HLS3O Financing 101 Quiz

Which of the following is NOT a benefit of gaining financial skills?

• Control your financial future

• Achieve your life goals

• Buy a mansion one day

• Be a smarter consumer

• Reduce stress and sleep better

What is the first step in managing your money?

• Budgeting

• Stop spending

• Get a second job

• Get another credit card

Which of the following is NOT a part of a budget

• Income

• Expenses

• Debt and loans

• Difference between income and expenses

In a budget, what is it called when you make more money than you spend?

• Riches

• Surplus

• Bonus money

• Savings

In a budget, what is it called when you spend more money than you make?

• Surplus

• Deficit

• Debt

• Poor money management

What is it called when your expenses are roughly the same from month to month?

• Fixed expense

• Variable expense

• Payment plan

• Utilities

Which of the following is an example of a fixed expense?

• Rent

• Eating out

• Furnace repair

• Winter tires for your car

Define variable expense.

• Irregular expense that is the same each month

• Irregular expenses that change from month to month

• A price that changes because of sales

• A discount given when bundling servies

Which of the following is NOT an example of a variable expense?

• Groceries

• Travel

• Phone bill

• Clothing

Which of the following is NOT an area for saving?

• Check your bills

• Negotiate better plans (banking, phone, etc.)

• Review your food costs

• Cut up all credit cards