Personal Finance

Which of the following BEST describes income?

• Money given to a charity that helps others.

• Money received for completing a chore or task.

• Money received from a parent to pay for lunch.

• Money spent on new clothes and shoes for school.

Which of the following should Alex consider when planning his monthly personal budget?

• How much tv he will watch this week

• How many books he will read at school

• How much ice cream he will buy at school

What is the difference between an income and an expenditure?

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

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

• An income is money that is given to another person; an expenditure is money that is received by another person

What is the purpose of a budget?

• To help people improve their education and skills

• To help people determine how to train for their jobs

• To help people plan their spending and saving decisions

Which of the following is the MOST financially responsible decision?

• Katrina sold her old bike helmet for $10 to a friend. She gave $10 to her favorite charity.

• Jamal earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.

• Stacy was paid $25 for helping her neighbor in the yard. She spent $20 on a t-shirt and $5 on ice cream at the mall.

Lucy receives a weekly allowance of five dollars from her mom for the chores she does each week. Lucy wants to earn more than five dollars a week because she runs out of money each week. Her mom tells her to set up a budget to show why she needs a bigger budget.

What should Lucy include in her budget to show her mom that she needs an increased allowance?

• Lucy should make a list of all of the chores she has done.

• Lucy should make a list of her allowance and how much she spends.

• Lucy should make a list of how she spent her allowance in the past year.

Which of the following is an expenditure?

• allowance from your parents

• buying an ice cream at lunch

• Getting paid for helping your neighbor

Jamar wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen?

• How he plans to save money over a long period of time.

• How he plans to earn a lot of money over time to spend on others.

• How he plans to spend money on himself and others.

Which of the following is an example of income?

• Trading supplies with a friend

• Buying an ice cream at lunch today

• Money you get for working a job

I have a really big social studies project due tomorrow. But, my friends are playing soccer tonight in the park near my house. I will play with them instead of working on my project.

Which of the following BEST describes the choices of this student?

• This is an income.

• This is an expenditure.

• This is a cost.

• This is an example of savings.