What is one consequence of going into bankruptcy?

Possibly having your possessions taken away

Losing your ability to keep your job

Never being able to make a budget in the future

Which best describes opportunity cost?

What you give up as a result of choosing one option versus another; a trade-off

The amount of money you put into savings each year

The amount of money a business makes every year from sales

What you gain as a result of choosing one option versus another; a benefit

Which of the following is a variable expense?

cost of going out to eat with friends

You received $50 as a gift and chose to spend it on redecorating your room instead of other items.The opportunity cost of this decision is

the other items you could have purchased with your $50

the price of the new wallpaper you bought

the sleep you lost by choosing to redecorate

the time you could have spent doing other things

What is the best strategy for avoiding credit card interest?

Pay the full balance each month

Which of the following is the best reason to use cash for purchases?

keeping track of how much you have spent is simple

getting more from the ATM is easy to do

splitting bills with friends is easier

When you pay with a credit card:

the money is a loan from the credit card company

the money comes out of your checking account

the money comes out of your savings account

the money is a loan from the government

Which of the following is a variable expense for many adults?

Their monthly cost of eating out at restaurants

The monthly payment on their car loan

Their monthly payment for health insurance

Which of the following is NOT a successful budgeting strategy?

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

Keep some extra money in your budget for emergencies

Think about which items are your most important needs

Revisit your budget regularly and make adjustments

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

credit cards use money from your savings account

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

Choose the most accurate definition of "money".

Money is anything generally accepted in payment for goods or services or in the repayment of debts.

Money is anything recognized in trading and transaction for goods.

Money is legal currency that is released by banks to satisfy the financial needs of the people.

Barter is BEST described as the

exchange of goods and services without the use of money

Purchase of goods and services using cheques

Exchange of goods and services using notes and coins

Process of exchange involving the use of money

Money and Budgets

Quiz

•

Business, Social Studies, Life Skills

•

6th - 12th Grade

•

Practice Problem

•

Medium

•

CCSS

RL.7.1, RI.11-12.3, 7.NS.A.1B

+19

Standards-aligned

Kimberly Pittman

Used 35+ times

FREE Resource

45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

It's important to spend money on things you need before spending money on things you want.

True

False

Tags

CCSS.RI.6.2

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.7.2

CCSS.RL.8.1

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A plan for spending and saving. You must consider both income and expenses.

budget

banking

hoarding

investing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something you have to have such as food or water.

savings

needs

wants

borrow

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Paying with a __ _ takes cash of your checking account.

Credit card

Debit Card

Gift Card

Tags

CCSS.RI.11-12.3

CCSS.RI.6.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What's the best way to know if you are getting a good deal on what you're buying?

Return policy

Compare prices

Ask Friends

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______

Debit card

Credit Cart

Gift Card

Cash

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

How is buying with credit different than paying with cash?

With credit, you don't have to pay interest

With credit, you borrow money and repay later, with interest

No difference

Tags

CCSS.RI.6.2

CCSS.RL.11-12.2

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.9-10.2

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Money and Budgets

45 questions

It's important to spend money on things you need before spending money on things you want.

A plan for spending and saving. You must consider both income and expenses.

Something you have to have such as food or water.

Paying with a __ _ takes cash of your checking account.

What's the best way to know if you are getting a good deal on what you're buying?

If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______

How is buying with credit different than paying with cash?

Paying for something with cash can help you avoid spending more money than you have.

What two things does a budget compare?

Which is an example of a fixed expense?

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Money and Budgets

45 questions

It's important to spend money on things you need before spending money on things you want.

A plan for spending and saving. You must consider both income and expenses.

Something you have to have such as food or water.

Paying with a ______ _____ takes cash of your checking account.

What's the best way to know if you are getting a good deal on what you're buying?

If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______

How is buying with credit different than paying with cash?

Paying for something with cash can help you avoid spending more money than you have.

What two things does a budget compare?

Which is an example of a fixed expense?

Access all questions and much more by creating a free account

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Paying with a __ _ takes cash of your checking account.