Banzai Middle School Unit Test

You decide to stop at the ATM and get money out of your account before going to the store. You're a making a(n):

• Claim.

• Credit.

• Expense.

• Withdrawal.

What is double-entry accounting?

• A budgeting method where you plan for double every expected expense to ensure that you never budget less than you need.

• A budgeting method where you record your earnings twice: once to track where your money is going, and once to decide what it is for.

• A department at most companies that handles all the money and tracks receipts.

• A way to double-check your expenses where you go through all of your receipts twice each month.

You walk outside only to find that your car has been towed because you were parked illegally. You paid the towing company with a check and took this unexpected expense from which budget?

• Entertainment.

• Utilities.

• Reserves.

• Rent.

There are many costs associated with owning a car. Which of these is not something you'll need to pay for?

• Maintenance.

• Registration.

• Inspection.

• Arbitration.

What is a health insurance copay?

• The amount you pay when you visit a doctor.

• The amount you pay for insurance each month, regardless of if you go to the doctor.

• The tip you give to the doctor if you think they did a good job.

• The amount your insurance will be required to pay after you visit the doctor.

Which of the following would you budget for in "Utilities"?

• Your college savings fund.

• Your electric and heating bills.

• Your grocery budget.

• Your car repairs.

Your employer withholds money from each paycheck. What is this money used for?

• To make up for hours of work you missed.

• To pay for federal and state taxes.

• To maintain your office building.

• To deposit into a separate company account.

What's the difference between net pay and gross pay?

• Gross pay is your total paycheck and net pay is what you take home after taxes.

• Net pay is your total paycheck and gross pay is what you take home after taxes.

• Gross pay is what you get from a full time job and net pay is what you get from a part time job.

• Net pay is what you deposit into an account and gross pay is what you cash.

Your new health insurance has a $4,000 deductible. What does that mean?

• You'll pay the insurance company $4,000 a year to cover all of your medical expenses.

• Your insurance will cover up to $4,000 of your medical expenses each year and then you'll have to cover the rest.

• You'll need to pay $4,000 on medical expenses each year before your insurance will kick in.

• Your insurance will pay up to $4,000 for each medical visit you have.

How often are you required to make payments on an auto loan?

• Once a week.

• Every other week.

• Once a month.

• Every time you get a paycheck.