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Personal Financial management week 9 term 4

Total questions: 100

Worksheet time: 1hrs 5mins

Name
Class
Date
1.

The management of money and financial decisions for a person or family including budgeting, investments, retirement planning and investments is...

a)

Investment

b)

Personal Finance

c)

Economics

d)

Savings

2.

______________ money paid by the borrower for the use of money that was loaned to him/her

a)

Interest

b)

Debt

c)

Loan

d)

Income

3.

Money that is subtracted from one’s bank account during a purchase is considered

a)

Loan

b)

Income

c)

Taxes

d)

Debit

4.

What is an agreement between a lender and a borrower, who promises to repay the lender at a later date, with interest?

a)

Credit

b)

Debt

c)

Investment

d)

Savings

5.

A(n) _____________________ is the purchase of goods that are not consumed today but are used in the future to create wealth 

a)

Credit

b)

Investment

c)

Income

d)

Savings

6.

____________ is money given for a period of time but must be paid back with interest

a)

Debt

b)

Loan

c)

Income

d)

Taxes

7.

Money that a person owes to another person or bank/credit card company is ____________

a)

Credit

b)

Investment

c)

Debt

d)

Checking

8.

A ____________ is a monthly plan that helps you use your money correctly in order to pay all your bills and still have money left over for savings or emergencies.

a)

Budget

b)

Income

c)

Economics

d)

Savings

9.

The amount of money you earn before taxes are taken out is your ____________________.

a)

Net Income

b)

Gross Income

c)

Savings

d)

Balance

10.

Your ________________ is the amount of money you have left after taxes are taken out.

a)

Taxes

b)

Balance

c)

Budget

d)

Net Income

11.

Your ______________ is the amount of money in your account at any time or the amount of money you still owe on a purchase that you make monthly payments on like a car/house.

a)

Budget

b)

Salary

c)

Balance

d)

Net Income

12.

Money paid to the state and federal government so that the government can function is __________________________.

a)

Taxes

b)

Salary

c)

Debt

d)

Income

13.

__________________ is the study of how money is used by individuals, societies and nations to meet people’s needs.

a)

Debt

b)

Income

c)

Economics

d)

Debit

14.

Finance functions are

a)

Planning for funds

b)

Raising of funds

c)

Allocation of funds

d)

All of the above

15.
Which of the following assets is not considered as current asset: 
a)
Stock
b)
Furniture 
c)
Cash
d)
Goodwill
16.

Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

a)

Consumer

b)

Seller

c)

Capital

d)

Demand

17.

In a financial market, the price to borrow money is called the?

a)

Deposit

b)

Interest Rate

c)

Credit

d)

Cost

18.

______________ are property and other items of value owned by a business.

a)

Current assets

b)

Fixed assets

c)

Liabilities

d)

Assets

19.
Money you receive after taxes is called:
a)
gross income
b)
net income
c)
salary
d)
pay day
20.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
21.
Expenses that change from month to month are called:
a)
fixed expenses (bills, loans, etc)
b)
variable expenses (emergency costs, vacations, car repairs, etc)
c)
stable pricing
d)
irrational pricing
22.
Long term savings goals would include...
a)
vacation
b)
new phone
c)
buying a house
d)
car
23.
When you own a house, what type of tax do you pay on it?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
24.
Which type of tax is taken directly out of your paycheck?
a)
payroll tax
b)
income tax
c)
paycheck tax
d)
sales tax
25.
Which of the following is considered a "need" when budgeting?
a)
money for eating out
b)
money for going to the movies
c)
money to pay for your house
d)
money for your dog's toys
26.
What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?
a)
ATM (automated teller machine)
b)
credit card
c)
safe deposit box
d)
coffee can under your bed
27.
What is the current amount of money in your bank account called?
a)
balance
b)
debt
c)
withdrawl
d)
payment
28.
What is a company that sells goods or services?
a)
business
b)
bank
c)
economy
d)
credit union
29.
What is a system that guides how money is earned and used in a society?
a)
economy
b)
transaction
c)
financial institution
d)
bank
30.
What is an account that usually earns interest and is often used to hold money that is not needed right away?
a)
savings account
b)
checking account
c)
loan
d)
transaction
31.
The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 
a)
income 
b)
credit 
c)
debt 
d)
interest 
32.
Tony borrowed money from the bank to buy a new house. A year later he lost his job and has started to not be able to make his house payments. This problem is known as what? 
a)
credit 
b)
budget 
c)
debt 
d)
interest 
33.
My cousin wanted to borrow $300 from me. I loaned him the money but I told him that he would have to pay me back $330. The money that was paid back to me on top of the loan is known as_________. 
a)
credit 
b)
interest 
c)
savings 
d)
debt 
34.
The bank agreed to loan me the money that I needed to start my new business. My ability to borrow this money is known as what? 
a)
interest 
b)
budget 
c)
debt 
d)
credit 
35.
I have been setting aside $100 a month for my children to have money to go to college. This idea is known as what? 
a)
savings 
b)
credit 
c)
income 
d)
debt 
36.
Every month after my parents pay all of the family’s bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks.
My family uses a _____________
a)
income 
b)
debt 
c)
interest 
d)
budget 
37.
You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? 
a)
savings 
b)
budget 
c)
credit 
d)
you would need to use all 3 of these
38.
Your forgot to pay $100 on your credit card bill this month, your next month's bill is going to be $112. How much interest did they charge for missing your payment? 
a)
112%
b)
2%
c)
12%
d)
22%
39.
You earn $300 a week and you are able to save half of that each week. You are saving money to go on a trip with your friends after you graduate high school. the trip is going to cost $1,350. How many weeks will you have to work to save enough money to go on the trip?
a)
4 and a half weeks 
b)
11 weeks 
c)
9 weeks 
d)
7 weeks 
40.

Financial management is mainly concerned with

a)

All aspects of acquiring and utilizing financial resources for firms activities

b)

Arrangement of funds

c)

Efficient Management of every business

d)

Profit maximisation

41.

The primary goal of financial management is

a)

to maximize the return

b)

to minimize the risk

c)

to maximize wealth of owners

d)

to maximize profit

42.

Needs of _________ are being focused in Marketing.

a)

Customer

b)

producer

c)

Retailer

d)

wholesaler

43.

Which concept of marketing emphasis on availability and affordability of the product –

a)

selling

b)

production

c)

product

d)

marketing

44.

This is a type of business that is owned & operated by 1 person.

a)

sole proprietorship

b)

partnership

c)

Corporation

d)

franchise

45.

A form of business ownership where 2 or more people share the assets, liabilities and profits.

a)

partnership

b)

sole proprietorship

c)

corporation

d)

franchise

46.

A type of business that sells products directly to consumers.

a)

retail business

b)

e-commerce business

c)

service business

d)

e-marketing business

47.

Work that is done for others is what type of business organization?

a)

service business

b)

business plan

c)

retail business

d)

blue print

48.

Many small businesses have an advantage over larger businesses because they are better able to _____

a)

Provide unique services to customers

b)

Market their products

c)

Raise large amounts of financial capital

d)

Mass produce products

49.

Which of the following is not a common reason for the failure of small businesses?

a)

A lack of sufficient start-up money

b)

Shortage of skilled workers

c)

lack of management experience

d)

failure to manage credit offered to customers

50.

You will likely pay more for a product or service from a small company than from a large one.

a)

true

b)

false

51.

A _____ business should locate in an area with access to raw materials and transportation systems

a)

Retail

b)

Manufacturing

c)

service

d)

wholesale

52.

A(n) ____ is an invention or creation that is brand new.

a)

Development

b)

Improvement

c)

Innovation

d)

Advancement

53.

Before a business owner completes the business plan, he or she should ask business experts to review the plan.

a)

True

b)

False

54.
This is a proposal that describes a new business.
a)
Business Plan
b)
Blueprint
c)
Venture
d)
Opportunity
55.
Data that describes a group of people in terms of their age, marital status, gender, etc.....
a)
survey
b)
data
c)
demographics
d)
business plan
56.
An individual who undertakes the risk associated with creating, organizing, and owning a business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
57.
The process of starting & operating one's own business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
58.
This is also called a "Market Economy", where businesses are owned by private individuals & groups. 
a)
Free Enterprise System
b)
Market Economy
c)
Command Economy
d)
Traditional Economy
59.
An idea that has commercial value is......
a)
non-profit
b)
opportunity
c)
service business
d)
undertaking
60.
When you go into business for yourself, there's a chance of damage or loss.  This is known as....
a)
opportunity
b)
venture
c)
business
d)
risk
61.
A business undertaking involving risk.
a)
venture
b)
adventure
c)
opportunity
62.
This is a type of business that is owned & operated by 1 person.
a)
corporation
b)
sole proprietorship
c)
franchise
d)
partnership
63.
A form of business ownership where 2 or more people share the assets, liabilities and profits.
a)
franchise
b)
partnership
c)
corporation
d)
sole proprietor
64.
This is a business that is chartered by the state; they are owned by stockholders but run by the CEO.
a)
sole proprietorship
b)
franchise
c)
partnership
d)
corporation
65.
A type of business that sells products directly to consumers.
a)
retail business
b)
service business
c)
e-commerce business
d)
e-marketing business
66.
An organization that is set up to help those in need, and may make money, but uses it for the sole purpose to further it's goal, not to become rich. 
a)
profit business
b)
non-profit business
c)
retail business
67.
Work that is done for others is what type of business organization?
a)
service business
b)
retail business
c)
business plan
d)
blueprint
68.
Who can own a small business?
a)
Only a college graduate
b)
Anyone
c)
Only someone with a lot of money
d)
Only smart people
69.
What goods and/or services do small businesses provide? 
a)
Personal services
b)
Professional services
c)
Ready to eat food
d)
All of these and more
70.
_______ financing is the money needed to pay for the current operating activities of a business.
a)
Long-Term
b)
Owner
c)
Short-Term
d)
Start-up
71.
Many small businesses have an advantage over larger businesses because they are better able to _____
a)
Provide unique services to customers
b)
Market their products
c)
Raise large amounts of financial capital
d)
Mass produce products
72.

When your brand get legal protection and no one else is allowed to use it,this is called :

a)

Copy right

b)

Patent

c)

Trade Mark

d)

None of the above

73.

IPR stands for

a)

a. intelligent person rights

b)

b. intellectual Property Rights

c)

c. internal Property rights

d)

d. International Property Rights

74.
The first step in developing a business plan is to...
a)
identify strategic alternatives
b)
write the plan
c)
gather and review information
d)
ask an expert to review the plan
75.
Anyone can be an entrepreneur and:
a)
you must be 21 years of age to get started.
b)
you can begin at any age. 
76.
Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business.
a)
True
b)
False
77.

Which of the following would be an example of revenue for a business?

a)

Paying rent

b)

Selling a product

c)

Paying for utilities

d)

Buying supplies to make your product

78.

Which situation would result in a business having a profit?

a)

If the owner buys matching uniforms

b)

If the revenue is less than the expenses

c)

If the revenue is greater than the expenses

d)

If the owner buys coffee for the employees every morning

79.

What does it mean when a company reports a "loss"?

a)

The factory is producing less

b)

the company's expenses are more than its revenues

c)

the company's revenues are more than its expenses

d)

The company's CEO quit

80.

To protect a process,method or innovation one gets:

a)

Copy right

b)

Patent

c)

Trade mark

d)

None of the above

81.

Manufacturing enterprises are classified unto

a)

Micro small and medium

b)

Micro tiny and small

c)

Small and medium

82.
What is a proprietor?
a)
a new customer
b)
a venture capitalist
c)
an engine repair person
d)
a business owner
83.
a venture capitalist is...
a)
someone will to risk money on another person's business.
b)
a type of marketing strategy.
c)
someone currently going bankrupt.
d)
A person who starts a business of their own.
84.
Pick the best answer.
Start-up costs can include...
a)
price of advertising
b)
rent for a business location
c)
cost of making your product
d)
all of these answers
85.
The target customer for a new bookbag would be...
a)
teachers
b)
librarians
c)
students
d)
elderly people
86.
Chelsea repairs iphone screens for cash. She works out of her apartment and advertises on social media.  Her target customers are other college students. What is she selling?
a)
iphones
b)
a repair service
c)
iphone screens
d)
advertisements
87.
Chelsea repairs iphone screens for cash.She advertises on social media by saying she can fix your phone for cheaper than the Apple Store.  Her target customers are other college students so she gives them a discount. These are examples of Chelsea's....
a)
marketing strategy
b)
business plan
c)
economics of one unit
d)
partnerships
88.
Chelsea had to buy a few replacement screens and a magnifying glass to speed up her service time. When she bought this stuff she was making...
a)
an insider trade
b)
a business proposal
c)
a mistake
d)
investment in her business
89.
Chelsea charges customers $150 to fix an iphone. She pays $40 for each replacement screens she puts on a phone. What is her profit from fixing one iphone?
a)
$110
b)
$190
c)
$600
d)
$150
90.
There is little evidence that developing a business plan has any impact on whether a new business fails or succeeds.
a)
True 
b)
False
91.
Each of the following is a main section of a business plan except _______.
a)
Customer Analysis
b)
Employee Responsibilities
c)
Marketing Plan
d)
Description of the Business
92.

Owners can have more personal ties with customers

a)

Small Businesses

b)

Large Businesses

93.

Can employ more persons

a)

Small Businesses

b)

Large Businesses

94.

May experience difficulty to obtain capital/financing

a)

Small Businesses

b)

Large Businesses

95.

Tend to experience economies of scale

a)

Small Businesses

b)

Large Businesses

96.

Expanding the product line

a)

Internal growth

b)

External growth

97.

A business grants the licence to use its brand and reproduce its product.

a)

Joint Ventures

b)

Mergers

c)

Acquisitions

d)

Franchising

98.

Internal sources of finance are

a)

provided by parents

b)

provided from within the business

c)

provided by the bank

d)

provided from outside the business

99.

Leasing does not mean

a)

the the business avoids large cash outlay

b)

The business owns the asset

c)

the assets can be updated every couple of years

100.

Flat rate of interest is

a)

applied to the principal amount over the borrowed fixed term

b)

based on the current amount owed

c)

no interest is charged

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