Financial Literacy KS Quiz

What is an asset?

• The process of setting aside money until a future date

• Anything that is owned by an individual

• An organized plan for saving and spending

• Money owed to individuals, businesses, or institutions

What is a balanced budget?

• A situation where income and expenses are equal

• A situation where money is left over after all obligations have been paid

• A situation where there is not enough money to cover expenses

• An amount of money set aside to cover bills in case of emergency

What is disposable income?

• The money you have to spend or save as you wish after taxes, social security, and other required and optional deduction have been withheld from your gross pay

• The process of setting money aside to increase wealth over time

• The total value of a person or company

• Expenses that remain the same each month

What is impulse spending?

• The act of paying money for something

• The process of analyzing exposure to risk

• Checking several alternatives to find the best product at the best price

• Making purchases without comparing costs or benefits beforehand

What is net worth?

• The total value of a person or company, calculated by subtracting liabilities from total assets

• Money owed to individuals, businesses, or institutions

• An organized plan for saving and spending

• The process of setting aside money until a future date

What is the concept of 'Pay Yourself First'?

• Expenses that increase or decrease

• Using a portion of income to make charitable contributions

• The ways in which a person typically uses money

• The concept of putting aside a sum of money into savings each month before paying other bills

What is a financial plan?

• The process of setting money aside to increase wealth over time

• The act of paying money for something

• A plan of action that allows a person to meet immediate needs and long-term goals

• Expenses that remain the same each month

What means Comparison shop?

• The money you have to spend or save as you wish after taxes, social

• Checking several alternatives to find the best product at the best price

• The things people pay for with their money
  

• Typically used to measure the health of a business, it calculates income minus expenses
  

With respect to saving and investing, assets are

• The things people pay for with their money
  

• Checking several alternatives to find the best product at the best price

• generally categorized as liquid (cash) assets and capital (investment) assets

• Expenses that remain the same each month
  

What means Budget surplus?

• Money owed to individuals, businesses, or institutions

• A situation where money is left over after all obligations have been paid

• Expenses that remain the same each month
  

• An amount of money set aside to cover bills in case of emergency