Personal Finance Jeopardy Exam – Round 2 ABCD

If you do not pay a Regular Account in full when you receive your bill: a) You no longer can use your account b) Your balance rolls over to the next month c) Interest is charged to the remaining portion d) You will have to file for bankruptcy A-100

Which of the following is not an example of credit? a)Credit cards b) Checking accounts c) Charge accounts d) Installment plans A – 200

A For a person with a low credit score, _____ might be required to ensure that the creditor has something of value in the event that the loan is not repaid. a) Interest b) Credit Limit c) Collateral d) Installment

A The most popular financial institution used by the majority of Americans is: a) Credit Unions b) Finance Companies c) Savings Banks d) Commercial Banks

A A credit check is performed by the: a) Credit Bureau b) Bank manager c) Stockholders convention d) White House Intern

B Which of the following is true in regards to Credit Unions? a) They are the most used financial institutions in the United States b) A person must meet certain requirements in order to become a member c) They are found predominantly in Western states d) They tend to charge very high interest rates for loans.

B A Finance Company: a) Requires a good credit rating for membership b) Specializes in saving and loaning money c) Are a local alternative to a large bank d) Charges high interest rates on loans

B The maximum amount a person can buy with the promise of payment is called: a) Collateral b) Reputable Compensation c) Credit Limit d) Installment

B Which of the following is NOT paying with money that you have right now? A) Check B) Cash C) Debit D) Credit

B Responsible credit card use: a) Means paying only the minimum payment b) Includes using credit cards for impulse buys c) Requires a full understanding of APR d) does not affect your credit score

C A tax on gasoline is best defined as which type of tax? a) progressive b) proportional c) sales d) excise

C Revenue is best defined as: a) Reviewing income for tax purposes b) Money that the Government spends c) Money that the Government receives d) Money paid by the Government to taxpayers

C What is a tariff? a) A non-tax revenue b) a refusal to trade with another country c) A tax on imports d) A fee to cross a bridge or canal

C When the government expenditures exceed revenue, they have created a _________. a) Credit b) Balance c) Surplus d) Deficit

C The best advice in investing in stock is: a. buy high, sell low b. only invest in Dow Jones stocks c. concentrate on NASDAQ stocks d. buy low, sell high

D What do we call the situation when demand is greater than supply? a) Trade-off b) Monopoly c) Shortage d) Surplus

D If item A and Item B are substitutes, what will happened to the demand of Item A if the price of Item B decreases? a) It will increase b) It will decrease c) It remains unchanged d) Cannot be determined

D The most common form of business organization in the United States is the ___________. a. sole proprietorshipb. limited partnership c. department stored. corporation

D If two banks join together, what type of merger has occurred? a. verticalb. horizontal c. technologicald. conglomerate

D A corporation is owned by _______________. a. the President of the company b. the Board of Directors c. Common people who own stock d. the United States government