Unit 13 Personal Finance

Which is NOT an example of money? (E3a/DOK1)

• Debit Card

• Credit Card

• Check

• Currency

What term refers to the money earned by individuals for products made or services provided? (E3a/DOK1)

• savings

• budget

• income

• investment

Which of these is NOT an example of income? (E3a/DOK2)

• payment for completion of contract work

• monthly salary

• taxes collected on lottery winnings’

• earnings from babysitting

What term refers to a plan for one's spending and saving goals? (E3b/DOK1)

• income

• budget

• savings

• investment

Which of the following is the BEST reason to make a budget? (E3b/DOK3)

• to list one's home for sale

• to earn high stock dividends

• to go into debt regularly

• to ensure that one's bills are paid on time

The first step in creating a budget is __. (E3b/DOK2)

• Cutting back on expenses.

• Listing all of your expenses.

• Getting a bank account.

• Knowing what your income is.

What would BEST help people manage their money? (E3b/DOK2)

• Get a high-paying job

• Create a personal budget

• Avoid paying their bills

• Put money in a savings account

Rashid is a college student. The graph shows her budget. What should Rashid spend less on if she wants to start saving money? (E3b/DOK3)

• Clothing

• Groceries

• Rent

• Textbooks

A personal budget will MOST LIKELY include which item(s)? (E3b/DOK3)

• a list of wanted, but not needed, items

• a list of all items purchased in the last 12 months

• earnings and bills

• job titles and possible income

Why might a personal budget include information on BOTH spending AND saving habits? (E3b/DOK2)

• People need to learn how to spend more money instead of saving it.

• By knowing how much they spend, people can look for ways to save more.

• Spending and saving habits cannot be changed, so people have to earn more.

• A personal budget shows people how to spend more money on items they do not need.