Free Printable PCC Test #2

1.

Match the vocabulary words with their correct definitions.

a)

1.

money in the form of bills and coins

b)

2.

buy now, pay later (involves debt)

c)

3.

a written order for a bank to pay money

d)

4.

buy now, pay now (no debt)

2.

The amount of financial trust extended to a person or business by a lender; a loan

a)

debt

b)

credit

c)

trust

3.

Match the vocabulary words with their correct definitions.

a)

1.

a contract in which a lender can take back a home if the borrower fails to pay

b)

2.

a legal process that gives debtors protection from creditors

c)

3.

a legal process that allows a lender to take possession of a mortgaged property

d)

4.

money owed

4.

a written order for a bank to pay money

a)

cash

b)

check

c)

credit card

d)

debit card

5.

Which card often has annual fees, requires a credit check, and charges double-digit interest rates?

a)

gift card

b)

credit card

c)

debit card

d)

birthday card

6.

Which card is offered the least protection from a bank if it is lost or stolen?

a)

debit card

b)

credit card

7.

Two legal processes:

(a) protects people from creditors so they don't loses their assets.

(b) allows creditors to take property when the debtor fails to make payments.

Choose from the below words

liquidation

garnishment

bankruptcy

foreclosure

8.

If you buy (a) , you have a contract that protects you from financial loss or damage. You have to pay a monthly or annual (b) just to have the policy. If you have a claim, you have to pay a (c) .

Choose from the below words

an insurance policy

premium

deductible

a warranty agreement

subscription fee

9.

The amount you pay to have an insurance policy is called a

a)

payment

b)

premium

c)

deductible

d)

co-pay

10.

If you have a car accident, your insurance won't pay for all of the damage. They will charge you a flat amount which you agreed upon in the contract. What is it?

a)

loan

b)

deductible

c)

co-pay

d)

premium

11.

Goods or services needed for survival.

a)

loans

b)

credit

c)

wants

d)

needs

12.

Goods or services that you can live without.

a)

loans

b)

credit

c)

wants

d)

needs

13.

Match the vocabulary words with their correct definitions.

a)

1.

I can live without them

b)

2.

plans that take a year or more to achieve

c)

3.

people cannot survive without this type of goods or services

d)

4.

plans that take less than a year to achieve

e)

5.

a record of income and spending and a plan for managing money

14.

expenses that do not change from month to month

example: car insurance, streaming service, rent

a)

variable expenses

b)

fixed expenses

c)

expenditures

d)

bills

15.

expenses that change from month to month

example: utilities, entertainment, car repairs

a)

variable expenses

b)

fixed expenses

c)

expenditures

d)

bills

16.

Once you pay for your necessities, what is the remaining money called?

a)

needs

b)

discretionary income

c)

expenditures

d)

tax refund

17.

When you spend money on something, you are giving your next best choice up. What is this called?

a)

A good decision

b)

a future regret

c)

opportunity cost

d)

scarcity

18.

the economic condition of having unlimited wants and needs but limited resources

a)

debt

b)

selfishness

c)

opportunity cost

d)

scarcity

PCC Test #2

Total questions: 18

Worksheet time: 14mins

Similar Resources on Wayground