Personal Money Management

The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 

• income 
• credit 
• debt 
• interest 

Tony borrowed money from the bank to buy a new house. A year later he lost his job and has started to not be able to make his house payments. This problem is known as what? 

• credit 
• budget 
• debt 
• interest 

My cousin wanted to borrow $300 from me. I loaned him the money but I told him that he would have to pay me back $330. The money that was paid back to me on top of the loan is known as_________. 

• credit 
• interest 
• savings 
• debt 

The bank agreed to loan me the money that I needed to start my new business. My ability to borrow this money is known as what? 

• interest 
• budget 
• debt 
• credit 

I have been setting aside $100 a month for my children to have money to go to college. This idea is known as what? 

• savings 
• credit 
• income 
• debt 

Every month after my parents pay all of the family’s bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks.
My family uses a _____________

• income 
• debt 
• interest 
• budget 

You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? 

• savings 
• budget 
• credit 
• you would need to use all 3 of these

Your forgot to pay $100 on your credit card bill this month, your next month's bill is going to be $112. How much interest did they charge for missing your payment? 

• 112%
• 2%
• 12%
• 22%

You earn $300 a week and you are able to save half of that each week. You are saving money to go on a trip with your friends after you graduate high school. the trip is going to cost $1,350. How many weeks will you have to work to save enough money to go on the trip?

• 4 and a half weeks 
• 11 weeks 
• 9 weeks 
• 7 weeks 

Which of the following is not true about the difference between credit cards and debit cards? 

• purchases made with a debit card come directly out of your bank account
• you must pay off your credit card bill monthly or there will be penalties 
• you must have a bank/checking account to use a debit card 
• credit cards use money from your savings account