Finance Quiz

Finance Quiz

• Question 1 out of 14

  When 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.

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• Question 2 out of 14

  What 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.

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• Question 3 out of 14

  What 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.

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• Question 4 out of 14

  What 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.

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• Question 5 out of 14

  Which 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.

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• Question 6 out of 14

  Which 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.

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• Question 7 out of 14

  Which 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.

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• Question 8 out of 14

  The 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.

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• Question 9 out of 14

  Which 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.

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• Question 10 out of 14

  If 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.

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• Question 11 out of 14

  Which of the following will <em>NOT </em>harm your credit score?

  Bankruptcy

  Timely Payments

  Late Payments

  Too Much Debt

  You must select an answer before proceeding to the next question.

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• Question 12 out of 14

  What 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.

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• Question 13 out of 14

  John 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.

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• Question 14 out of 14

  Which is considered a <em>first </em>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.

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