Quiz 1: Your Personal Finances Government and Economics
God should receive honor in our handling of finances. " Honour the LORD with thy substance, and with the firstfruits of all thine increase: So shall thy barns be filled with plenty, and thy presses shall burst out with new wine. " Where is this passage found?
Proverbs 3:9-10
processed minimum balance non-sufficient funds payee bank balance
Series of actions which take the check from the merchant to the accounting centers of the bank The smallest amount allowed in an account without a financial penalty Notice sent to the bank customer if his deposits are not enough to cover costs of the check he has written The person who will receive the check as payment The current money available in the depositor's account
Many Christians give according to the New Testament verse found in 1 Corinthians 16:2, which is actually ____ than a 10% tithe.
more
Saving Housing + Utilities (Water, electricity) Clothing Taxes (actual percent) Food
5% or more 25 to 40% 5% 20% 10%
Mark the statement that is NOT TRUE.
A bookstore is a good alternative to a library.
Nehemiah 10:37 Corinthians 16:2 Proverbs 23:4-5 Proverbs 13:11 Proverbs 12:11
A tithing principle verse A verse which could tell us of people giving more than a 10% tithe "Labour not to be rich: cease from thine own wisdom. Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven. " "Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase. " "He that tilleth his land shall be satisfied with bread: but he that followeth vain persons is void of understanding. "
A famous-name product that may be more expensive due solely to its high-recognition logo or slogan is known as a bulk item.
False
Select the TRUE statements.
One of the steps towards what many people call a " cashless society" was when checking accounts were introduced. In some cases banks have charged anywhere from $18 to $250 for an overdraft. When you talk with a customer service representative, you can tell them of your particular needs in opening a checking account. (I got 6 out of 7 points on this question)
Keep a list of your credit card _____ , checking account information, and the telephone numbers of each credit card issuer in a safe place in case your cards or checks are lost or stolen.
account numbers
Keeping a ____ balance means you keep a current total of what you have deposited into your account as well as what you have spent out of your account.
bank
Which is the best system for keeping track of your spending?
checks
When you have listed all your income and expenses and want to find out how much you have left over, subtract the ___ from ___ and see what comes out on the "bottom line."
expense, income
Total income, before deductions are made, is called ____
gross income
Making a purchase "on the spur of the moment" without careful planning is called ________.
impulse buying
Here is a question any young person should ask themselves as they make a budget: Are my creditors charging me with ____?
late fees
Never charge more on your credit cards than you can afford to pay in one month.
true
Some banks offer interest on the money that is in the checking account.
true
A ___ is another type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than are available in retail stores.
wholesale club
