A Quiz On Personal Finance! Trivia

41 Questions | Total Attempts: 84

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A Quiz On Personal Finance! Trivia - Quiz

A quiz on personal finance! This type of finance is centered on individual expenses, savings and investments. Do you know the number of taxes and rates that are deducted from your paychecks and how to amount for commissions? Worry not as the quiz below will help you get some practice on understanding on some basic finance concepts and how to use them in making financial decision. All the best!


Questions and Answers
  • 1. 
    A good credit score is around 350 while a bad score is 750-850.
    • A. 

      True

    • B. 

      False

  • 2. 
    Jose's pay is based only on how many bags of apple he picks on the farm. What type of pay is it?
    • A. 

      Salary

    • B. 

      Wage

    • C. 

      Piece-Rate

    • D. 

      Overtime

  • 3. 
    What type of payment do you commonly make at a doctor’s office?
    • A. 

      Co-Pay

    • B. 

      Deductible

    • C. 

      Premium

    • D. 

      Claim

  • 4. 
    When you purchase snacks at a store you will pay______ taxes?
    • A. 

      Federal

    • B. 

      State

    • C. 

      Sales

    • D. 

      Property

  • 5. 
    The real estate agent that sells a house would most likely be paid by____________?
    • A. 

      Commission

    • B. 

      Wage

    • C. 

      Royalties

    • D. 

      Salary

  • 6. 
    Frank sold a house for $235,000. How much does the real estate agent earn if his commission is 6%?
    • A. 

      $1,410

    • B. 

      $141,000

    • C. 

      $14,100

    • D. 

      $1.40

  • 7. 
    Which is NOT a common deduction taken out of your paycheck?
    • A. 

      Health Insurance

    • B. 

      Vision Insurance

    • C. 

      Dental Insurance

    • D. 

      Therapy Insurance

  • 8. 
    A tax that pays for health care for people aged 65 and older.
    • A. 

      Social Security Tax

    • B. 

      State Tax

    • C. 

      Medicare Tax

    • D. 

      Federal Tax

  • 9. 
    If your bank account is overdrawn and goes negative you will be charged a ________ fee.
    • A. 

      Deposit

    • B. 

      Credit

    • C. 

      Overdraft

    • D. 

      Balance

  • 10. 
    If you need to set up a direct deposit for your paycheck to go directly into your bank account, what piece of information does your employer need off your account?
    • A. 

      Check number

    • B. 

      Memo line

    • C. 

      Numerical amount

    • D. 

      Routing number

  • 11. 
    A type of interest rate that stays the same over the life of the loan.
    • A. 

      Fixed Interest Rate

    • B. 

      Variable Interest Rate

    • C. 

      Direct Interest Rate

    • D. 

      Liquid Interest Rate

  • 12. 
    Which of the following would charge the highest fees and interest rates for borrowing money?
    • A. 

      Retail Bank

    • B. 

      Credit Union

    • C. 

      Payday Lender

    • D. 

      Savings and Loan

  • 13. 
    Which of the following is a special bank that requires you to be invited to join and is run by its members
    • A. 

      Retail Bank

    • B. 

      Credit Union

    • C. 

      Payday Lender

    • D. 

      Savings and Loan

  • 14. 
    The FDIC insures your bank deposits up to _________________
    • A. 

      $1,000

    • B. 

      $25,000

    • C. 

      $250,000

    • D. 

      $1,000,000

  • 15. 
    What are the monthly earnings if the annual earnings are $43,290?
    • A. 

      $2903.34

    • B. 

      $3614.33

    • C. 

      $3607.50

    • D. 

      $2219.39

  • 16. 
    You want to buy a shirt with an original selling price of $75.00 and the markdown(discount) is 25%. What is the new price after the markdown?
    • A. 

      $20.34

    • B. 

      $64.29

    • C. 

      $56.25

    • D. 

      $55.20

  • 17. 
    The form used to report the taxable income a worker received during the calendar year is: Hint: *This is the form you get from your job in January every year that you need to file taxes!
    • A. 

      Form W-4.

    • B. 

      Form W-2.

    • C. 

       Form 1040EZ.

    • D. 

      Form 1099-INT  

  • 18. 
    A type of insurance that protects against financial loss as the result of injury or illness is:
    • A. 

      Bonding.

    • B. 

      Health.

    • C. 

      Life.

    • D. 

      Property  

  • 19. 
    During Hurricane Katrina, many homeowners did not have sufficient property insurance to cover the losses of their homes. What insurance would you purchase to properly insure your home in addition to a basic homeowner’s insurance policy to protect against water damage?
    • A. 

      Earthquake insurance

    • B. 

      Flood insurance

    • C. 

      Personal liability insurance

    • D. 

      Renter's insurance  

  • 20. 
    What government agency is in charge of collecting taxes in the united states?
    • A. 

      IRS (internal Revenue Service)

    • B. 

      FBI (Federal Bureau of Investigations)

    • C. 

      CIA (Central Intelligence Agency)

    • D. 

      ITC (International Tax Collectors)

  • 21. 
    What is a mortgage?
    • A. 

      Car Loan

    • B. 

      College Loan

    • C. 

      Home Loan

    • D. 

      Vacation Loan

  • 22. 
    When you stop paying your mortgage payment the bank will put your house in ___________ and try and sell it.
    • A. 

      Cosigner

    • B. 

      Deductible

    • C. 

      Foreclosure

    • D. 

      Bankruptcy

  • 23. 
    If you want to rent property like an apartment you will need to sign a ________which obligates you to pay to rent and follow the rules of the contract.
    • A. 

      Foreclosure

    • B. 

      Secured Loan

    • C. 

      Lease

    • D. 

      Down Payment

  • 24. 
    A loan where you pledge something valuable as collateral is a________________ and a loan that is only based on your credit worthiness is a ________________ .
    • A. 

      Secure loan, Unsecure Loan

    • B. 

      Unsecure Loan, Secure Loan

  • 25. 
    Which of the following is a type of retirement plan offered by your employer?
    • A. 

      Stock Market

    • B. 

      Checking Account

    • C. 

      401k

    • D. 

      Social Security

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