Personal Finance- GCPS

Which of the following BEST describes income?

• Money donated to the local food bank.

• Money found on the ground.

• Money in your savings account.

• Money received for completing a job.

What should Alecia consider when making a budget?

• The amount of time she spends on her iPad.

• How long she spends at her soccer game.

• The time she traded her pen for a mechanical pencil.

• How much money she spends on snacks.

What is the difference between an income and an expenditure?

• An expenditure is money that is saved; income is money spent.

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

• An expenditure is money that is earned; income is given to everyone.

• An income is money that give to you by your parents; an expenditure is money that is received from another person.

What is the purpose of a budget?

• To help people make informed voting decisions.

• To help people plan their spending and savings decisions.

• To help people apprentice for a new trade.

• To help people train their pets.

What is the most financially IRRESPONSIBLE decision?

• Janet earns $20 raking up her neighbor's leaves. She then spends $25 at the Kona Ice truck.

• Kevin earns $5 helping his mom mow the lawn. He spends $1 on ice cream.

• Jenny earns $100 babysitting for three nights. She saves $75.

• Paul earns $30 scooping ice cream at the local ice cream shop. He spends $10 on a new jacket- BRR! It's cold in there!

Kara is trying to convince her mom that she doesn't need to take on more chores to earn more money. She's trying to convince her mother that she earns more than enough and that she can't possibly add more to her current workload. What should she include in her budget to show her mom that she shouldn't get more chores?

• Kara should make a list of everything she has to do and make a list of her weekly expenses.

• Kara should whine and cry until her mom gives up on giving her more chores.

• Kara should mention the expensive pair of shoes she's been eyeing for weeks.

• Kara should convince her mother that she should get a puppy.

What is an example of an expenditure?

• getting money for your birthday

• finding money in a vending machine

• buying a bag of chips from the vending machine

• earning money for sweeping the floors

Sara wants to save up enough money to buy a skateboard. Which of the following should she include in her personal budget to make this happen?

• How much money she saves each week from her allowance.

• How much she spends on snacks.

• How she plans on increasing her expenditures.

• How much money she lets her friends borrow.

What is an example of income?

• Money given to you for a special holiday.

• Money found under your mattress.

• Money found on the ground.

• Money you've earned by completing a task.

You have a big reading test tomorrow that you haven't studied for. Your best friend knocks on the door and asks if you want to play outside before bedtime. You decide to play outside and end up failing the test the next day. What was the opportunity cost?

• Getting fresh air and exercise.

• Becoming a better friend.

• A failed reading test

• Playing with your friend