Virginia Economics and Personal Finance

What is the process of planning personal financial activities?

• Corporate finance

• International finance

• Personal finance

• Financial management

What is the area in which products are bought to protect against unforeseen events?

• Spending

• Protection

• Saving

• Income

A tip to keep in mind in order to get a good credit score is:

• Buy everything with a credit card, until there is no quota

•  Buy everything with cash

• Buy some things with a credit card and keep a balance less than 30%

• Never have credit cards

What does the term 'net worth' refer to in personal finance?

• The total value of all assets minus liabilities

• The amount of cash in your wallet

• The total income earned in a year

• The value of your car

What is the purpose of a balance sheet in personal finance?

• To provide a snapshot of assets, liabilities, and net worth

• To calculate monthly expenses

• To determine annual income

• To track daily spending

Which of the following is a benefit of having a good credit score?

• Lower interest rates on loans

• Higher interest rates on loans

• More credit card debt

• Increased spending limits

What is the purpose of a will in personal finance?

• To outline the distribution of assets after death

• To avoid paying taxes

• To increase net worth

• To guarantee investment returns

Which of the following is a benefit of automating savings?

• Consistent saving without manual effort

• Increased spending

• Higher interest rates

• Guaranteed returns

Which word could be used in the sentence?

He made 20 dollars __________ on the lemonade stand.

• profit

• climate

• balance

• create

Which of the following sentences uses the word 'economics' correctly?

• Economics is the study of how people use resources.

• Economics is a type of physical exercise.

• Economics is a form of artistic expression.

• Economics is a language spoken in Virginia.