that your money has been successfully deposited.
Correct Answer
A. A bank investment for your savings where you earn interest over a duration of a set period of time.Explanation
A certificate of deposit (CD) is a bank investment for your savings where you earn interest over a duration of a set period of time. It is a fixed-term deposit that typically offers a higher interest rate compared to regular savings accounts. The money is locked in for the duration of the CD, which can range from a few months to several years. At the end of the term, you can withdraw the initial deposit plus the accumulated interest. It is a low-risk investment option for individuals looking to earn a guaranteed return on their savings.Rate this question:
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- 17.
Which of the following is a way that bad credit can affect your adult life?
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You may not get hired, even if you have great qualifications.
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You may be turned down for insurance coverage.
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You may have to pay a very large deposit before renting an apartment.
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All of these choices are true.
Correct Answer
A. All of these choices are true.Explanation
Bad credit can have a significant impact on various aspects of one's adult life. Firstly, it can affect job prospects as employers often consider credit history during the hiring process. Even if an individual has excellent qualifications, they may be overlooked due to their poor credit. Secondly, bad credit can result in being denied insurance coverage as insurers may perceive individuals with bad credit as high-risk customers. Lastly, bad credit can lead to the requirement of paying a substantial deposit before renting an apartment. This is because landlords may view individuals with bad credit as potential financial risks. Therefore, all of the given choices are true in terms of how bad credit can affect one's adult life.Rate this question:
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Current Version
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Mar 19, 2023Quiz Edited by
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Aug 30, 2011Quiz Created by
LifeBound
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