Personal Finance Review (preferred)

What is a budget?

• a group that helps the community

• a safe place where people keep money

• a center where you can donate things

• a plan for spending and saving money

Which is good advice for saving and spending money?

• Spend all of your allowance as soon as you earn it.

• Use a budget to plan how much money you can save.

• Try to buy things that you want before the things that you need.

• Buy things you use only once, and then throw them out.

The main difference between a credit card and debit card is

• A debit card requires that you have the cash available in the account; a credit card doesn't
• A credit card has the Visa or MasterCard logo; a debit card doesn’t
• A debit card does not offer the same protections as a credit card.
• A credit card requires that you have the cash available in the account, a debit card doesn't

Which type of card is a loan in which the lender will charge you interest if you do not pay off the balance each month?

• Credit Card

• Debit Card

• Prepaid Card

The money you have left after you've paid your income tax is called....

• disposable income

• discretionary income

• mutual funds

• portable income

What is income?

• The amount you spend

• The amount you don't save

• Money you earn from a job

What is a variable expense?

• The amount of money you spend

• The amount of money you save

• An expense that costs different amounts every month

• The variable in math

What is investment?

• money spent on something with the goal of making more money

• money spent on other things

• money spent on saved products

Which of the following scenarios demonstrates a good budgeting practice?

• Julie’s monthly income is less than her monthly expenses.

• Carly’s monthly taxes are equal to her monthly expenses.

• Rico spends less money each month than he earns at his job.

• Sam spends more money each month than he earns at his job.

Which element of a personal budget is the money that a person earns or receives?

• income

• savings

• expenses

• investments