Personal Finance Final Exam

50 Questions | Total Attempts: 1472

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Personal Finance Final Exam

We are living in tough economic times, when finances and money have become a rather scarce resource. This quiz helps test your personal finance and management status. As a result, you will a better understanding in regard to your finances.


Questions and Answers
  • 1. 
    What is the difference between a job and a career?
    • A. 

      Jobs are better then careers.

    • B. 

      Careers are easier then jobs.

    • C. 

      Careers provide funds to meet an individual’s needs while jobs are considered less important.

    • D. 

      Jobs provide income to meet an individual’s basic needs while careers are considered professions that are pursued as your life’s work.

  • 2. 
    Furthering your education results in a higher pay at a job.
    • A. 

      True

    • B. 

      False

  • 3. 
    The quantity and quality of human effort available to produce goods and services is called ____________.
  • 4. 
    Short Answer: Describe the importance of a human capital investment.
  • 5. 
    Which of the following is NOT an example of a pay deduction.
    • A. 

      Federal Tax

    • B. 

      State Tax

    • C. 

      United States Tax

    • D. 

      Social Security

  • 6. 
    The formula to calculate net pay is: GROSS PAY + DEDUCTIONS = NET PAY
    • A. 

      True

    • B. 

      False

  • 7. 
    Calculate the net pay. Show your work! Suzi works 49 hours this week for $10/ hour. Suzi's pay is deducted for NJ state tax (3%) and Social Security tax (7.65%). How much money did Suzi earn this week after taxes?
  • 8. 
    If NJ state tax is 3% of Taylor's pay, and $30 was deducted for this tax, what was Taylor's gross pay?
  • 9. 
    A _________ is a statement about what a person wants to be or do that is attained by taking certain steps to achive it.
  • 10. 
    What is an example of a long term goal?
    • A. 

      Being a Grandparent.

    • B. 

      Getting an A on a test.

    • C. 

      Buying a car.

    • D. 

      Becoming Student Council President.

  • 11. 
    Can expenses be both fixed and varible per month?
    • A. 

      True

    • B. 

      False

  • 12. 
    Explain the importance of having a budget.
  • 13. 
    Short answer: What is the difference between saving and investing?
  • 14. 
    Rate of return is how fast money grows in a savings account or investment.
    • A. 

      True

    • B. 

      False

  • 15. 
    A certificate sent to a person by the bank in which they are depositing money in an account for a specified period of time is a ___________________.
  • 16. 
    Buying stocks allows you to...
    • A. 

      Become the CEO of a company.

    • B. 

      Donate money to companies.

    • C. 

      Own part of a company.

    • D. 

      Create a savings account.

  • 17. 
    Which is true about credit cards?
    • A. 

      They are an example revolving credit.

    • B. 

      They promote impulse spending.

    • C. 

      They are convenient for making purchases.

    • D. 

      All of the above.

  • 18. 
    Revolving credit is a line of credit that is unlimited and never needs to be payed.
    • A. 

      True

    • B. 

      False

  • 19. 
    Sometimes, always or never: Credit Cards _________ have interest rates on purchases.
  • 20. 
    What happens if you don't pay your credit card bill by the due date?
    • A. 

      You are suspended from using your credit card.

    • B. 

      You pay late fees.

    • C. 

      Your credit card is taken away.

    • D. 

      Nothing.

  • 21. 
    What is an advantage of shopping online?
    • A. 

      Its fun.

    • B. 

      You can shop 24 hours a day.

    • C. 

      Its convenient.

    • D. 

      All of the above.

  • 22. 
    The buyer’s payment is not sent to the seller until the merchandise is received and approved.
    • A. 

      True

    • B. 

      False

  • 23. 
    A _________ service is in charge of the buyer's money until the seller's merchandise is recieved by the buyer.
  • 24. 
    Some escrow services are illegitimate and buyer's should use caution when purchasing things online.
    • A. 

      True

    • B. 

      False

  • 25. 
    ____________ insurance protects you when others are injured due to something you did or didnt do.
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