Personal Finance Review

Front

What type of savings goal is it if it will take more than 3 years to complete? Options: Long Term, Medium Term, Short Term

Back

Long Term

Front

True or False: Some banks pay you interest on the amount of money you have in a savings account.

Back

True

Answer explanation

A high yield savings account is considered to be a good low risk low return investment.

Front

Why is it smart to save your money even if you don't have a savings goal?

Back

In case of any unplanned costs or emergencies.

Front

John wants to buy a new tv. With his income, he should have enough to purchase it in 1 month. This is considered a....

Back

Short Term Savings Goal

Front

What is the wisest compromise to make with a $1,000 bonus given unplanned expenses and a desire for a new Lego set? Options: Save all of the money from the bonus, Spend all of your bonus on Lego sets, Purchase a Lego set (less than $100) and put the rest into your savings

Back

Purchase a Lego set (less than $100) and put the rest into your savings

Answer explanation

This way you get a new Lego set but you also have money in your savings in case any more emergencies happen

Front

How does a high skill job compare to a low skill job?

Back

A high skill job takes more training and pays more.

Answer explanation

Because high skill jobs require more training and expertise, they're more valuable to the business. This is why they earn more.

Front

Joe works for an insurance business Monday through Friday from 9:00am to 5:00pm. Joe has a _______ job.

Back

Full time

Answer explanation

Working more than 40 hours a week is considered to be full time.

Front

Despite its high risk, which of the following has the highest return? (you can make the most money this way): Investing in stocks, Putting your money in a saving account, Buying government bonds

Back

Investing in stocks

Front

If you want to buy a car or a home, and you don't have all the money for it, what can you do?

Back

Take out a loan

Front

A ________ is a plan to help manage your spending.

Back

Budget