WorksheetsUnit 1 Quiz 1 Personal Finance
Total questions: 20
Worksheet time: 11mins
Sometimes viewed as cheapskates, people with this personality avoid debt but might potentially miss long-term financial growth
avoider
investor
saver
shopper
What benefit will help an employee pay for a doctor's visit?
disability insurance
401(k) plan
flexible spending accound
health insurance
A(n)___ is a bank, company, or person who lends money for a purchase
lienholder
asset
investor
employer
What is the biggest disadvantage to renting?
The neighbors are close
Homes are always in better neighborhoods
Homeowners build equity; renters do not
it is easier to negotiate a purchase than it is to negotiate a lease
Allen is about to sign a lease for an apartment at a rate of $1,300 per month. He will need to pay the first month's rent, the final month's rent, a $150 cleaning fee, and a $325 security fee. How much will his first payment be?
$2070
$3075
$5060
$1775
It is better to ___ a vehicle if you wish to change cars often.
purchase
lease
rent
It is better to ___ a home if you have money for a down payment and want to stay in the same place.
rent
purchase
When purchasing a ___, you need to consider the blue book value and the cost of taxes, title, and license
home
piece of furniture
home theater system
used vehicle
The desire to project an image of affluence, pushing one's spending byong one's means is ___
opportunity cost
conspicuous consumption
affluent buying
debt management
A ___ is a loan from the bank to buy a house
lease
equity agreement
mortgage
A ___ is a binding contract between two parties specifying conditions for rental of a property
mortgage
lease
equity agreemen
house loan
To ___ is to gain financial value over time
depreciate
appreciate
extend debt
incur debt
To ___ is to lose financial value over time
depreciate
appreciate
extend debt
incur debt
The benefit given up by choosing one alternative over another is called a(n)___
lost asset
benefit withdrawl
benefit risk
opportunity cost
What do lenders charge you when you borrow money?
interest
management fees
points
tax
Employers use ___ to withhold wages to pay employee taxes and benefits
bonuses
incentives
paychecks
deductions
What should you NOT use a loan to purchase?
A house
Tuition for higher education
Airline tickets to your dream vacation
A car
A sum of money borrowed for a certain amount of time is called a....
loan
down payment
interest
borrow
All of the following are strategies to avoid credit card debt EXCEPT
Pay bills on time and avoid unnecessary purchases
Use a debit card or prepaid debit card
limit the number of credit cards you have
use credit card for all purchases
