FBLA Personal Finance practice test
Personal Finance covers managing money as an individual: budgeting, banking, credit, saving and investing, insurance, taxes, and consumer protection.
Topics on the FBLA Personal Finance test
- Budgeting and financial goals
- Banking and payment methods
- Credit, credit scores, and debt
- Saving, investing, and compound interest
- Insurance and risk
- Income, taxes, and consumer protection
Free FBLA Personal Finance practice questions and answers
Try each question before opening the answer. Every AI practice test explains its answers the same way.
Question 1
You deposit $1,000 at 5% interest compounded annually. How much is in the account after 2 years?
- A$1,050.00
- B$1,100.00
- C$1,102.50
- D$1,125.00
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Answer: C. $1,102.50
$1,000 × 1.05 × 1.05 = $1,102.50. The extra $2.50 over simple interest is interest earned on interest.
Question 2
Which factor has the largest impact on a FICO credit score?
- APayment history
- BCredit mix
- CNew credit
- DLength of credit history
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Answer: A. Payment history
Payment history is about 35% of a FICO score, followed by amounts owed at about 30%.
Question 3
Which of these is typically the most liquid?
- AA certificate of deposit
- BA checking account
- CA 401(k) retirement account
- DReal estate
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Answer: B. A checking account
Money in a checking account can be spent right away without penalties. CDs and 401(k)s charge for early withdrawals, and real estate takes time to sell.
How to study for FBLA Personal Finance
Practice compound interest and budgeting calculations, and know what goes into a credit score. Many questions are real-world scenarios you can reason through.
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Start practicing freeFBLA Personal Finance FAQ
How many questions are on the FBLA Personal Finance test?
Personal Finance is an objective test event. Under the current guidelines, FBLA objective tests are typically 100 multiple-choice questions in 50 minutes. Check the official FBLA competitive event guidelines for your season and conference.
What topics are on the FBLA Personal Finance test?
Expect questions on budgeting and financial goals; banking and payment methods; credit, credit scores, and debt; saving, investing, and compound interest; insurance and risk; and income, taxes, and consumer protection.
Are these official FBLA Personal Finance questions?
No. The sample questions are original and written in the style of FBLA objective tests. TierOne is an independent study aid and is not affiliated with FBLA.