Personal Finance Quiz

What is a budget?

• To use money to pay for something.

• Something you make to help you spend or save money wisely.

• The price or amount you pay for something you need or want.

• Borrowing money for goods or services.

What does it mean to save money?

• To put money into a bank account.

• To take money out of your bank account.

• Not spending money because you are working towards a big purchase or have a specific goal or reason.

• Money you pay extra when you borrow money.

What is the difference between needs and wants?

• Needs are things you do not need but would like to have, while wants are something you must have to live.

• Needs are something you must have to live, such as food, water, or shelter, while wants are something you do not need but would like to have.

• Wants are to use something from someone who loans it to you, while needs are to put money into a bank account.

• Needs are the price or amount you pay for something, while wants are the way we use and handle money for ourselves.

What does it mean to borrow?

• To take money out of your bank account.

• To put money into a bank account.

• To use something from someone who loans it to you.

• The way we use and handle money for ourselves.

What is a withdrawal?

• To put money into a bank account.

• To take money out of your bank account.

• Not spending money because you are working towards a big purchase.

• The price or amount you pay for something you need or want.

What is scarcity?

• When a person wants a good or service.

• Money earned for work people do or from gifts.

• Not enough available to meet demand so the product becomes wanted or in high demand. This makes the cost of it increase or go up.

• Things used to produce goods and services.

What happens to prices when there is not enough goods or services available?

• Prices will decrease

• Prices will stay the same

• Prices will go down

• Prices will go up

What is unplanned spending?

• Money saved for future use

• Money spent on planned expenses

• Money spent for goods or services that are not planned

• Money borrowed from a bank

What is a credit card?

• A card that stores digital money

• A plastic card used to make purchases now and pay for them later with interest added if not paid off

• A card that automatically saves money

• A card that only allows for cash withdrawals

What is a debit card?

• A card that increases your debt

• A card that collects rewards for purchases

• A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

• A prepaid card that needs to be loaded with money