Finanical Literacy Quiz

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

A plan for spending and saving. You must consider both income and expenses.

• budget

• banking

• hoarding

• investing

An expense that does NOT change from month to month.

• Fixed expense

• variable expense

• variable rate

• fixed variable

An expense that changes every month.

• fixed expense

• variable expense

• variable rate

• fixed variable

What is a need?

• Something we need in order to survive.
• Something fun.
• Something we earn.
• Something automatically given to you.

Which of the following is an example of a want for most people?

• A warm jacket

• Transportation

• Ice cream

• Somewhere to live

What is a good reason to save money?

• To have money to buy things

• To have money put aside for emergencies

• For a future purchase

• All of the above choices

Something unnecessary but desired. An item which increases the quality of life (video games, DVD's, etc.)

• surplus

• want

• need

• deficit

Which is an example of a fixed expense?

• Cell Phone
• Utility bill
• Groceries
• Gasoline

You have to eat so you need to buy groceries. This is a(n) ___________ expense.

• fixed
• discretionary
• variable
• intermittent