Everfi Future Smart Review

Front

Which of the following would be considered a want rather than a need for most people? Warm clothes in the winter, A place to live, A smartphone, Nutritious Food

Back

A smartphone

Front

What best describes an opportunity cost?

Back

The trade-off of making one choice and giving up a different choice.

Front

You are creating a budget for your new business. What should you include?

Back

All income and expenses

Front

Which of the following is a variable expense for many adults?
- Their monthly cost of eating out at restaurants
- Their monthly rent payment
- The monthly payment on their car loan
- Their monthly payment for health insurance

Back

Their monthly cost of eating out at restaurants

Front

Your friend’s parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need? Options: Rent payment, Car insurance, Cable service, Groceries

Back

Cable service

Front

You received $50 as a birthday gift and chose to spend it on new wallpaper for your room. The opportunity cost of this decision is:

Back

The other items you could have purchased with your $50

Front

Which of the following is NOT true of a budget?
Budgets help you plan how to spend money you earn or receive
A budget can include charitable giving
Budgets include both income and expenses

Back

Once a budget is set, it should not be revisited

Front

Which of the following is NOT a successful budgeting strategy?
- Keep some extra money in your budget for emergencies
- Pay with a credit card if you have a hard time sticking to a budget
- Think about which items are your most important needs
- Revisit your budget regularly and make adjustments

Back

Pay with a credit card if you have a hard time sticking to a budget

Front

A ________________ is usually paid on a biweekly or monthly basis for professional employment.

Back

Salary

Front

Which of the following is the best reason to use cash for purchases?
Getting more from the ATM is easy to do
Keeping track of how much you have spent is simple
Splitting bills with friends is easier
Losing it won’t be a big deal

Back

Keeping track of how much you have spent is simple