Can You Pass This Hardest Finance Test? Trivia Quiz
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- 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
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