Quiz: Personal Finances

What is a budget

• A list of things you want to buy

• A plan for how to spend and save money

• A type of bank account

• A tax on purchases

If you earn $50 per week and and spend $30, how much do you save

• $50

• $30

• $20

• $10

Which of the following is a fixed expense?

• Buying a snack

• Monthly rent payment

• Going to a concert

• Buying a birthday gift

If you want to save money for a big purchase, what should you do?

• Spend all your money now

• Create a savings plan and set aside money each month

• Use a credit card to buy it immediately

• Borrow money from a friend

What is the memo line on a check used for?

• To sign your name

• To write a note about the purpose of the check

• To record your PIN number

• To write the check number

Who is the payee on a check

• The person writing the check

• The person or company receiving the money

• The bank processing the check

• The government

What must you do after filling out a check to make it valid?

• Leave it blank

• Sign your name

• Write a personal note

• Take it to the bank immediately

If a check is bounced, what does it mean?

• The check is too large to cash

• The person receiving the check does not accept it

• There is not enough money in the account to cover the check

• The check is lost in the mail.

What is income

• Money you borrow from the bank

• Money you earn from work or other sources

• Money you save in a piggy bank

• Money you spend on bills.

A debit card takes money from which account?

• Credit account

• Checking or savings account

• Loan account

• Retirement account