Basic Finance by Michelle M.

Esperal

Final Quiz 1
Completed on Tuesday, 8 August 2023, 8:43 AM
Marks 10.00/10.00
Grade 100.00 out of 100.00
Question 1

Question text
Which is not a principle of personal finance?

Question 1Select one:

a.
Be a responsible borrower who repays as promised, showing you are worthy of getting
credit in the future.

b.
Obtain rate information from multiple financial services firms to get the best value for your
money

c.
An annual budget to identify expected income and expenses, including savings, will help
you live within your income.

d.
Sell insurance to avoid being wiped out by a financial loss, such as an illness or accident.

Question 2
Question text
Don't take time to think about your financial goals, along with a realistic plan for achieving
them. It's just a waste of time.

Question 2Select one:

True
False

Question 3
Question text
Which is not a principle of personal finance?

Question 3Select one:

a.
Don't borrow what you can't repay

b.
Map your financial future

c.
Budget your money

d.
Stay assured

Question 4
Question text
Jenny engages in time deposits in the bank. Which statement best depicts the situation?

Question 4Select one:

a.
Start saving at young age

b.
Know your take home pay

c.
Budget your money

d.
Pay yourself first

Question 5
Question text
It is good to plan ahead on how to allocate your income for savings and expenses.

Question 5Select one:

True
False

Question 6
Question text
Don't expect that you will be earning interest if you did not deposit an amount in your bank
account.

Question 6Select one:

True
False

Question 7
Question text
Which statement is correct?

Question 7Select one:

a.
It is important know exactly what your goals are so you can create a plan designed to
achieve those objectives.

b.
Action-oriented goals does not provide the basis for the personal financial activities you will
undertake.

c.
Smart goals are useless

d.
Time-based goals indicate a time frame for achieving the goal, such as three years. This
disallows you to measure your progress toward your financial goals.

Question 8
Question text
John, a government employee, plans retire at the age on 55. Which statement best depicts
the situation?

Question 8Select one:

a.
Don't borrow what you can't repay

b.
Compare interest rates

c.
Map your financial future
d.
Budget your money

Question 9
Question text
Jen decided to deposit her money in a cooperative savings acccount because it yield higher
interest than bank savings account. Which statement best depicts the situation?

Question 9Select one:

a.
Don't borrow what you can't repay

b.
Start saving at young age

c.
Map your financial future

d.
Compare interest rates

Question 10
Question text
It is good to have negative credit record.

Question 10Select one:

True