Finance Quiz Question 1 out of 14When the TV networks says, “the market is up today,” to what are they generally referring? Dow Johns Industry Average Dow Jones Industrial Average Average Interest Rate on Home Loans Gross Domestic Product You must select an answer before proceeding to the next question.Submit AnswerQuestion 2 out of 14What is the name for the economic resources a business has, including products in its inventory? Assets Liabilities Expenses Cash Flow You must select an answer before proceeding to the next question.Submit AnswerQuestion 3 out of 14What term is used for the total amount a business has earned or lost at the end of a month? Top Line Income Expenses Bottom Line You must select an answer before proceeding to the next question.Submit AnswerQuestion 4 out of 14What term applies to business assets that decrease in value due to time that has passed since a company’s purchase? Appreciation Applied Value Depreciation Valuation You must select an answer before proceeding to the next question.Submit AnswerQuestion 5 out of 14Which is a comprehensive account of a business’ transactions and expenses, created to give a business oversight of its financial matters? Financial Report Bank Statement Cash Flow Statement Professional Accounting Report (PAR) You must select an answer before proceeding to the next question.Submit AnswerQuestion 6 out of 14Which one of the following should you avoid when opening a savings account? No to Low Savings Account Fees FDIC Insured Low Interest Rate No Minimum Balance Required You must select an answer before proceeding to the next question.Submit AnswerQuestion 7 out of 14Which company’s plan can help you save for retirement by stashing money that grows tax-free if it stays in the account? 1099 501(k) 1098-T 401(k) You must select an answer before proceeding to the next question.Submit AnswerQuestion 8 out of 14The standard IRS Tax Form 1040, required by the federal government to report an individual’s gross income, also goes by what nickname? The Short Form The Long Form The Lost Form The Last Form You must select an answer before proceeding to the next question.Submit AnswerQuestion 9 out of 14Which statement is NOT true about estate planning? It serves to minimize estate and inheritance taxes It preserves assets for future generations There’s no need to work with attorneys and tax advisors It can prevent wealth from going to unintended beneficiaries You must select an answer before proceeding to the next question.Submit AnswerQuestion 10 out of 14If Jess has $100 in his savings account earning 3 percent compounded per year, after 10 years, how much money would Jess have? $130 $103 $150.55 $134.99 You must select an answer before proceeding to the next question.Submit AnswerQuestion 11 out of 14Which of the following will NOT harm your credit score? Bankruptcy Timely Payments Late Payments Too Much Debt You must select an answer before proceeding to the next question.Submit AnswerQuestion 12 out of 14What is the main goal of investment diversification? Maximizing profit via a single investment Investing based on insider tips Minimizing risk while potentially improving investment return Improving investment return by moving all monies from one high performing account to another You must select an answer before proceeding to the next question.Submit AnswerQuestion 13 out of 14John is buying a house with a 15-year mortgage rather than a 30-year mortgage and should expect which of the following? A Higher Monthly Payment with Lower Total Interest A Lower Monthly Payment with Higher Total Interest A Lower Monthly Payment with Lower Total Interest A Higher Monthly Payment with Higher Total Interest You must select an answer before proceeding to the next question.Submit AnswerQuestion 14 out of 14Which is considered a first step in getting student aid? Filling out the free application for federal student aid (FAFSA) Writing a Personalized Letter of Appeal for Financial aid Applying for Private Student Loans Borrowing Money from the Bank You must select an answer before proceeding to the next question.Submit Answer Subscribe to AMAC Daily News and Games Email If You Enjoy Games Like This - Subscribe to the AMAC Daily Newsletter! It's easy and FREE Subscribe Today! First Name Last Name Email *By providing your email address and subscribing, you agree to allow AMAC to send you "Join AMAC" emails, if you are not already an AMAC Member. Share Read more articles by The Association of Mature American Citizens Subscribe Login Notify of new follow-up comments new replies to my comments Label Name* Email* Label Name* Email* 46 Comments Most Voted Newest Oldest Inline Feedbacks View all comments ToolMan Tim 5 years ago First perfect score for me. Woo Hoo! I’d hate to see the average score for current college grads!!! June J 5 years ago Only missed one two weeks in a roll. Feeling good. Probably because I’ve been around awhile. Raggy 88 5 years ago 100%!! Phyllis 5 years ago 9/14. Better than I thought I’d do. This is a good test. Sandy Kurotobi 5 years ago 13 out of 14 question #10 got me! Love these quizzes Ted B. 5 years ago 12 out of 14 so-so for a retired accountant. Kay Milzer 5 years ago 11out of 14….not too bad for an 82 year old. Judith Stiles 5 years ago embarrassed WillieBDare 5 years ago 12/14. I forgot that the 1040a was the short form, not the 1040 and should have use a calculator for # 10, but was too lazy. Thomas H. Seigo 5 years ago 14/14 wasn’t too difficult. Lori Wolff 5 years ago First time to receive 100%. Plenty of experience with all of these. DAR 5 years ago Finance major and business person scored 100%. Wish I had all the 1040 and 760 tax payments to expand and hire. ROBERT 5 years ago 10 of 14. Better than I expected, as finance isn’t my thing. Fixer48 5 years ago A basic financial class should be required for all levels through high school. Too many are getting out of high school not understanding the impact of the financial decisions they make. Cathy 5 years ago Missed # 8. I also forgot that the 1040 is the long form and the 1040A is the short form. No bid deal, that’s why I have an accountant prepare my tax returns. Mark 5 years ago 14 out of 14 – for a 70 year old -school was good back in the 50’s and 60’s! Dave 5 years ago With respect to question #3…poorly stated…the “bottom line” is never about how much business a company has earned or lost but its NET PROFIT. When talking about how much business a company has “earned” (whether it actually EARNED that business or not), it is understood to mean “sales,” or “top line.” Just as when the media talks about how much a movie has “made,” they mistakenly use that term to describe revenue (sales) when, in the business world, “made” would refer to net profit, or “bottom line.” Jim Mattson 5 years ago Can someone help me with #6? If you open a savings account, and worry about low interest rate – don’t open a savings account, look into mutual funds, or the like. Opening a savings account that is not FDIC insured means that you can not only lose the interest, but the principal, too. Or, am I simply not considering that mutual funds can sort-of be construed to be “savings accounts”. I’ve always considered “savings accounts” to be a bank (or savings and loan) offering, where you can deposit or withdraw funds easily at will. Uglymongoose 5 years ago 14/14 stuff you hear your whole life. Fun game! Joan DeMarree 5 years ago 14 out of 14 Terry Anderson 5 years ago 12/14….good to listen when my husband talks finance. Mark Yotter 5 years ago Several of these questions could have been worded much better. Jo Dee 5 years ago got them all correct! Kit Hackett 5 years ago That was good Kathy westerlund 5 years ago I love quizzes!! The one on finance was so fun! Keep them coming… Mema 5 years ago 12 out of 14……..not bad for an old lady of 83! Donna 5 years ago Wow! I only missed one, and I would have gotten that right if I had gone with my instinct. I had no idea I knew so much about finance! I have never even taken a class in it. Gail Trent 5 years ago 13/14 – got me on the math question, lol 🙂 Mona 5 years ago agree with last comment, Econ 101 and 102 should be required before you graduate, by college some bad habits are already lurking. Steve 5 years ago Has anyone else noticed this? When most media outlets report on the the stock market did today… They only tell you how much the Dow went up, or down, but omit telling you the level that the Dow is at, e.g. 26,568. Could it be that they don’t want to highlight the current administration’s success? Ellen 5 years ago 12 out of 14. I guess I know more than I thought about financial matters. cragan 5 years ago Enjoyed the quiz. It’s a shame that Feinstein held onto the letter until now. She is determined to destroy this man’s life. Slymet 5 years ago 12/14. I guessed on the compounding interest question. Was close to the correct answer but no cigar and misread another question. Those “Not” questions have to be read carefully. One of them tripped me up. wpDiscuz460Would love your thoughts, please comment.x()x| ReplyInsert Login Login Join Renew Member Benefits Newsline Member Benefits Advocacy Our Actions About Advocacy Issues Get Involved Weekly Update Annual Report Find Your Representative AMAC App Better for America Podcast AMAC Blog FAQ About Us Overview Our Team Our Stance on Key Issues Magazine Medicare Games Voice Your Opinion in AMAC Polls AMAC in the Media AMAC Action AMAC Foundation Social Security Guarantee Contact Advertise with AMAC Terms & Conditions Privacy Policy