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Quiz: Can You Pass a 7th Grade Personal Finance Test?

Budgeting

Quiz: Can You Pass a 7th Grade Personal Finance Test?

Quiz: Can You Pass a 7th Grade Personal Finance Test?

It’s time to find out how much you remember from your school days. A test for seventh graders? Surely that can’t be too hard? Well, let’s find out if you’re up to scratch, or if you could do with going back to school.

What is the definition of fixed expenses?

Correct! Wrong!

What is the definition of variable expenses?

Correct! Wrong!

Why should non-essential items be accounted for last in a personal budget?

Correct! Wrong!

What is a 15 percent tip on a bill totaling $90?

Correct! Wrong!

Which of the following describes simple interest?

Correct! Wrong!

If you were to save $2,000 at 3 percent simple interest, how much would you earn a year?

Correct! Wrong!

What is compound interest?

Correct! Wrong!

Laura purchased a pair of jeans plus a shirt for $32.50 and $12.75, respectively. Compute for the sales tax that she has to pay if the tax rate is 8.25%.

Correct! Wrong!

If someone has a minimum household budget of $2,000 and they work for 120 hours a month, how much is the minimum hourly wage they need to receive to make ends meet?

Correct! Wrong!

The Smith family’s monthly budget is $3,200. They spend $500 of this on food. What is that as a percentage?

Correct! Wrong!

What do you call an individual’s total assets after settlement of liabilities?

Correct! Wrong!

How do you work out an individual’s net worth?

Correct! Wrong!

What does it mean when you “carry a balance” with a credit card?

Correct! Wrong!

If you buy a certificate of deposit that pays 4 percent interest annually, which of the following is true?

Correct! Wrong!

Do greater interest rates always result in more costly money lending?

Correct! Wrong!

Do rising prices cause lower buying power, and is this usually referred to as an inflation risk?

Correct! Wrong!

What is “time value of money?”

Correct! Wrong!

How is the buying power of the dollar measured?

Correct! Wrong!

Investments that may be difficult to convert into cash are known as having a what?

Correct! Wrong!

When is consumer spending most likely to rise?

Correct! Wrong!

Quiz: Can You Pass a 7th Grade Personal Finance Test?
0-5 Correct Answers:

You could really do with going back to school! How you’ve managed to get this far in life with such little knowledge of financial matters is a mystery!
6-10 Correct Answers:

Ouch! That’s a bad result. Remind us never to ask you to help with our finances!
11-15 Correct Answers:

Not bad! You’re definitely clued up when it comes to dealing with finances, you’re not too shabby at math either, it would seem.
16-20 Correct Answers:

A fantastic score! You’re well and truly a financial whiz. Money is definitely safe in your hands.

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