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Eleventh Grade (Grade 11) Personal Finance Questions

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Grade 11 Personal Finance
How is a long-term loan different from a short-term loan?
  1. A short-term loan is for a maximum duration of 12 months while a long-term loan is for a maximum duration of 12 years.
  2. A short-term loan is for a maximum duration of 12 months while a long-term loan is for a minimum duration of 12 months.
  3. A short-term loan is for a maximum duration of 12 weeks while a long-term loan is for a minimum duration of 7 years.
  4. A short-term loan is for a minimum duration of 7 months while a long-term loan is for a minimum duration of 12 months.
Grade 11 Personal Finance
Penelope wanted to get a better idea of how much credit she should extend. What areas should she look at?
  1. Her sales goals
  2. Number of customers she needs to attract
  3. Rent, salaries and insurance expenses
  4. How much money she wants to make
Grade 11 Personal Finance
An initial payment made when something is bought on credit.
  1. asset
  2. balloon payment
  3. down payment
  4. insurance premium
Grade 11 Personal Finance
What is an advantage of electronic funds transfer (EFT)?
  1. You earn more interest on an EFT account than a checking account.
  2. The number of withdrawals from an EFT account is limited so you are not tempted to impulsively use the money.
  3. This is the best way to always keep your personal and financial information secure.
  4. Your paycheck can be deposited directly to your checking account
Grade 11 Personal Finance
Grade 11 Personal Finance
Which of the following is a sign that your identity may have been stolen?
  1. A call from a collection agency about a debt you didnʹt incur
  2. Bank and billing statements donʹt arrive on time
  3. Your credit report shows accounts you didnʹt open
  4. All of the above
Grade 11 Personal Finance
Money that the insured must pay before the insurance company pays.
  1. Liability
  2. Deductible
  3. Claim
  4. Premium
  5. All of the Above
Grade 11 Personal Finance
Grade 11 Personal Finance
Bodily injury or property damage you have to cover on another person.
  1. Claim
  2. Liability
  3. Deductible
  4. Premium
  5. All of the Above
Grade 11 Personal Finance
Which of the following is a reason that people donʹt save money?
  1. They lack discipline
  2. They do not live on a budget
  3. They lack focus
  4. All of the above
Grade 11 Personal Finance
Which of the following statements is true about financial trouble?
  1. Financial difficulties are commonly caused by overspending
  2. You should never admit to a creditor that you cannot pay your bills
  3. If you have a high-paying job, you can afford to spend more than 20% of your net income on debt-maintenance
  4. A credit repair company can erase a poor credit history quickly
Grade 11 Personal Finance
Groceries are a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
Grade 11 Personal Finance
When shopping for a car loan, compare each loan's:
  1. APR
  2. Monthly payment
  3. Total finance charge
  4. All of the above
Grade 11 Personal Finance
Grade 11 Personal Finance
Salary or wages are also known as                 .
  1. Annual Annuities
  2. Deductions
  3. Earnings
  4. Withdrawals
Grade 11 Personal Finance
A card issued by a bank that allows users to finance a purchase (buy on credit).
  1. Credit Card
  2. Debit Card
  3. Revolving Charge Account
  4. All of the above
Grade 11 Personal Finance
Expenses that remain the same from month to month
  1. Discretionary
  2. Fixed
  3. Intermittent
  4. Variable
Grade 11 Personal Finance
Rent is a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
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