PFL Semester Test

PFL Semester Test

12th Grade

46 Qs

quiz-placeholder

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PFL Semester Test

PFL Semester Test

Assessment

Quiz

others

12th Grade

Practice Problem

Easy

Created by

Aspen Farmer

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46 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in creating a budget?

Spending all income

Identifying fixed and variable expenses

Tracking income and expenses

Applying for a loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fixed expense is:

A cost that changes every month

A cost that remains the same every month

An unnecessary expense

A one-time cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a variable expense?

Mortgage payment

Grocery bill

Car insurance

Property taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to save for emergencies in a budget?

To avoid paying bills

To cover unexpected expenses

To increase fixed expenses

To qualify for loans

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the recommended percentage of income to save each month?

5%

10%

25%

50%

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of income taxes?

To fund government programs and services

To increase personal savings

To reduce inflation

To decrease wages

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which form is used to report annual earnings and taxes withheld?

W-4

W-2

1040

1099

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