Personal Finance Quiz

Which of the following are usually the best predictors of financial and career success?

• high school grades and extracurricular activities

• athletic achievement and personal popularity

• education/training level and workplace skills

• level of personal ambition and determination to succeed at any cost

If a bank pays 3% interest on savings accounts, how much interest will it charge for loans?

• 3%

• less than 3%

• more than 3%

• the discount rate

The best way to increase your lifetime earnings is to

• focus entirely on schoolwork and not worry about your people skills

• get as much education and job training as you can

• never do volunteer work or take an unpaid internship

• refuse to start at the bottom of a company in an entry-level job

How is a credit union different from a bank?

• credit unions are members only non-profit institutions while banks are profit-making firms

• credit unions are profit-making firms while banks are non-profit institutions

• credit unions offer only credit cards, while banks offer savings accounts and loans

• credit unions charge compound interest, while banks charge simple interest

Which of the following is not an important part of rational decision making?

• analyzing needs versus wants

• considering long term goals

• considering short term goals

• focusing on instant gratification

Which sentence best describes the types of skills and personal qualities needed in the workplace?

• Every job requires completely different set of skills

• There is very little agreement about the skills needed in the workplace.

• There are some skills that apply to many different kinds of work

• The desire to work hard is the only skill needed to be successful

A money market account is

• a type of checking account

• requires that the account holder maintain $2500 daily

• earns ubterest

• all of the above

What is the difference between a fixed and a variable expense

• fixed expenses change while variable expenses do not

• variable expenses change while fixed do not

• rent is a variable expense while gas is a fixed expense

• water is a fixed expense while electricity is variable

All of the following are reasons to open a checking account except

• safety

• convenience

• easy budgeting

• investing

A check serves as proof of payment because

• it is a written record that a payment was made

• it serves as a cash payment only

• it provides evidence of a debit transaction

• it provides evidence of a credit transaction