Can You Pass This Hardest Finance Test? Trivia Quiz

60 Questions | By Msmoxie | Updated: Mar 21, 2022 | Attempts: 1749

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Can You Pass This Hardest Finance Test? Trivia Quiz - Quiz

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.

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.

One element of a financial goal is missing in the example below. Which one is it? “I will save $150 each month to go on a vacation in one year.”
- A.
  
  Time Bound
- B.
  
  Specific
- C.
  
  Attainable
- D.
  
  Measurable
5.

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.
6.

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.
7.

Chance is 25 years old, single, and has no children. He has just graduated from college and has accepted a job as a mechanical engineer. These are examples of Chances:
- A.
  
  Life cycle conditions
- B.
  
  Life cycle crisis
- C.
  
  Financial needs
- D.
  
  Goals
8.

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.
9.

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.
10.

Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
- A.
  
  Salary
- B.
  
  Human capital
- C.
  
  Family
- D.
  
  Interest inventory
11.

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.
12.

Susan is currently working in Kansas City, MO earning $30,000 a year. She is offered a position in Indianapolis, IN earning $32,000 a year. If Kansas City’s index is 100 and Indianapolis’ index is 115, which is true? (Index 2/Index 1) * Salary City 1
- A.
  
  Susan will have more spending power if she moves to Indianapolis.
- B.
  
  Susan will have more spending power if she stays in Kansas City.
- C.
  
  Susan will have the same spending power in Indianapolis as she has in Kansas City
- D.
  
  There is not enough information to decide.
13.

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.
14.

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.
15.

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 gross pay on his paycheck?
- A.
  
  $181.66
- B.
  
  $363.32
- C.
  
  $576.92
- D.
  
  $640.00
16.

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
17.

A spending plan is affected by which of the following factors?
- A.
  
  Needs
- B.
  
  Values
- C.
  
  Wants
- D.
  
  All of the above
18.

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
19.

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.
20.

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
21.

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.
22.

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.
23.

In order to use online banking safely when making a purchase or when paying a bill, a person should make sure to:
- A.
  
  Make the transaction using their personal e-mail account.
- B.
  
  Use an online banking account that is password protected
- C.
  
  Make sure that the bank website uses https in the URL and the closed pad lock icon.
- D.
  
  B and c only
- E.
  
  A, b, and c
24.

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
25.

Shelley’s net income is $1500 per month and her total expenses equal $1200. What is the minimum amount of money Shelley should keep in the form of liquid assets that are not used to pay for current consumption?
- A.
  
  $3600
- B.
  
  $4500
- C.
  
  $7200
- D.
  
  $14,400