Social Studies Unit One: Personal Finance

Which of the following is a fixed expense in a monthly budget?

• Groceries

• Rent

• Entertainment

• Clothing

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DOK Level 2: Skill/Concept

If you save $10 every week, how much will you have saved after 4 weeks?

• $30

• $40

• $50

• $60

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DOK Level 2: Skill/Concept

Why is it important to have a budget?

• To spend all your money

• To track and manage your income and expenses

• To avoid paying taxes

• To borrow more money

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DOK Level 2: Skill/Concept

• 6 months

• 8 months

• 10 months

• 12 months

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DOK Level 3: Strategic Thinking

Which of the following is a strategy to manage unexpected expenses?

• Ignore them

• Use a credit card without a plan

• Have an emergency fund

• Borrow from friends

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DOK Level 2: Skill/Concept

• $50

• $100

• $150

• $200

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DOK Level 2: Skill/Concept

• $20

• $30

• $40

• $50

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DOK Level 3: Strategic Thinking

What is the benefit of setting a savings goal?

• It helps you spend more money

• It provides a clear target to work towards

• It allows you to avoid budgeting

• It increases your expenses

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DOK Level 2: Skill/Concept

• $100

• $150

• $200

• $250

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DOK Level 3: Strategic Thinking

Which of the following is a variable expense?

• Mortgage payment

• Utility bills

• Car insurance

• Internet subscription

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DOK Level 2: Skill/Concept