Personal Finance Quiz

Personal Finance Quiz

7th Grade

19 Qs

quiz-placeholder

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Personal Finance Quiz

Personal Finance Quiz

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Elijah Micah

Used 29+ times

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

John decides to use his free time to learn guitar instead of working part-time at a cafe. The job at the cafe represents his

personal interest

opportunity cost

leisure activity

financial gain

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is typically considered a 'want' rather than a 'need' when creating a budget?

clothing

education

healthcare

movies

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sarah has been working part-time at the community library. After taxes and other deductions, her monthly paycheck amounts to $450. This amount is referred to as

Gross Domestic Income

Net Average Income

Gross Yearly Income

Net Monthly Income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is used to describe the earnings from lending money or capital?

dividend

interest

profit

return

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for mandatory payments made by citizens to their government?

fees

taxes

donations

loans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should you allocate your income according to the 50-30-20 budget rule?

50% on needs, 30% on wants, and 20% on savings.

50% on savings, 30% on needs, and 20% on wants.

30% on needs, 20% on wants, and 50% on savings.

None of these allocations are correct.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a primary advantage of using a debit card instead of a credit card?

Debit cards allow you to borrow money which you can pay back later.

Debit cards help in building a credit score if used frequently.

Debit cards help to control spending by limiting purchases to the available balance in your bank account.

Debit cards offer rewards and cashback on transactions.

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