Trivia On Personal Finance: MCQ Quiz

10 Questions | Total Attempts: 3235

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Trivia On Personal Finance: MCQ Quiz

Do you know anything about personal finance? Would you like to put your knowledge to the test? Personal finance is the financial management in which an individual or family unit operates to budget, save, and spend monetary resources over time, consider various financial risks and future life endeavors. The critical component of personal finance is financial planning. If you would like to comprehend more regarding personal finance, this is the quiz for you.


Questions and Answers
  • 1. 
    What is a credit card?
    • A. 

      A loan that has to be paid off every month.

    • B. 

      An arrangement by which you can buy something now, with the promise that you will pay for it in the future.

    • C. 

      A money substitute for items you cannot afford.

    • D. 

      All of the above.

  • 2. 
    What are the advantages of having a credit card?
    • A. 

      It takes all the worry out of buying things, because you know the money will be there when you need it.

    • B. 

      You don't have to carry cash or wonder whether someone will accept your check.

    • C. 

      It doesn't cost anything to use it.

    • D. 

      All of the above.

  • 3. 
    Why is it important to have good credit? 
    • A. 

      To be eligible for a job.

    • B. 

      To buy a car and get auto insurance.

    • C. 

      To rent an apartment or buy a house.

    • D. 

      All of the above.

  • 4. 
    What do lenders look for before they lend you money?
    • A. 

      What kind of grades you earn.

    • B. 

      Whether or not you pay your bills on time (your credit history).

    • C. 

      Your intended date of graduation.

    • D. 

      All of the above.

  • 5. 
    How can you build a good credit history?
    • A. 

      Only use your credit card when you know you can afford to use it.

    • B. 

      Be reliable, stay within your affordable budget.

    • C. 

      Establish other forms of credit—like a checking account, debit card and car payments—that can help demonstrate that you are responsible.

    • D. 

      All of the above.

  • 6. 
    How can you maintain good credit? 
    • A. 

      Pay at least the minimum payments of all your bills on time.

    • B. 

      Ask your parents to pay your bills for you.

    • C. 

      Use all your available credit on all accounts.

    • D. 

      All of the above.

  • 7. 
    Which of the following may request your credit score from a credit bureau?
    • A. 

      Insurance companies.

    • B. 

      Your employer.

    • C. 

      Your renter or mortgage company

    • D. 

      All of the above.

  • 8. 
    What should you do if you're having trouble paying your credit card bills?
    • A. 

      Borrow money from friends or your parents.

    • B. 

      Use another credit card to pay them off.

    • C. 

      Speak with a family member, friend, or other advisor, and work with your creditors to determine how you can best repay your obligations.

    • D. 

      All of the above.

  • 9. 
    What is interest?
    • A. 

      The money the credit card company pays to the people who have the credit cards.

    • B. 

      The amount of people who want to get the credit card.

    • C. 

      The money a person pays to the credit card company on top of the money that is already owed.

    • D. 

      The amount of money a lender will allow you to have

    • E. 

      None of the Above

  • 10. 
    What is the difference between an Express store credit card and a general credit card?
    • A. 

      The general credit card has lower interest rates than the express store credit card.

    • B. 

      The express store credit card has lower interest rates than a general credit card.

    • C. 

      The express store credit card can be used anywhere while the general credit card can only be used at specific stores

    • D. 

      The express store credit card can only be used at express while a general credit card can be used anywhere.

    • E. 

      There is no difference.