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WMS Personal Finance

Authored by Serrene G

Social Studies

7th Grade

Used 14+ times

WMS Personal Finance
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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Bankruptcy?

Bankruptcy is a financial plan to increase wealth
Bankruptcy is a legal process where individuals or businesses declare that they are unable to repay their debts.
Bankruptcy is a process to eliminate all debts without consequences
Bankruptcy is a way to avoid paying debts by claiming financial hardship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit card?

A credit card is a type of identification card used for accessing public transportation
A credit card is a type of gift card used for purchasing items at specific stores
A credit card is a type of membership card used for accessing exclusive events
A credit card is a plastic card issued by a financial company that allows the cardholder to borrow funds to make purchases.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a debit card?

A debit card is a payment card that deducts money directly from a person's checking account to pay for a purchase.

A debit card is a form of cryptocurrency used for online transactions.
A debit card is a type of gift card that can only be used at specific stores.
A debit card is a credit card that allows users to borrow money to make purchases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a check?

A type of chess move
A type of clothing pattern
A written instrument directing a bank to pay a specific sum of money to the bearer
A type of computer virus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Income?

Income is the money or financial gain received from various sources such as wages, salaries, investments, or business activities.
Income is the value of assets owned by an individual
Income is the amount of debt owed to creditors
Income is the money spent on goods and services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is gross income?

Total income after expenses
Total income earned before any deductions or taxes are taken out.
Income earned after retirement
Net income after deductions and taxes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is net income?

Net income is the total assets of a company
Net income is the revenue of a company
Net income is the amount of money a company has in its bank account
Net income is the profit of a company, calculated as revenue minus expenses.

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