Can You Pass This Hardest Finance Test? Trivia Quiz
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Can you pass this most challenging finance test? For this quiz, you will be expected to know how to define a need, how goals are accomplished, and what financial planning is. Can you identify an action statement, what do individuals with more formal training usually have, and how does the government use money collected from taxes? If you are searching for a way to test your financial intelligence, look no further than this quiz.
- 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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