Money Management

Which of the following is an example of income?

•  Your paycheck
• interest on a savings account
• birthday money
• These are all examples on income

It's important to save for the following reasons:

• To meet long term and short term goals

• To build wealth

• To protect against unexpected crisis (emergency, loss of job)

• All of the above

It is a good idea to build a budget based on your income.

• True

• False

Reasons for making a budget include

• To have a spending plan

• To have a savings plan

• To keep track of debits and credits

• All of the above

Getting $25 from mowing your neighbor's lawn is an example of:

• Earned Income

• Unearned Income

You can be charged a fee for withdrawing your own money from an ATM.

• True
•  False

The essentials you can't live without are called:

• Needs

• Wants

• Income

• Expenses

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