Quiz  /  Retained Earnings Class 6 MCQ Questions With Answers

  • 1. 
    What is a loan that is used to buy a home and is paid back on a monthly basis?

  • Principle
  • Insurance
  • Mortgage
  • Rent

  • 2. 
    What is it called when money is added to your account?

  • Transfer
  • Debit
  • Credit
  • Withdrawal

  • 3. 
    What is the sum of money paid up front for a large purchase (that's financed with a loan) called?

  • Compound interest
  • Payment
  • Down payment
  • Simple interest

  • 4. 
    What is financial protection that is purchased ahead of time for a possible eventuality?

  • Discount
  • Insurance
  • Rebate
  • Budget

  • 5. 
    What is the total amount earned for work (before any deductions are taken out)?

  • Gross pay
  • Net pay
  • Premium
  • Sales tax

  • 6. 
    What is it called when money is taken out of your bank account?

  • Credit
  • Debit
  • Transfer
  • Nothing

  • 7. 
    What is a fee based on percentage of an amount received or collected or agreed to be paid?

  • Commission
  • Interest
  • Markup
  • Deductible

  • 8. 
    What is the amount paid to worker after deductions have been taken out?

  • Copay
  • Interest
  • Net pay
  • IRA

  • 9. 
    What is an estimate of income and expenses for a period of time?

  • Interest
  • Budget
  • Markup
  • Principle

  • 10. 
    What is an additional amount paid by the purchaser that is passed on to the state?

  • Simple interest
  • Sales tax
  • Wholesale price
  • Rebate

  • 11. 
    What is a monthly amount that is paid toward an insurance policy?

  • Deductible
  • Insurance
  • Copay
  • Premium
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