Personal Finance

Front

Which of the following BEST describes income?

• Money received from a parent to pay for ice cream at lunch.
• Money spent on a pair of new Nike Shoes.
• Money donated to a charity.
• Money received for completing your weekly chores.

Back

Money received for completing your weekly chores.

Front

What is a benefit of having a personal savings plan?

Back

People who save money are able to spend more money in the future and pay for unexpected expenses.

Front

A budget helps people make responsible economic decisions.

Back

True

Front

What should Sally consider when planning her monthly personal budget?

Back

How many beads she will buy at the craft store.

Front

A balanced budget is when expenses are greater than income.

Back

False

Front

A balanced budget is when income is equal to or greater than expenses.

Back

True

Front

Which of the following is an example of income?

• Charging a lunch you will pay tomorrow
• Buying an ice cream at lunch today
• Money you get for working a job
• Trading supplies with a friend

Back

Money you get for working a job

Front

James wants to be the richest person in the world. What should he include in his personal budget now to make this happen?

Back

How he plans to save money over a long period of time.

Front

What is the difference between income and expense (expenditures)?

Back

An income is money that is received; an expenditure is money that is spent

Front

Which of the following is the MOST financially responsible decision?

• Kate sold her old bike helmet for $10 to a friend. She gave the $10 to her favorite charity.
• Jared gets $50 for his birthday from his grandma. He spends $75 on XBox games.
• Sue was paid $25 for helping her neighbor in the yard. She spent $20 on a t-shirt and $5 on ice cream at the mall.
• Jerry earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.

Back

Jerry earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.