Instant Scolarship Test Education10X+BrightChamps

People with low Financial IQs tend to focus only on:

• Saving
• Spending

Ella wants to get a haircut. This is a _______

• Good
• Service

James wanted to trade apples with Bob's oranges. This system is -----?

• Demand
• Barter
• Market
• Goods

Bob bought a pencil for $1 and sold it to a customer for $2. Bob made a:

• Profit of $1
• Loss of $1
• Profit of $2
• Loss of $2

An unpaid car loan is a(n)

• Asset
• Liability

How do banks make money?

• By charging fees on bank accounts
• By charging interest on the money they lend

The amount you pay to an insurance company to insure something is called

• Tax
• Premium
• Loan
• EMI

Which card can you use when your account is empty?

• Debit card
• Credit card

At the mall, Ron selected a new pair of jeans with price $38. When Ron paid for his jeans, the total price was $40 because of taxes. Which type of tax did he pay?

• Payroll tax
• Income tax
• Goods and services tax
• Property tax

Bob's cash inflow is $1200. His cash outflow is $1000. What is his net cash flow?

• 200
• 1000