Personal Financial Planning Final

101 Questions | Total Attempts: 458

SettingsSettingsSettings
Financial Management Quizzes & Trivia

Personal Financial Planning Final for Spring Semester 2012. High School Course.


Questions and Answers
  • 1. 
    Which of the following would be considered a variable cost in owning a vehicle?
    • A. 

      Interest on your car loan

    • B. 

      Insurance for your car

    • C. 

      Paying the state registration fee and license fee

    • D. 

      Oil Changes and Tire Rotations

  • 2. 
    What is the term that is used to describe the declining value of a new car once you drive it off of the car lot?
    • A. 

      Depreciation

    • B. 

      Appreciation

    • C. 

      Variable Costs

    • D. 

      Unique Costs

  • 3. 
    What percentage should you never borrow more than of your yearly net income? In other words, what percentage should you never rise above in order to buy something?
    • A. 

      50% of your yearly net income

    • B. 

      20% of your yearly net income

    • C. 

      70% of your yearly net income

    • D. 

      5% of your yearly net income

  • 4. 
    What does A.P.R. stand for in terms of financing?
    • A. 

      Annual Percentage Rate

    • B. 

      Annual Partnership Reduction

    • C. 

      Auxiliary Payments Retention

    • D. 

      Annual Participatory Rate

  • 5. 
    What is the best explanation of an as-is warranty?
    • A. 

      Represents no warranty on your car

    • B. 

      Is a dealer warranty

    • C. 

      Is considered one of the safest warranty's with regards to cars

  • 6. 
    What does comprehensive insurance cover when buying car insurance?
    • A. 

      Pays for damage caused by vandalism, hailstorms, floods, theft

    • B. 

      Pays for damage when you hit another person's car

    • C. 

      Pays for nothing

    • D. 

      Pays for speeding tickets

  • 7. 
    Which of the following does not determine your car insurance rates?
    • A. 

      Marital Status

    • B. 

      Geographic Location

    • C. 

      Vehicle Characteristics

    • D. 

      Driving Record

    • E. 

      None of the Above

  • 8. 
    Which governmental entity is in charge of handling and processing your income taxes?
    • A. 

      Department of Homeland Security

    • B. 

      Internal Revenue Service

    • C. 

      Wall Street Banks

    • D. 

      Department of Health and Human Sciences

  • 9. 
    What is a property tax?
    • A. 

      A tax on something you own such as a home or boat

    • B. 

      An income tax meant to boost sales taxes

    • C. 

      A federal government tax

  • 10. 
    What tax is also known as the "death tax" and is placed on wills of $2,000,000 and higher?
    • A. 

      Proportional Income Tax

    • B. 

      Regressive Income Tax

    • C. 

      Sales Tax

    • D. 

      Estate Tax

  • 11. 
    What type of income tax system is used in the United States of America today?
    • A. 

      Regressive Tax System

    • B. 

      Progressive Tax System

    • C. 

      Proportional Tax System

  • 12. 
    A proportional tax system is also known as a "flat tax system."
    • A. 

      True

    • B. 

      False

  • 13. 
    What is the name of the tax that you will pay if you win the PowerBall or Mega Millions?
    • A. 

      Sales Tax

    • B. 

      Supranational Tax

    • C. 

      Annotated Tax

    • D. 

      Gift Tax

  • 14. 
    Which of the following states impose no income taxes on their citizens?
    • A. 

      Nevada

    • B. 

      California

    • C. 

      Maine

    • D. 

      Washington D.C.

  • 15. 
    Which of the following taxes is responsible for funding local schools in the state of Colorado?
    • A. 

      Sales Taxes

    • B. 

      Regressive Income Taxes

    • C. 

      Progressive Income Taxes

    • D. 

      Property Taxes

  • 16. 
    Which of the following best represents a discretionary expense?
    • A. 

      Mortgage Payments

    • B. 

      Rent Payments

    • C. 

      Going to the Movies

    • D. 

      Buying Food

  • 17. 
    A fixed expenditure is something that cannot be changed assuming there are no other economic options.
    • A. 

      True

    • B. 

      False

  • 18. 
    What is the name of the bank that is considered the central bank of the United States of America?
    • A. 

      Bank of New York

    • B. 

      Treasury Department

    • C. 

      The Federal Reserve Bank

    • D. 

      All private banks are considered one bank

  • 19. 
    Which district bank do we in Colorado report to according to the Federal Reserve system of banks?
    • A. 

      San Francisco Branch

    • B. 

      Atlanta Branch

    • C. 

      Kansas City Branch

    • D. 

      New York Branch

  • 20. 
    Who is the current head of the Federal Reserve Bank?
    • A. 

      Alan Greenspan

    • B. 

      Timothy Geithner

    • C. 

      President Barack Obama

    • D. 

      Ben Bernanke

  • 21. 
    What is the major function of the Federal Reserve Banks?
    • A. 

      Controlling the Money Supply

    • B. 

      Outlining the Risk of the American Banking System

    • C. 

      Advising the American Public

    • D. 

      Investing in the Housing Market

  • 22. 
    What is it called when a bank has to hold a specific amount in their vault as mandated by the Federal Reserve?
    • A. 

      Required Reserves

    • B. 

      Federal Depositor

    • C. 

      Excess Reserves

    • D. 

      Banking Reserves

  • 23. 
    Which of the following is a type of checking account?
    • A. 

      Demand Deposits

    • B. 

      Regular Checking

    • C. 

      Special Checking

    • D. 

      Lifeline Banking

    • E. 

      All of the Above are types of checking accounts

  • 24. 
    A checking account Allows transfer of deposited funds to merchants and service providers, as well as to accounts at other financial institutions
    • A. 

      True

    • B. 

      False

  • 25. 
    What is a C.D.?
    • A. 

      Certificate of Deposit

    • B. 

      Center of Deposit

    • C. 

      Consumer Deposit

    • D. 

      Credit Draft

Back to Top Back to top
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.