Amazing Quiz On Personal Finance!
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This is your final for Personal Finance Class. This is a comprehensive test over all topics you have learned this semester.
- 1.Financial success is primarily the result of setting long term goals and developing a plan to achieve them.
- A.
True
- B.
False
- 2.If you are going to increase your wealth, it is vitally important for you to set aside funds regularly into savings and investments.
- A.
True
- B.
False
- 3.The purpose of a budget is to increase awareness of how funds are spent and to help the individual or household develop a plan to control spending more effectively and save for the future.
- A.
True
- B.
False
- 4.It makes sense to set aside funds regularly into a special savings account so you will be better able to deal with future surprise expenses.
- A.
True
- B.
False
- 5.According to Dave Ramsey you should begin saving by setting aside $1000 in an emergency fund.
- A.
True
- B.
False
- 6.Murphy's Law says that whatever can go wrong will go wrong.
- A.
True
- B.
False
- 7.You should invest using borrowed money.
- A.
True
- B.
False
- 8.A credit card is an emergency fund.
- A.
True
- B.
False
- 9.The use of credit cards to purchase and finance spending on items like food, clothing, and entertainment is highly likely to lead to serious financial problems.
- A.
True
- B.
False
- 10.The interest rates charged on outstanding credit card balances are usually quite low because these loans are highly secure.
- A.
True
- B.
False
- 11.Saving and the power of compound interest can make it possible for you to consume more and achieve a higher living standard in the future.
- A.
True
- B.
False
- 12.If career objectives may cause you to move from an area during the next two or three years, you should purchase a home if your mortgage payments are less than your rental costs.
- A.
True
- B.
False
- 13.A history of late payments on credit cards, a defaulted car loan and an unstable employment history will negatively affect your credit score.
- A.
True
- B.
False
- 14.Your take home pay will be less than your gross earnings because of taxes and benefits provided through payroll deductions
- A.
True
- B.
False
- 15.If you want to avoid financial anxiety, it would be wise to gradually increase the outstanding balance on your credit cards to the credit limit.
- A.
True
- B.
False
- 16.A monthly budget can help you achieve financial security by
- A.
Helping you choose stocks that are most likely to increase in price.
- B.
Reducing the likelihood that you will face unexpected expenditures for maintenance and repairs.
- C.
Expanding the borrowing limits on your existing credit cards and increasing the number of credit cards you hold.
- D.
Increasing your financial awareness and helping you allocate your funds more effectively.
- 17.Which of the following is the best place to set funds aside for “surprise” expenditures?
- A.
The stock market
- B.
Your regular checking account.
- C.
A savings account.
- D.
Ownership of real estate.
- 18.A resume is used for
- A.
Providing a snapshot of your work history and skills
- B.
Providing proof of income.
- C.
Providing information about your credit worthiness.
- D.
Providing a government agency of your place of birth.
- 19.Personal financial success is primarily the result of
- A.
Generous welfare and unemployment programs.
- B.
Spending more than you earn.
- C.
Doing what you are passionate about regardless of whether others value it.
- D.
Providing services others value while working hard to achieve financial goals.
- 20.Which of the following will help you generate income and accumulate wealth?
- A.
Getting another credit card so you will have more borrowing power in the future.
- B.
Borrowing funds in order to increase your current consumption.
- C.
Setting aside funds regularly into savings and investments
- D.
Making only the minimum monthly payment on your outstanding credit card balances.
- 21.A couple that is currently renting but is thinking about a move to another city in the near future should.
- A.
Buy if they can arrange a monthly mortgage payment less than their current rent.
- B.
Continue renting because the real estate is not easily convertible into cash and costly to buy and sell.
- C.
Buy because real estate will always increase in value.
- D.
Continue renting because rental payments are tax deductible but mortgage interest payments are not.
- 22.A monthly budget is an effective tool that will help you
- A.
Spend a larger share of your earnings now
- B.
Manage your spending and save for the future in order to accumulate wealth
- C.
Keep your transportation costs low by purchasing a new car every tow or three years.
- D.
Select stocks that are more likely to increase in value over the long run.
- 23.What information do you provide on a check?
- A.
The time that you want your money to come out of the bank.
- B.
The amount of money to be withdrawn from the bank.
- C.
Promise to make monthly payments to your student loans.
- D.
How much money you want to save.
- 24.You are getting ready for your first interview. You should bring all of the following with you EXCEPT
- A.
ID or Drivers Lisence
- B.
Birth Cerificate
- C.
Social Security Card
- D.
Report Card
- 25.When should you begin saving your money?
- A.
Right away.
- B.
When you finish high school
- C.
When you reach retirement
- D.
When you are 30.
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