Can You Pass This Hardest Finance Test? Trivia Quiz

60 Questions | Total Attempts: 1461

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Can You Pass This Hardest Finance Test? Trivia Quiz

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Questions and Answers
  • 1. 
    Which of the following has the least influence on an individual’s values?
    • A. 

      Media

    • B. 

      Family

    • C. 

      Religious affiliations

    • D. 

      Grade average

  • 2. 
    A need is best defined as:
    • A. 

      The end result of something a person intends to acquire, achieve, do, reach, or accomplish in the near or distant future.

    • B. 

      Something thought to be a necessity or essential items required for life.

    • C. 

      A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.

    • D. 

      Something unnecessary but desired or items that increase the quality of living.

  • 3. 
    Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
    • A. 

      Short-term goal

    • B. 

      Long-term goal

    • C. 

      Education Goal

    • D. 

      This is not an example of a goal

  • 4. 
    Goals are most likely to be accomplished if an individual:
    • A. 

      Lets his/her parents set their goals.

    • B. 

      Lets their friends set their goals.

    • C. 

      Writes their goals down.

    • D. 

      Thinks about their goals often.

  • 5. 
    What is financial planning?
    • A. 

      A fundamental belief or practice about what is desirable and worthwhile.

    • B. 

      A process used to achieve financial success based upon financial goals and plans.

    • C. 

      An investment plan that includes stocks, bonds, and mutual funds.

    • D. 

      A set of financial documents including net worth, a will and insurance policies.

  • 6. 
    Action statements should be used when writing a résumé. Which of the following is a properly written action statement?
    • A. 

      Supervised daily operations of 4 employees.

    • B. 

      I saved money from a part-time job to finance the purchase of a new car.

    • C. 

      I participated in the Family Career, and Community Leaders of America (FCCLA) as a member in a chapter of 32 students.

    • D. 

      Speech and Drama Team.

  • 7. 
    In order to make an informed career decision, a high school student will want to:
    • A. 

      Commit to a profession that requires a college degree.

    • B. 

      Choose a career that offers the amount of money desired.

    • C. 

      Develop personal goals, complete an interest inventory, and research careers.

    • D. 

      Choose a training program that will guarantee employment after the course work is completed.

  • 8. 
    Individuals with more formal educational training usually have:
    • A. 

      Higher estimated lifetime earnings.

    • B. 

      Lower personal satisfaction.

    • C. 

      Greater amounts of leisure time.

    • D. 

      More comfortable work environments.

  • 9. 
    The government uses money collected from taxes to:
    • A. 

      Finance the Internal Revenue Service.

    • B. 

      Encourage private enterprise.

    • C. 

      Establish food networks.

    • D. 

      Provide goods and services to the public.

  • 10. 
    A dependent is a person who:
    • A. 

      Relies on the taxpayer for financial support.

    • B. 

      Relies on the government for their Social Security benefit check.

    • C. 

      Pays the taxes for all the members of the family.

    • D. 

      Depends on their job for needed financial support to pay their expenses.

  • 11. 
    Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. He pays $63.08 into federal withholdings, $33.21 into state withholdings, and $42.05 into FICA. What is Bob’s net pay on his paycheck?
    • A. 

      $501.66

    • B. 

      $320.00

    • C. 

      $576.92

    • D. 

      $640.00

  • 12. 
    A spending plan is affected by which of the following factors?
    • A. 

      Needs

    • B. 

      Values

    • C. 

      Wants

    • D. 

      All of the above

  • 13. 
    If expenses were to exceed income on a spending plan, what would be a financially smart solution?
    • A. 

      Decrease expenses

    • B. 

      Use a credit card more often

    • C. 

      Earn less income

    • D. 

      Increase purchases

  • 14. 
    Depository Institutions offer a wide variety of services including:
    • A. 

      Checking and savings accounts.

    • B. 

      Loans and investments.

    • C. 

      Financial counseling.

    • D. 

      All of the above.

  • 15. 
    Funds deposited in a federally insured account (FDIC) are protected against loss for up to:
    • A. 

      $50,000.00

    • B. 

      $1,000,000.00

    • C. 

      $250,000.00

    • D. 

      $10,000.00

  • 16. 
    Electronic banking allows the consumer to:
    • A. 

      Eliminate the need to reconcile their bank account.

    • B. 

      Correct fraud or identity theft as soon as it occurs.

    • C. 

      Have 3-4 days of float time after a check is written.

    • D. 

      Have 24/7 access to banking transactions.

  • 17. 
    When comparing and contrasting debit and credit cards, it could be said that:
    • A. 

      Debit cards allow for overspending and credit cards are limited to the amount in the designated bank account.

    • B. 

      A debit card withdraws money from a designated bank account for immediate payment instead of making purchases on credit

    • C. 

      Credit cards are not widely accepted by stores but debit cards are.

    • D. 

      Debit cards and credit cards function in the same manner.

  • 18. 
    When comparing and contrasting savings and investing, which of the following is true?
    • A. 

      Savings is used to pay for long-term goals, while investing is used to pay for emergencies.

    • B. 

      Savings are less liquid than investing.

    • C. 

      Savings provide the foundation for financial security while investing is used to pay for long-term goals, such as retirement.

    • D. 

      All of the above

  • 19. 
    What does “pay yourself first” mean?
    • A. 

      An individual should save whatever money is left over after paying monthly bills.

    • B. 

      An individual should pay all fixed expenses before paying flexible expenses.

    • C. 

      An individual should consider savings to be a fixed expense.

    • D. 

      An individual should consider savings to be a flexible expense.

  • 20. 
    Which of the following statements correctly describes the security level of savings tools?
    • A. 

      Savings tools are not secure because they have a high risk of losing money.

    • B. 

      Savings tools are secure because they are protected by the U.S. government against loss.

    • C. 

      Savings tools are very secure because there are no risks involved with saving or investing.

    • D. 

      None of the above is true. It would be safer to keep the money at home in a shoe box.

  • 21. 
    How liquid is a savings account?
    • A. 

      More liquid than cash.

    • B. 

      Less liquid than mutual funds.

    • C. 

      More liquid than stocks and bonds.

    • D. 

      All of the above.

  • 22. 
    What is inflation?
    • A. 

      The rise in the general level of prices.

    • B. 

      The uncertainty the return on an investment will deviate from what is expected.

    • C. 

      The number of times something happens to money.

    • D. 

      The projected value of an investment at the end of a specified time frame.

  • 23. 
    The relationship between risk and return in investing can be stated as:
    • A. 

      Higher risk indicates lower return.

    • B. 

      Higher risk indicates higher return.

    • C. 

      Lower risk indicates higher return.

    • D. 

      No relationship exists between risk and return.

  • 24. 
    A diversified portfolio is desirable because it:
    • A. 

      Increases the risk/return ratio

    • B. 

      Limits investors choices to only one or two investment tools

    • C. 

      Indicates an investor is a good predictor of the return an investment will have

    • D. 

      Decreases risk by investing money in a variety of investment tools

  • 25. 
    The value of a stock can change when:
    • A. 

      Dollar value of a stock increases or decreases

    • B. 

      A stock split occurs

    • C. 

      A merger happens between two companies

    • D. 

      All of the above