MS Understanding Personal Finance Basics

What is the term used to describe the money you earn from work or investments?

• Budget

• Income

• Savings

• Bank Statement

Which of the following is a document that shows all the transactions in your bank account over a certain period?

• Emergency Fund

• Trade off

• Bank Statement

• Budget

What is the term for money set aside for unexpected expenses or emergencies?

• Savings

• Basic Needs

• Emergency Fund

• Want vs Need

Which of the following refers to the essential items required for survival, such as food, shelter, and clothing?

• Basic Needs

• Trade off

• Income

• Savings

What is the term for the process of deciding between two or more options, where choosing one option means giving up another?

• Want vs Need

• Trade off

• Budget

• Income

Which of the following is a plan for managing your money, including income and expenses?

• Budget

• Savings

• Bank Statement

• Emergency Fund

What is the term for the money you save for future use, often kept in a bank account?

• Income

• Savings

• Basic Needs

• Trade off

Which concept helps you differentiate between things you desire and things you must have to live?

• Want vs Need

• Budget

• Emergency Fund

• Bank Statement

If you have to choose between buying a new video game or saving that money for a school trip, what financial concept are you considering?

• Basic Needs

• Trade off

• Income

• Bank Statement

Which of the following is NOT typically considered a basic need?

• Food

• Shelter

• Clothing

• Video Games