Financial Literacy: Topic 2, Lesson 1 & 2 Quiz

Is a written plan for giving, saving, and spending.

• Budget

• Financial Plan

• Net Worth Statement

• Financial Goals

The first component of a budget is?

• Income

• Giving

• Savings

• Spending

Which of the following is NOT a sub-category of Expenses?

• Giving

• Savings

• Spending

• Investing

What a person earns after payroll taxes and other deductions are taken out

• Net Income

• Gross Income

• Irregular Income

• Commission

The amount you earn before taxes and other payroll deductions.

• Net Income

• Gross Income

• Irregular Income

• Commission

Income that comes in at different amounts or at different times

• Net Income

• Gross Income

• Irregular Income

• Commission

Earnings based on a percentage of the sales made

• Net Income

• Gross Income

• Irregular Income

• Commission

When you are creating a budget, should you use your gross or net pay?

• Gross

• Net

Match the following expense categories to it's correct description:

• Spending

• Includes everything else you spend money on

• Savings

• Is where you decide how you'll be generous

• Giving

• Is the part of your budget where you set aside money

Which of the following would you save money for?

• Emergency Fund

• Prom

• New Phone

• First Car