Personal Finance

Question 1

Sophia is looking for a place to store money, while also receiving interest over time. Where can she put her money?

Accepted Answer

Saving Account

Question 2

Default is the skin you get when you first download the hit game Fortnite and has nothing to do with financial literacy.

Accepted Answer

False

Question 3

Comparison shopping is a technique used to compare online and in-person prices to find which one is best. True or False?

Accepted Answer

True

Question 4

Julian is a BROKE BUM. What does he need to do to fix this?

Accepted Answer

Start budgeting

Question 5

Big Hawk is a famous artist, due to the amount of wealth he wants to buy a house, what should he do to purchase it?

Accepted Answer

Take out a loan, and buy the house

Question 6

Little Timmy wants to buy a Ferrari, he plans to get a loan from the bank, what is something that could hold him back?

Accepted Answer

His credit score sucks

Question 7

A formal agreement between people (2 or more parties) with formal terms and conditions.

Accepted Answer

Contract

Question 8

Little Timmy sees his "Gross" income, and then he sees his "Net" income. What is the difference between them?

Accepted Answer

Gross is total income before taxes, Net is amount after taxes.

Question 9

Julian wants to earn big money and starts investing, which allows him to receive company benefits, like discounts.

Accepted Answer

False

Question 10

Danielle has big goals, wanting a black Corvette. What should she improve to make this purchase cheaper?

Accepted Answer

Improving her credit score

Question 11

Hamzah is a very "special" person, he needs to learn more about finance. What should he study to help with this issue?

Accepted Answer

Finacial Literacy

Question 12

"Interest" refers to the cost of borrowing money, or the reward for lending money. True or False?

Accepted Answer

True

Question 13

Dustin is looking for an account where he can use everyday financial transactions. What type of account should he get?

Accepted Answer

Checking account

Question 14

Little Timmy created a new car company, Pherrari. Every time he sells a car, he pays what type of tax?

Accepted Answer

Sales tax

Question 15

Little Timmy is about to get his Ferrari. When getting the loan, he needs someone to co-sign with him in case…

Accepted Answer

Timmy can't pay the monthly payments

Question 16

Dre had a basketball team called the lackers. Since they SUCKED so bad, he had to do what to his company?

Accepted Answer

File for bankruptcy

Question 17

Julian is looking at a list of things to buy, but he left a few items out because he doesn't need it. This an example of

Accepted Answer

Needs Vs. Wants

Question 18

Paying yourself first is a term that's used to pay off your needs rather than buying superficial things. True or False?

Accepted Answer

True

Question 19

When paying his taxes, Dustin looks at what he has to pay. A property tax is a tax on someone's property.

Accepted Answer

True

Question 20

Income tax is a tax governments impose on income generated by businesses and individuals within their jurisdiction.

Accepted Answer

True

Question 21

An installment loan is where you borrow money and repay it over a specific period with scheduled equal payments.

Accepted Answer

True

Questions 21