Personal Finance Quiz

Which of the following is an example of a variable expense?

• Rent

• Car payment

• Groceries

• Health insurance

Which of the following is a correct example of a fixed expense?

• Groceries

• Gas

• Rent

• Medical bills

Choose the word for the following definition: "A sum of money that is borrowed."

• credit report

• cosigner

• loan

• APR

Your adjusted gross income is _____.

• your taxable income after certain deductions

• your full salary

• very gross

• your salary plus benefits

Which element of a personal budget is the money that a person earns or receives?

• income

• savings

• expenses

• investments

Which part of a personal budget records the amount of money a person spends?

• salary

• income

• expenses

•   interest earned

Which of the following scenarios demonstrates a good budgeting practice?

• Julie’s monthly income is less than his monthly expenses.

• Carly’s monthly taxes are equal to her monthly expenses.

• Rico spends less money each month than he earns at his job.

• Sam spends more money each month than he earns at his job.

You are majoring in Chemistry and entering your third year of college. You receive money from the federal government that awards financial aid to students majoring in STEM.

• Grant

• Scholarship

• Loan

• Work Study

You borrow money through a federal program to pay for your education this year.

• Grant

• Scholarship

• Loan

• Work Study

Your SAT scores qualified you as a National Merit Scholar. Several schools have offered you free tuition.

• Grant

• Scholarship

• Loan

• Work Study