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Guide for FBLA Personal Finance Practice Test

Quiz FBLA Personal Finance Practice Test

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/ 10

Quiz

1/10
Banking Services
What is the primary purpose of a checking account offered by banks?
Select the answer
1 correct answer
A.
To earn high interest on savings
B.
To provide a safe place to deposit money and allow easy access for daily transactions
C.
To invest in stocks and bonds
D.
To apply for loans and credit cards

Quiz

2/10
Consumer Protection
Which federal agency is primarily responsible for protecting consumers from unfair, deceptive, or fraudulent practices in the marketplace?
Select the answer
1 correct answer
A.
Federal Communications Commission (FCC)
B.
Consumer Financial Protection Bureau (CFPB)
C.
Environmental Protection Agency (EPA)
D.
Securities and Exchange Commission (SEC)

Quiz

3/10
Credit and Debt
What is the primary purpose of a credit score in personal finance?
Select the answer
1 correct answer
A.
To determine how much money a person has in their bank account
B.
To measure an individual's creditworthiness and ability to repay debt
C.
To calculate monthly income for budgeting purposes
D.
To track spending habits on debit cards

Quiz

4/10
Economic Principles
Which economic principle explains the concept of limited resources and unlimited wants?
Select the answer
1 correct answer
A.
Opportunity cost
B.
Supply and demand
C.
Scarcity
D.
Comparative advantage

Quiz

5/10
Financial Planning
What is the primary purpose of creating a financial plan?
Select the answer
1 correct answer
A.
To predict stock market trends
B.
To organize personal financial goals and manage resources
C.
To avoid paying taxes
D.
To spend money without restrictions

Quiz

6/10
Income and Careers
Which of the following factors most directly affects an individual's gross income from employment?
Select the answer
1 correct answer
A.
The number of dependents claimed on a tax form
B.
The hourly wage or salary rate negotiated with an employer
C.
The amount contributed to a retirement savings plan
D.
The total expenses claimed as deductions on a tax return

Quiz

7/10
Insurance
What does a deductible in an insurance policy refer to?
Select the answer
1 correct answer
A.
The total premium paid annually
B.
The amount the insured pays before insurance covers expenses
C.
The maximum amount the insurer will pay for a claim
D.
The fee charged for cancelling the policy

Quiz

8/10
Money Management
What is the primary benefit of creating and following a personal budget?
Select the answer
1 correct answer
A.
To increase credit card limits
B.
To control spending and save money
C.
To avoid paying taxes
D.
To invest in high-risk stocks

Quiz

9/10
Saving and Investing
Which of the following is considered the safest option for short-term savings?
Select the answer
1 correct answer
A.
Stocks
B.
Certificates of Deposit (CDs)
C.
Mutual Funds
D.
Real Estate

Quiz

10/10
Taxes
Which of the following is a common type of tax that employees have automatically deducted from their paychecks?
Select the answer
1 correct answer
A.
Sales Tax
B.
Property Tax
C.
Income Tax
D.
Estate Tax
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Info quiz:

  • Quiz name:FBLA Personal Finance Practice Test
  • Total number of questions:40
  • Number of questions for the test:100
  • Pass score:70%
  • Number of topics:10 Topics
Study topics:Number of questions:
  • Banking Services:4 Questions
  • Consumer Protection:4 Questions
  • Credit and Debt:4 Questions
  • Economic Principles:4 Questions
  • Financial Planning:4 Questions
  • Income and Careers:4 Questions
  • Insurance:4 Questions
  • Money Management:4 Questions
  • Saving and Investing:4 Questions
  • Taxes:4 Questions

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