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 Finance Quiz

Quiz
•
Social Studies
•
7th Grade
•
Medium
Elijah Micah
Used 29+ times
FREE Resource
19 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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