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Personal Finance Quiz

Authored by Amanda Jansen

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12th Grade

Personal Finance Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an Adjustable Rate Mortgage (ARM)?

A mortgage with a fixed interest rate for the entire loan term

A mortgage with an interest rate that changes periodically

A mortgage with a variable interest rate that can only be adjusted once

A mortgage with an interest rate that is adjusted annually

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 401(k) Loan?

A loan taken from a retirement savings account

A loan taken from a bank for retirement purposes

A loan taken from a credit union for retirement purposes

A loan taken from a family member for retirement purposes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Amortization?

The process of paying off debt in equal installments

The process of paying off debt in irregular installments

The process of paying off debt in decreasing installments

The process of paying off debt in increasing installments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR stand for?

Annual Percentage Rate

Average Percentage Rate

Adjusted Percentage Rate

Accrued Percentage Rate

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Balance Transfer?

Transferring debt from one credit card to another

Transferring money from a savings account to a checking account

Transferring money from a checking account to a savings account

Transferring money from a retirement account to a savings account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Collateral?

Something valuable that the lender can take as payment if you can't repay a secured loan

Something valuable that the lender can take as payment if you can't repay an unsecured loan

Something valuable that the lender can take as payment if you can't repay a mortgage

Something valuable that the lender can take as payment if you can't repay a credit card debt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Consolidation Loan?

A loan that combines multiple education loans into a single loan

A loan that combines multiple credit card debts into a single loan

A loan that combines multiple mortgage loans into a single loan

A loan that combines multiple personal loans into a single loan

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