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The Road to Financial Freedom Pretest
15 Questions - Developed by:
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A budget is:
A borrowing plan
A saving and spending plan
A saving plan
Which of the following is NOT a consideration in decision making?
Define the problem
Decide how much you really want it
Overspending on food one month and having to use the gas allowance to pay the other bills is considered .
Sticking to the budget
Using the Rain Day fund
Taking from Peter to Pay Paul
The School of Hard-Knocks
What is a consumer?
All of the above
A person who buys goods and services to satisfy wants and needs
A person who sticks to a budget
A person who works for a business
Which of the following is considered a need?
A new car
A place to sleep
A steak dinner
What is the first step in the financial planning process?
Find out what others would do
Create a plan
Make a decision and take action
A value is:
Something basic for you survival
A belief or idea you consider important or desirable
A willingness to give up something now in exchange for future benefit
Something you desire to make your life more comfortable
Cody has $372.00 after combing his cash and checking account together. He does not have a saving account, and does not get paid for 2 more weeks. If he decides to spend $370.000 for a second stereo, what can he do this weekend?
Stay home and do nothing
Go to the movies
Eat his stereo
Go on a date
Hang out with his buddies
Smart goals are:
Specific, movable, achievable, reliable, and too hard
Specific, measurable, achievable, realistic and time bound
Silly, mark-able, already done, random, and testy
What is the purpose of Form W2?
To allow the employer to withhold federal income
To itemize how much money was earned by an employee and how much was withheld and sent to the IRS
To document a refund or figure a balance due to the IRS each year
To allow the employee to participate in the tax-deferred saving plan
Many people put aside money to take care of unexpected expenses. If Sue and Joe have money put aside for emergencies, in which of the following forms would be of LEAST benefit to them if they needed it right away?
Invested in a down payment of the house
Ron and Molly are the same age. At age 25, Money began saving $2,000 a year while Ron saved nothing. At age 50, Ron realized that he needed money for retirement and started saving $4,000 per year while Molly kept saving her $2,000. Now they are both 75 years old. Who has the most in his or her retirement account?
Molly, because she put away more money
Molly, because her money has grown for a longer time at compound interest
Ron, because he saved more each year
They would each have the same amount because they put away exactly the same.
Which of the following credit card users is likely to pay the GREATEST DOLLAR amount in finance charges per year if each charges the same amount per year on his or her cards?
Ellen, who always pays off her credit card bill in full shortly after she receives it
Nancy, who pays only the minimum amount each month
Ron, who pays at least the minimum amount and more when he has the money
Barbara, who generally pays off her credit card in full, but occasionally will pay the minimum when she is short on cash.
Annual Percentage Rate (APR) is:
A record of a persons payment activity
The amount you owe with an obligation to pay back
Payment you make for the use of anothers money
Total percentage it costs you yearly to use your credit
Most of the time when items are bought on credit and paid for over a long period of time, the cost to the buyer:
Is the same as if the items were bought with cash
Variable depending on the interest rate
Is more than if the items were bought with cash
Is less than if the items were bought with cash
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