Nuthrive Financial Literacy Quiz

10 Questions | Total Attempts: 68

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Personal Finance Quizzes & Trivia

Test your personal finance knowledge


Questions and Answers
  • 1. 
    If you give something up as a result of making a decision, you are incurring a(n) ______
    • A. 

      Liquidity Problem

    • B. 

      Net Cost

    • C. 

      Opportunity Cost

    • D. 

      None of the above

  • 2. 
     Which are examples of fixed expenses?
    • A. 

      Rent, insurance & loan payments

    • B. 

      Utilities, rent & restaurants

    • C. 

      Music purchases, sports games, insurance

    • D. 

      Tuition, rent & concerts

  • 3. 
    Being on a budget means...
    • A. 

      You pay bills every month at the due date

    • B. 

      You plan your expenses to be less than or equal to your income

    • C. 

      You are earning enough money to be able to live well

    • D. 

      Your bills are generally paid by every due date

  • 4. 
    In the case of Direct Stafford student loans, when are you required to begin paying off your debt?
    • A. 

      As soon as you enroll in college

    • B. 

      6 months after you leave college or drop below half-time enrollment

    • C. 

      When you become employed full-time

    • D. 

      Once you are no longer dependent on your taxes

  • 5. 
    Suppose you deposit $100 in a savings account earning 2% interest a year. After five years how much would you have? 
    • A. 

      Exactly $102

    • B. 

      Less than $102

    • C. 

      More than $102

  • 6. 
    Which of the following techniques will a bank most likely use to reduce potential risk when giving a credit card to someone with no credit history?  
    • A. 

      It will charge twice the interest rate it charges other cardholders

    • B. 

      It will start the customer off with a smaller line of credit to see how they handle the account

    • C. 

      It will require a family member to pledge their home

    • D. 

      All of the above

  • 7. 
    Why is your credit score important?
    • A. 

      It can affect your interest rates if you have to borrow money for a car or home

    • B. 

      It can have an impact on whether you can finance major purchases

    • C. 

      It can determine whether you can be approved for credit cards

    • D. 

      All of the above

  • 8. 
    If you buy a company's stock...
    • A. 

      You have lent money to the company

    • B. 

      You own a part of the company

    • C. 

      The company will return your original investment to you with interest

    • D. 

      You are liable for the company's debts

  • 9. 
    If you invest in a higher risk stock as opposed to a lower risk stock, you would expect ___ return for your investment. 
    • A. 

      A higher

    • B. 

      A lower

    • C. 

      The same

  • 10. 
    In which situation(s) is it smart to borrow money to cover a large expense?
    • A. 

      When your favorite store is having a sale

    • B. 

      When you desperately need a week of vacation

    • C. 

      When you need to buy/lease a car to get a better paying job

    • D. 

      All of the above

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