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- 1. Multiple Choice
A business owner is taking in about $2,000 in revenue every month, what does the term REVENUE mean?
Total bills paid
Money earned from sales
Product
- 2. Multiple Choice
A gallon of milk used to cost .25 in the 90's, now it costs $2.50, what is the reason for this?
Inflation
Deflation
Greed
- 3. Multiple Choice
You buy your first car! You now are making a fixed payment to the car insurance company each month. What is the term FIXED referring to?
Unfair
The amount changes frequently
The amount does not change
- 4. Multiple Choice
Each month you set aside money for variable expenses, such as entertainment and emergencies. What does the term VARIABLE refer to?
Unnecessary
subject to change
stays the same
- 5. Multiple Choice
"A dollar doesn't go far as it used to". Why is that?
Inflation
Deflation
Corporations
- 6. Multiple Choice
Which of the following statements about buying and selling stocks is TRUE?
A stock exchange is the physical space where stocks are traded
It is illegal to buy stocks online
Stock prices stay the same most of the time
In order to sell a stock, you must have at least 1,000 shares
- 7. Multiple Choice
What is a premium?
The amount you pay the insurance company for coverage.
The amount you are required to pay before your insurance covers the cost.
A fixed fee you pay for specific medical services.
The most you have to pay for health care in a full year.
- 8. Multiple Choice
If a person has liability insurance, what would they be covered for?
Repairing damage to other cars if they got into an accident that is their fault.
Repairing damage to their car that was caused by storms or theft.
Both
- 9. Multiple Choice
What is the best strategy for avoiding credit card interest?
Skip payments
Pay the full balance each month
Move to Costa Rica, change your name to something they will never guess- like Calendar McKee. Then, after about 15 years when the company forgets about the debt, move back but not to the same address and don't change your name back. Live in North Dakota for a while, they will never find you there. Once the coast is clear you can move back home and spend time reuniting with your family.
Make payments online
- 10. Multiple Choice
Which factor has the biggest impact on a credit score?
Length of credit
Amount owed
Payment History
Type of credit
- 11. Multiple Choice
Meghan wants to use money from her checking account to make a purchase. Which payment method should she use?
Credit Card
Debit Card
Direct Deposit
Prepaid Card
- 12. Multiple Choice
Select the answer that best describes opportunity cost:
The amount of money you put into savings every year
What you give up as a result of choosing one option versus another; a trade-off.
The amount of money a business makes every year from sales.
What you gain as a result of choosing one option versus another; a benefit.
- 13. Multiple Choice
Which of the following expenses should be included in a typical budget?
Taxes
Charitable Giving
Savings
All of the above
- 14. Multiple Choice
Which of the following would be considered a WANT (not a need) for most people?
A brand-name jacket
Transportation to get to work
A place to live
Nutritious food
- 15. Multiple Choice
A 2 pack of paper towels costs $2.00, the unit price is:
$2.00
$4.00
$1.00
$.99
- 16. Multiple Choice
You are creating a budget for your new business. What should you include?
All income and expenses
Fixed expenses, but not income
Income but not variable expenses
Fixed and variable expenses but not taxes
- 17. Multiple Choice
In order to help you build your credit history, your parents decided to add you as an AUTHORIZED USER to their ___________ account.
Debit
Savings
Credit
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