A budget is... (select all that apply)

An estimate of income/expenses (spending) for a set period of time.

A tool to help manage your money.

Your credit card bill at the end of the month.

The price of your insurance for the year.

Why is creating a budget so important? (Select all that apply)

It can help you reach your savings goals for what you want or need.

It can help you make better financial decisions.

It can help you see your spending habits so you can adjust them to what you want or need.

It can help you keep track of your neighbor's financial habits.

It can help you get a better job.

How does a credit card work?

It is loaned/borrowed money you pay in one large bill at the end of each month.

You load the card with your own money.

It is unlimited and you don't have to pay it back.

What may the bank do with the money in your savings account?

Use it to give out loans to other customers

Use it to create a sculpture in the bank

Let you take it out whenever you want with your debit card

When the bank charges interest on a loan we borrow, we must...

Pay more money than we borrowed from the bank

Pay less money than we borrowed from the bank

A share or portion of a company that you can own

The term for when your card declines

Which of the following BEST describes income?

Money received for completing your weekly chores.

Money received from a parent to pay for ice cream at lunch.

Money spent on a pair of new Nike Shoes.

Which of the following is a benefit of having a personal savings plan?

People who save money are able to spend more money in the future and pay for unexpected expenses.

Personal savings plans let people spend more time doing activities they enjoy.

People who save money are able to spend a lot of money right now.

Personal savings plans help people have an unbalanced budget.

Check all statements that are true about a balanced budget.

A balanced budget is when income is equal to or greater than expenses.

A balanced budget helps you make responsible spending and saving decisions.

A balanced budget is when you have more expense than income.

A balanced budget is when you have the same number of ten dollar bills as one dollar bills.

Which of the following should Sally consider when planning her monthly personal budget?

How many beads she will buy at the craft store.

How many pencils she will trade with another student.

How many books she will read at the public library.

How much tv she will watch this week

Which of the following is an example of income?

Money you get for working a job

Charging a lunch you will pay tomorrow

Buying an ice cream at lunch today

James 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 many Pokemon cards he will trade with friends.

How he plans to increase his expenditures this coming year.

How he plans to spend money on himself and others.

What is the difference between income and expense (expenditures)?

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 expenditure is money that is earned; an income is money that is received

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

Which of the following is the MOST financially responsible decision?

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

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

Jared gets $50 for his birthday from his grandma. He spends $75 on XBox games.

Sue 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.

What elements should be included on a budget? Check all that apply.

How much money you plan to spend to buy different items.

How much money you earned on chores.

A list of all the things you want to buy.

Which of the following is an expenditure?

Selling an old game to a friend

Getting paid for helping your neighbor

What is an opportunity cost?

The thing you give up when you make a choice

The think you choose when you make a decison.

Which of the following is an advantage of saving money each month?

Savings allow individual to pay for an unexpected expense without going into debt.

Savings gives you a better interest rate on credit card purchases.

Savings increase your monthly work income.

Savings create the opportunity to build your credit score.

Use the information to answer the question. Scott wants to buy a Surface Pro 8 and is considering buying the computer on credit instead of paying with cash. Based on the table, why is it a good idea for Scott to pay cash for the purchase?

The total cost of the iPhone is much higher if he pays using credit.

The minimum payment of $40 is too high for Johnny’s budget.

The original cost of the computer would be lower if he paid in cash

The interest rate would be lower if Johnny paid cash for the computer.

Which statement about the relationship between income and spending is correct?

You should balance income and spending when creating a budget.

Income should always be spent each month.

Spending more money each month will increase income.

Spending more money than income each month will not create problems.

Use the information to answer the following question. Jane owns her own small business and employs 20 people, including Stacy. Jane took out a personal loan from the bank; that she must pay back even if the business fails. Stacy writes for Jane’s small business and three other newspapers. Which of the following is TRUE based on the paragraph?

Jane took on a personal risk to start a newspaper business.

Stacy and Jane both took personal risks to start the newspaper.

Stacy is an investor hoping to make a profit from Jane’s newspaper.

The bank is responsible for production decisions for Jane’s business.

Lory is a bank manager. Every two weeks she receives a paycheck from the bank. What do Lory’s paychecks represent?

The interest received from work.

Which individual would be BEST prepared for an unexpected expense?

Nikki is most prepared because she is saving more money each month.

Kim is most prepared because she has the highest income.

Scott is most prepared because he has the lowest monthly expenses.

Kim is most prepared because she has the highest monthly expenses.

Tutoring 25-29

Quiz

•

Social Studies

•

6th - 8th Grade

•

Practice Problem

•

Hard

JANIE ALVAREZ

Used 6+ times

FREE Resource

51 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is a budget?

A plan for how money will not be used

A plan for how money will be used

The amount you spend

The amount you save

2.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is income?

The amount you spend

The amount you don't save

Money taken in

3.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is this called?

A Check

A credit card

A debit card

Money Order

4.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

the amount of money a person can earn by being self-employed or by doing a job for another person or business

salary

scarce

interest

lend

5.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

paying for something with money that is borrowed and must be paid back, usually with interest

credit

income

resources

salary

6.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is an emergency fund?

A savings account set aside for unexpected situations.

A way to invest for retirement.

Something most people don't need, because emergencies are rare.

An investment account that can grow over time.

7.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is debt?

Money you have borrowed and need to pay back

Money you make from working at a job

Money you make from the government

Taxes that you pay when you buy something

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Tutoring 25-29

51 questions

What is a budget?

What is income?

What is this called?

the amount of money a person can earn by being self-employed or by doing a job for another person or business

paying for something with money that is borrowed and must be paid back, usually with interest

What is an emergency fund?

What is debt?

Everyone makes choices about how to manage his or her money/income from a job. This is also known as what?

Medium of exchange used to buy goods and services.

What is not an example of money?

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