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Personal Finance quiz
Personal Finance quiz
30 terms
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StudBud Administration
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Quiz used in preparation of the Personal Finance assessment examination
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Buying shares is a risk less procedure.
False
True
2
Which of these led to reform in Australia's financial services industry?
Trade and Tariff Act (1878)
Financial Services Reform Act (2001)
Economic Laws and Regulations Act (2005)
Evil Intelligence For Society (2009)
3
Bankruptcy is officially a change in...
Positive cash flow
The interest rate on a loan
The timeline continuum
An individuals legal status
4
Which of these is a type of income?
Bankruptcy
Dividends
Lunch costs
Home loan
5
Which of these is an example of a creditor?
Someone who lends money
Someone who is an assassin.
Someone who borrows money
Someone who assists in picking real estate locations
6
What is a consequence of poor credit rating?
Inability to get a loan
People are more likely to work with you.
Additional money from the government.
Bankruptcy
7
What is the purpose of insurance?
to spread risk and gain protection
To give someone better healthcare.
To get individuals better credit for loans.
8
Which of these do not influence consumption?
Current incomes
Unicorns
Population size
Wealth
9
Which of these is an example of fixed expenditure?
Daily lunch costs
Entertainment budget
Mr. Thrift remembering your name.
Fortnightly rent
10
Which of these is an investor more likely going to get a safe return on?
Shares in an agricultural company
Investments in real estate
Shares in a banking firm
Investments in small start up companies
11
The purpose of superannuation is...
To be set aside for home loans
To provide for retirements.
Used as income protection in case of injury.
To provide the government with additional taxes.
12
Which of these is a possible consequence of poor financial management?
Bankruptcy
All listed answers
Spiraling debt.
Inability to save for an expensive product
13
Which of these is the meaning of the word expenditure?
Spending or using money.
Gaining money through a variety of means
Obtaining insurance.
Receiving welfare.
14
What is a variable expenditure?
The policy that determines the amount of interest you pay.
Welfare provided by the government to those who need it.
A bill's which is more than likely going to remain constant.
An expenditure/rate of pay that is likely to change.
15
Which of these is likely to have the highest interest rate?
Home loan
Business loan
Credit card
Personal loan
16
An example of an impulsive buy is...
Taking a loan out for a house.
Purchasing a product after researching pro and cons for it.
Buying a video game straight after seeing a trailer for it.
17
Which of these is not a way to earn an income.
Bills/expenditure.
Dividend.
Salary
Inheritance.
18
All communities have the same chance/degree of financial mismanagement.
False
True
19
What is ASIC
Australian Safety and Insurance Committee.
Australian Safety and Intelligence Centre
Australian Securities and Investment Commission.
Australian Salads and Insects Committee.
20
Which of these is an example of budgeting
A koala eating leaves
Saving $20 a week and putting it into a savings account.
Taking out a loan to pay for a new car
Returning a good product due to its faulty make.
21
Which of these is an example of garnishing?
Earning additional incomes through ownership of shares.
A percentage of an individuals wage being taken to pay debt.
A mortgaged item being taken away to ensure payment.
Sharing risk as a collective community.
22
Which of these are reasons why a person may save money.
To prepare for the future.
All of the listed answers.
To save for a rainy day.
To buy something expensive.
23
The location of a house does not affect it's value
True
False
24
Which of these is a debtor?
Someone who doubts the existence of unicorns.
Someone who owes money to a creditor.
Someone who has lent money to another.
Someone who is responsible for regulating loans.
25
Which of these is interest?
Showing attention or favour to a product.
Having an amount of money owing to a creditor.
Money that is lent to an individual.
Fee charged for lending money.
26
Bankruptcy is more than likely caused by...
Uncontrollable shifts in the market
The universe conspiring against you
All of the above.
Poor financial management
27
A leading cause of financial mismanagement in young people is...
Their parents buying them expensive gifts.
Goats
Not knowing the value of hard work.
Financial illiteracy
28
Taking out a loan is a terrible decision and should always be avoided
True
False
29
Which of these is a role of ASIC?
ensure that loans and contracts are being honoured/legal.
Issue financial licenses.
Make sure the market is being regulated and protected.
All of the above.
30
Which of these would offer regular assistance if you were injured and could not work?
Income protection
Health insurance
Life insurance.
