Final Exam

Final Exam

11th Grade

60 Qs

quiz-placeholder

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Final Exam

Final Exam

Assessment

Quiz

Social Studies

11th Grade

Easy

Created by

Matthew Clark

Used 7+ times

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60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of a budget?

The purpose of a budget is to complicate financial management and increase stress.

The purpose of a budget is to restrict spending and limit financial freedom.

The purpose of a budget is to allocate income and resources to meet financial goals and manage expenses.

The purpose of a budget is to randomly allocate income and resources without any goals or planning.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are some common budgeting methods?

50/30/20 method, envelope system, zero-based budgeting, balanced money formula

random allocation method

spending spree method

80/20 method

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Why is it important to have an emergency fund?

To provide a financial safety net for unexpected expenses or emergencies.

To have more money for vacations and luxury items.

To rely on credit cards for emergencies.

To waste money on unnecessary expenses.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a credit score and why is it important?

A credit score is a measure of an individual's popularity on social media.

A credit score is a rating given to individuals based on their physical fitness.

A credit score is a numerical representation of an individual's creditworthiness.

A credit score is a measure of how much money an individual has in their bank account.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

Positive Net income

Negative Net income

Expense

Net Income

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The cost of goods or services; money paid out

Expense

Financial literacy

Net income

Budget

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively

Expense

Financial Literacy

Gross-Income

Zero Based Budget

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