Take This Personal Finance Quiz To Find Out How Good You Manage Personal Finances!
"Why should I take this personal finance quiz again?"< When it comes to how we manage personal finances most of us are clueless!Schools don't teach us. Parents don't show us. what's worse! We turn to banks and credit card companies for advice! Talk about having wolves tending the sheep!
Well, not to fear! This personal finance quiz is here! ;-) You'll find out just how clueless (yes, clueless) or how brain-smart you are when it comes to money and how to manage personal finances.
The personal finance quiz will take a look at how well you understand:
- The money basics
- How to make money
- How to manage personal finances
Alright Einstein! Get your financial thinking cap on! You might want to grab a piece of paper and a pencil to write down the answers! Ready...set...go!
Part 1 - The Money Basics!
Question #1 - 'Money' is:a/ paper with different people on them that comes in different colors
b/ coins that you can flip and make bets with your friends with
c/ a medium of exchange that makes an exchange of goods or services easier
Question #2 - 'Currency' is:
a/ money
b/ a valuable souvenir
c/ paper and metals used to represent money
Question #3 - 'Income' is:
a/ Money coming into your pocket
b/ A French name
c/ A type of beverage
Question #4 - 'Expenses' are:
a/ Money coming out of your pocket
b/ Something that costs too much
c/ Something your spouse uses to scold you
Question #5 - A 'credit card' is:
a/ Something you can't leave home without
b/ A card that gives you instant, high-interest loans
c/ Money
d/ Someone else's money
Phew! Okay take a much needed break and great ready for the next part of this personal finance quiz!
Part 2 - How to Make Money!
Question #1 - How many ways can you make money?a/ one
b/ one?
c/ four ways
d/ You can make money?
Question #2 - The four ways you can make money are:
a/ doctor, lawyer, pilot, engineer
b/ employee, self-employed, business owner, investor
c/ John, Paul, George, Ringo
d/ John, George, Paul, Ringo?
Question #3 - The two types of income are:
a/ alive income and dead income
b/ legal income and illegal income
c/ good income and bad income
d/ active income and passive income
Question #4 - You can make active income by:
a/ working at a job or through your own business
b/ actively working at seeing how question #4 is a hint for question #3
c/ being an activist
d/ work a job that involves activating something
Question #5 - You can make passive income by:
a/ working at a job
b/ owning cashflow-producing assets like rental properties or a business
c/ being a pacifist
d/ passively working
Okay, you're two thirds of the way there! Now there's just the 'manage personal finances' part of the personal finance quiz.
Hang in there!
Part 3 - Manage Personal Finances!
Question #1 - 'Personal finances' means:a/ the 'ins' and 'outs' of your personal money situation
b/ owning a personal finance notebook
c/ Is it like a personal coach?
d/ personal finances
Note: You picked 'd' didn't you? Yeah try again.
Question #2 - It's best to look at your monthly financial situation:
a/ Before you start spending your money
b/ After you've spent it all!
c/ when you're depressed
d/ when you're depressed and drunk
Question #3 - A credit card is best used as:
a/ An emergency option
b/ your main tool to get money
c/ your only tool to get money
d/ It's best not to have to use credit cards at all!
Question #4 - Reading books on personal finance is:
a/ boring
b/ boring
c/ boring?
d/ A great way to learn how to manage personal finances
Question #5 - Investing time and money into improving how to manage personal finances is:
a/ expensive
b/ expensive
c/ expensive?
d/ One of the best ways to get good returns on my money!
Personal Finance Quiz Answers (No Cheating!)
Okay, here's how the point system works!
For every correct answer you give yourself one point.
Simple enough? Okay let's see how you did!
Answers:
The money basics!
1.c/2.c/3.a/4.a/5.b
How to make money!
1.c/2.b/3.d/4.a/5.b
How to manage personal finances!
1.a/2.a/3.d/4.d/5.d
Personal Finance Quiz Results!
0-5: You're kidding, right? ;-)
6-10: You have a basic understanding of personal finances. A good brush up on what they are and how they help you would do you good! I recommend finding the nearest personal finance book and reading through it yesterday!
Any book will do. I recommend 'Rich Dad/Poor Dad' for inspiration and 'The millionaire Maker' for a good framework to get started with boosting your finances.
11-15: You're closer to being a personal finance guru! In any case, reading up on the benefits of personal finance would be helpful as well. I recommend continuing on with your financial education.
Two books I've personally read and recommend are 'Rich Dad/Poor Dad' and 'Millionaire Maker'. They have the proper mindset for helping you handle your personal finances so that you won't have to stress about them all the time!
My Final Words...
So there you have it. I hope you enjoyed this personal finance quiz and if you've flunked this test I hope that you'll try again. It's not like the GMAT - you can take it as many times as you like!
