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Mathematics, Business, Life Skills
6th -
12thgrade
Personal Finance Quiz 3 - LifeSmarts
15 questions
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- 1. Multiple Choice
What is a credit report?
An itemized copy of a credit card bill
A record of your credit activities
A record of your most used credit card
A score sent yearly to all credit card companies
- 2. Multiple Choice
In the US, what is the most commonly used form of revolving credit?
Savings Accounts
Debit Accounts
Investments
Credit Cards
- 3. Multiple Choice
What is generally considered an excellent FICO credit score?
850 and above
900 and above
750 and above
650 and above
- 4. Multiple Choice
If you pay your credit card bill in full within this timeframe you won’t be hit with finance charges:
Final payment date
Within 3 days payment due date
Grace period
Statement period
- 5. Multiple Choice
Money set aside to cover bills in case of a crisis is called what?
Emergency Fund
Crisis Fund
Emergency Cash
Cushion Funds
- 6. Multiple Choice
A variety of securities owned by an individual is known as a person's what?
Assets
Stocks
Investment Portfolio
Savings and investments
- 7. Multiple Choice
What is the financial strategy of “pay yourself first"?
Setting money aside for a specific use.
Putting cash in your wallet for weekly spending.
Investing in stocks.
Saving a certain amount of money each payday instead of spending it on non-essentials.
- 8. Multiple Choice
One in how many Americans do not save ANY money for retirement or other financial goals?
Ten
Five
Fifteen
Three
- 9. Multiple Choice
What happens if your paycheck is direct deposited?
Funds may be delayed for immediate use.
A fee is added for processing.
It may be susceptible to be fraud.
It is transferred electronically to your bank account.
- 10. Multiple Choice
The practice of making bank transactions or paying bills via the Internet is called what?
A Bad Idea
Online Banking
Electronic Transfers
Paper Billing
- 11. Multiple Choice
The financial principle that money available at the present time is worth more than the same amount in the future is called what?
The Time Value of Money
Inflation
Interest Rate Value
Supply and Demand
- 12. Multiple Choice
The federal minimum wage has been $7.25 since what year?
2000
2010
2009
2005
- 13. Multiple Choice
What is non-cash compensation employees receive in addition to a wage or salary?
Employee Benefits
Employment Packages
Extra Prizes
Fraud
- 14. Multiple Choice
What effect do tax deductions have on your taxable income?
None
None unless all criteria are meet.
Raises your Taxable Income
Reduces your Taxable Income
- 15. Multiple Choice
True of False. The employer is responsible for filling out an employee's W-2 form and filing it on time.
True
False
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