Personal Finance Exam Questions
with Correct Answers (Graded A+)
Though it is seen as a last resort, bankruptcy allows a consumer to - Answer- Eliminate
certain types of debt
This document shows a personal allowances worksheet. This document is a part of a -
Answer- W-4 form
If a computer costs 600 and the sales tax rate is 7.5%, what is the total cost of the
computer? - Answer- 645
Emma is trying to decide whether to buy a new laptop. As a student, she has a budget
and wants to make sure this is the right financial decision. Which question should she
ask herself in determining the opportunity cost of this purchase? - Answer- What will I
have to sacrifice if I buy this laptop
do all accounts serve the same function? Why or why not? - Answer- No, some
accounts are for saving and others are for investing
Ran interest in supervising other workers would be useful for someone who wanted to
become - Answer- An office manager or warehouse manager
Which statement bed explains a scholarship - Answer- A scholarship is aid given to a
student by an institution
The Lopez family is saving 275 for Veronica's college education. The family anticipates
they will need to contribute 10000 toward her first year of college, which is in 3 years.
Which best explains whether or not the family can expect to have enough after saving
for 3 years? - Answer- The family will likely have enough money. They will have saved
99000 and have accumulated interest
Yasmine plans to attend a four-year public university. She expects she will need to
contribute 9000 annually to her education. Which savings plan will help yasmine save
enough money to pay for one year of school, regardless of whether or not interest is
earned on her savings? - Answer- 200 per month for 4 years
This year, the annual tuition at a university is 5290. Next year when jarrod attends his
first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount
of money equal to the tuition for host first year. What is the approximate minimum
amount jarrod should save monthly? - Answer- 461
with Correct Answers (Graded A+)
Though it is seen as a last resort, bankruptcy allows a consumer to - Answer- Eliminate
certain types of debt
This document shows a personal allowances worksheet. This document is a part of a -
Answer- W-4 form
If a computer costs 600 and the sales tax rate is 7.5%, what is the total cost of the
computer? - Answer- 645
Emma is trying to decide whether to buy a new laptop. As a student, she has a budget
and wants to make sure this is the right financial decision. Which question should she
ask herself in determining the opportunity cost of this purchase? - Answer- What will I
have to sacrifice if I buy this laptop
do all accounts serve the same function? Why or why not? - Answer- No, some
accounts are for saving and others are for investing
Ran interest in supervising other workers would be useful for someone who wanted to
become - Answer- An office manager or warehouse manager
Which statement bed explains a scholarship - Answer- A scholarship is aid given to a
student by an institution
The Lopez family is saving 275 for Veronica's college education. The family anticipates
they will need to contribute 10000 toward her first year of college, which is in 3 years.
Which best explains whether or not the family can expect to have enough after saving
for 3 years? - Answer- The family will likely have enough money. They will have saved
99000 and have accumulated interest
Yasmine plans to attend a four-year public university. She expects she will need to
contribute 9000 annually to her education. Which savings plan will help yasmine save
enough money to pay for one year of school, regardless of whether or not interest is
earned on her savings? - Answer- 200 per month for 4 years
This year, the annual tuition at a university is 5290. Next year when jarrod attends his
first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount
of money equal to the tuition for host first year. What is the approximate minimum
amount jarrod should save monthly? - Answer- 461
