9th Grade Personal Finance Revision Questions

9th Grade Personal Finance Revision Worksheet

/STRAND 1 - PERSONAL FINANCE 1 (50 MARKS)

QUESTION 1 Multiple Choice (15 marks)

The multiple – choice questions in this section are compulsory. Each question is worth 1 mark. For each question, circle the letter of the best answer.

1. Which of these will be a prioritized need for a student.

A. Car

B. Stationeries

C. Phone

D. Movies

2. The term “double coincidence of wants” means

A. both parties have agreed to exchange goods and services.

B. only one party agrees to exchange goods and services.

C. outside parties have agreed to buy and sell commodities from both parties.

D. the act of exchanging goods and services without the use of money.

3. Which of the following characteristics of money best describes as identical units have identical values coin?

A. Durable

B. Acceptable

C. Homogenous

D. Recognizable

4. Which statutory corporation in Fiji is responsible for issuing Fiji dollars and notes?

A. Unit Trust of Fiji.

B. FNPF.

C. Westpac.

D. Reserve Bank of Fiji.

5. Which of the following is a function of commercial banks?

A. Prepare monthly budget.

B. Check income tax returns for FRCA.

C. Make an insurance claim.

D. Accept savings from customers.

6. The balance in the bank account is reduced immediately with the use of a

A. Credit Card

B. Debit Card

C. Money Box

D. Deposit Slip

7. An instruction a bank account holder gives to the bank to pay a set amount at regular intervals to another account is known as

A. Cheque

B. Bank Draft

C. Standing Order

D. Money Transfer

8. The Fijian Competition and Consumer Commission is to protect the

A. Rights and responsibilities of the consumers

B. Rights and interest of businesses.

C. Rights and interests of businesses and the consumers

D. Rights of the financial institutions.

9. One advantage of advertisement is

A. Wise choice

B. Confuse buyers

C. Misleading Decisions

D. Higher Prices Charged

10. Income earned on an hourly basis is referred to as

A. Fees.

B. Rent.

C. Wages.

D. Salaries.

11. Transfer of money by migrants to families at home is known as

A. Royalty.

B. Interest.

C. Remittance.

D. Inheritance.

12. Discretionary expenses refers to

A. Non – essential expenses

B. Expense that you cannot live without.

C. Expenses that change overtime.

D. Fixed expenses for a long time.

13. Saving money means giving up the opportunity cost to

A. Save money.

B. Spend in the present.

C. Apply for credit card.

D. Have money in the future.

14. Which of these expenses is uncontrollable?

A. entertainment

B. food

C. stationeries

D. Gym fees

15. Which of the following is a practical money management issue?

A. spending

B. saving

C. consumption

D. pricing