FBLA Personal Finance Practice Test

The due date for filing personal income taxes every year is _____.

• December 31

• April 15

• January 31

• June 30

Expenses that increase or decrease from month to month are called _____.

• Fixed expenses

• Unearned expenses

• Prepaid expenses

• Variable expenses

 A form an employer must provide employees each year for income tax purposes is called a _____.

• W-2

• W-4

• 1040

• 1099-INT

A “good” score on a credit report is around ___.

• 400

• 500

• 600

• 700

Which of the following is a fixed expense?

• grocery bill

• entertainment

• car loan

• doctor bill

A company that tracks down delinquent debt in exchange for a commission is called a _____.

• Debt agency

• Lending institution

• Credit union

• Collection agency

A check is written to Sonya Perry.  On the back of the check, Sonya writes, “For Deposit Only,”  then signs her name.  What kind of endorsement is this?

• Special

• Blank

• Restrictive

• All of the above

Hours Worked  ×  Rate =

• Overtime Pay

• Gross Pay

• Net Pay

• Take-home Pay

Scholarships, work-study, grants, and student loans are examples of _____.

• free money

• financial dependency

• financial aid

• Winnings from essay writing contests

A plastic card directly linked to a checking account and used to make purchases is a _____.

• Prepaid card

• Credit card

• Debit card

• Gift card