Economics and Personal Finance Quiz

Refers to the income you take home after all of your taxes and deductions have been taken out of your paycheck.

• Gross Income

• Real Income

• Net Income

• Take Home Income

True or False: In the United States, all persons are entitled to paid time off from their employer.

• True

• False

Of the following Jobs, which one is most likely to have employer provided health care as a benefit?

• A farm hand

• A person working the drive thru at a fast food restaurant

• A person working at the cash register at a clothing store

• A government employee

Which of the following would most likely be considered a need?

• A large house to live in

• Public education

• Traveling overseas each year

• Eating out at restaurants every night

Which of the statements below is an example of a good and reasonable financial goal that you think is actionable (do-able)?

• Missy wants to buy a new car. She is not sure how much to spend on one and so she simply goes to the dealership and lets them pick out a car for her

• Ashley wants to buy a new house. She compares the prices for local homes and thinks she has found one within her budget. She does not actually see what she would need to save each month, but simply thinks because she makes $90,000 each year, she will be fine.

• David wants to take a vacation to visit Europe in a year. He looks up the actual cost to travel, eat, stay in hotels, visit attractions, etc. He sees how much he needs to save up each month and ensure he can afford it.

• Susuan wants to visit a Taylor Swift concert. She knows that tickets for it will be expensive and so she decides to just put the cost onto her credit card and worry about it later.

Which budgeting method requires that a person saves 20% of their income each month?

• Envelope

• 50-20-30

• Zero-Based

• Paying Yourself First

Which budgeting method requires that a person account for all of their expenses each month so that they have $0 left over once they have deducted all of their expenses from their income?

• Envelope

• 50-20-30

• Zero-Based

• Paying Yourself First

Which type of bank account is meant to be used on a daily basis to pay for your daily purchases?

• Checking account

• Savings account

• Money market account

• Certificate of deposit

Which of the following accounts allow bank customers to write checks or use debit cards?

• Debit

• Savings

• Checking

• Investment

With which type of bank accounts, banks pay higher interest rates based on how much money a customer keeps in their account?

• Savings

• Debit

• Checking

• Money market