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7th Grade Final Exam ReDo

Authored by Sherifat James

Social Studies

7th Grade

Used 1+ times

7th Grade Final Exam ReDo
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement explains why budgets are important for managing personal money effectively?

Budgets track only past expenses.

Budgets concentrate solely on increasing income.

Budgets assign money to cover both expenses and savings.

Budgets are mainly meant to limit spending without considering savings.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does using credit impact the overall cost of goods and services?

It decreases the overall cost slightly

It results in cost savings in the long run.

It increases the overall cost due to interest charges.

It ensures the most affordable cost for the consumer.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a source of income earned through work?

retirement benefits

wages from a part-time job

spousal support following a divorce

earnings from financial investments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cost of credit?

losing a loan

paying interest

losing an investment

paying a full loan amount now

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a benefit of using a credit card?

It accumulates interest on purchases

It allows you to establish credit history

It allows you to borrow money free of interest.

It accumulates wealth over time.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which BEST describes how a budget can help someone manage their money wisely?

It can help someone determine how to borrow money.

It can help someone determine how to earn more money

It can help someone determine how to earn more interest.

It can help someone determine how long it will take to save money.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can people make sure they save part of their money regularly?

by using all their money and avoiding credit

by borrowing money from friends when they need it

by following plans for money but relying on good luck

by making a plan for spending and keeping track of expenses

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