Personal Finance Chapter 3 Test Prep

Quiz
•
Business
•
9th Grade
•
Medium

Steve Wills
Used 1+ times
FREE Resource
37 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
45% of Americans have less than $1,000 saved for a(n) _______.
Emergency
Car
Retirement fund
New smartphone
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You'll have less freedom with your money if you . . .
Invest in the stock market
Are paying for things in your past
Put money in a bank account
Make less than $35,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Once you have a $500 emergency fund, you should . . .
Start putting it toward debt
Invest it in the stock market to grow your money
Save it until you have an emergency
Use the money to pay for health insurance
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The first step you should take when you want to make a large purchase is . . .
Ask your parents to loan you the money with low interest
Get a new credit card
Decide how much you'll need to save and the time frame you want to save it in
Sell something and use the proceeds
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The best way to build wealth is to start investing early. You should start investing money . . .
Once you have a fully funded emergency fund
Once you're out of college, living debt-free, and have 3–6 months of living expenses saved
When the stock market is performing really well
As soon as you have extra cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do some accounts, like savings accounts at your local bank, earn interest?
Because you deposit money, adding to your principal each month
Because the bank pays you to use your money
Because those accounts always have great interest rates
Because of inflation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It's not IF an emergency will happen, but _______.
How
Where
Why
When
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