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Personal Finance Quiz #1 Flashcards | StudBud
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Personal Finance Quiz #1
Personal Finance Quiz #1
25 terms
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StudBud Administration
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78 plays
Students review and reinforce a variety of standards regarding personal finance.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is interest?
none of the answers apply
the rate of mortgages initially
the cost of borrowing money
the amount of the original loan
2
Define the terms of a gig worker.
both red and blue are correct
none of the answers apply
someone who works regular 9-5 hours with benefits, and retirement bonuses
short term independent contractor
3
What is human capital?
None of the answers apply
cost of advertising
cost of skilled workers
cost of machinery
4
At what salary, do experts claim that humans switch from negative to positive feelings about their futures? (2023)
41,000-51,000
75,000-85,000
30,000-40,000
none of the answers apply
5
What is the amount of the loan called before interest is added?
principle
principal
mortgage
none of the answers apply
6
What classification is an Uber driver? Permanent employee, freelancer, or a gig employee?
freelance worker
None of the answers apply
permanent employee
gig worker
7
What beverage company did Warren Buffett own 7%?
7 Up
None of the answers apply
Moxie
Coca Cola
8
True or False-There is a correlation between your level of education/training and your overall happiness.
False
True
they are both correct
none of the answers apply
9
What is a W4 form used for?
to deduct taxes
none of the answers apply
to collect information to pay taxes
to verify your credit score
10
What type of tax pays for Social Security and Medicare?
income
payroll
excise
property
11
In 1983, what Harvard professor came up with the nine different learning styles?
Gardner
Pavlov
None of the answers apply
Kamisky
12
Define freelance workers.
someone who works independently and controls all aspects
employees who receive benefits from their employers
none of the answers apply
someone who works independently but is controlled by some factors
13
Which of the following states does not pay state income tax?
Florida, Nevada and Indiana
All of the answers apply
Wyoming, South Dakota and Tennessee
Texas, Arizona, and Montana
14
Why does a person’s savings deposit grow in banks?
it doubles after ten years
none of the answers apply
compound interest over time
the bank pays 20% interest on borrowed money
15
What two types of incomes are taxed federally (income)?
declared and undeclared
none of the answers apply
inherited and estate
earned and unearned
16
What percent of taxes does a person or a couple pay, who earn a combined 300,000- 400,000 dollars?
30%
10%
35%
20%
17
What tax is levied on airline tickets, alcohol and gasoline?
income
excise
property
payroll
18
What type of tax pays for the fee to license or register your car?
income
payroll
property
excise
19
Where did the word freelance originate?
None of the answers apply
WW1 term
medieval mercenary soldiers
Roman times
20
What are the characteristics of an entrepreneur?
willing to take risks
All of the answers apply
bold and confident
doesn't want to work for anyone
21
An internship can be paid or unpaid, but can be a valuable part of your ________.
future
experience
All of the answers apply
resume
22
What chemical is released when you buy something?
flourine
aluminum
dopamine
argon
23
What is a W2 used for?
to collect information to pay taxes
none of the answers apply
to check if you are a felon
to deduct taxes
24
What is the 50 30 20 principle, in terms of investment?
Essentials, wants, savings
None of the answers apply
Wants, essentials, savings
Savings, essentials, wants
25
What is an entrepreneur?
none of the answers apply
a permanent government worker
someone who works for a coroporation
a businessman or woman who takes a risk to start a company
