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College Personal Finance Questions

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College Personal Finance
Which of the following are warning signs that your finances may be in trouble?
  1. having barely enough to pay off the credit card bill each month, cannot buy a car, eating a lot of cheap pizza
  2. using savings for routine items, missed deadlines on bills, not buying important items
  3. not enough to go out to eat once a week, not enough to buy new clothes, not enough to buy new electronics
  4. need to ask to borrow more money, need to work more hours, need new roommates
College Personal Finance
The Internal Revenue Service (IRS) is the federal government agency responsible for:
  1. Filling out your tax forms
  2. Keeping the unemployment rate low
  3. Tax collection and tax law enforcement
  4. Writing tax laws
College Personal Finance
Your budget should include all of the following except:
  1. Lending money to friends
  2. Saving
  3. Giving
  4. Spending
College Personal Finance
Sales tax and excise tax are both taxes on:
  1. Consumption
  2. Income
  3. Property
  4. Wealth
College Personal Finance
Which of the following is not a need?
  1. Eating out
  2. Food
  3. Housing
  4. Utilities
College Personal Finance
The purpose of insurance is to:
  1. Develop a savings plan
  2. Provide an investment opportunity
  3. Transfer risk
  4. All of the above
College Personal Finance
The day that income tax filings are due in the United States:
  1. January 1
  2. April 15
  3. June 15
  4. December 1
College Personal Finance
This tax pays for benefits that workers and families receive for either Social Security or Medicare.
  1. Excise tax
  2. Federal Insurance Contribution Act (FICA)
  3. Sales tax
  4. State income tax
College Personal Finance
The benefit of diversification in your investments is:
  1. Increased return
  2. Increased risk
  3. Reduced risk
  4. Reduced tax liability
College Personal Finance
Life insurance policy for a specific period of time is called:
  1. Level
  2. Term
  3. Universal
  4. Whole life
College Personal Finance
The flow of money in a family represents the                 under which that family operates.
  1. Income level
  2. Security
  3. Sophistication
  4. Value system
College Personal Finance
Which of the following statements about life insurance is true?
  1. Cash value insurance is normally for life and is more expensive than term life insurance because it funds a savings plan.
  2. Term life insurance should be avoided because the policy will expire and it has no savings plan built into it.
  3. There is no difference between term and cash value life insurance.
  4. You will always need life insurance.
College Personal Finance
An organization set up to provide help and raise money for those in need
  1. business organization
  2. charitable organization
  3. tax shelter
  4. unified congregation
College Personal Finance
If you value security, you are more likely to:
  1. Make impulse buys
  2. Save money
  3. Spend money
  4. All of the above
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