
FinLit Unit 2 Quiz
Authored by LAUREN WITSAMAN
Business
8th Grade
Used 7+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget is:
a plan for saving and spending money
a type of investment
a financial institution
a loan agreement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Budgets are important because they help in:
Tracking expenses and income
Increasing expenses
Ignoring financial goals
Spending without limits
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three variables to consider when creating a budget?
Income, Savings, Time
Income, Expenses, Time
Income, Investments, Time
Income, Debts, Time
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define 'Income' as it relates to budgeting.
Income is how much money you earn.
Income is the amount of money you spend.
Income is the total of your debts.
Income is the value of your assets.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can happen to your money if you spend it without putting any thought into how much you're spending, where you're spending, or how often you're spending?
You may save more money.
You may run out of money quickly.
You may earn more interest.
You may increase your wealth.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All the things that a person spends money on are called __________________________.
expenses
savings
investments
earnings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
List the three types of expenses: A. __________________________ B. __________________________ C. __________________________
Fixed, Variable, Periodic
Essential, Non-essential, Luxury
Capital, Revenue, Deferred
Direct, Indirect, Overhead
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