Personal Finance Quiz

What is it called when you owe someone money

• dept

• money

• credit

• bank

Portion of income that is not spent, it’s called

• spending

• saving

• money

• expenses

A plan for how to use your money is called

• credit

• savings

• Budget

• loan

_ is what you give up getting something else

• Opportunity Cost

• price

 An ----------- is a certain amount of money that is spent on something.

• expenses

• income

• balance

Money received regularly from work is called

• personal money

• Icom

• Income

True or False? People only save money to build wealth.

• True

• False

People usually have to save money for basic necessities.

• True

• False

 Most people would need to save their money for a beach trip.  

• False

• True

 The main elements of a personal budget are income, 

      expenditures, and savings.

• True

• False