Consumer and Financial Decisions - Glossary Quiz

What is a budget?

• A type of bank account

• A document that tracks past purchases

• A plan for managing income and expenses over a period of time

• A list of shopping items

Which of the following is not a benefit of having a budget?

• Helps you manage your money

• Allows you to track spending

• Helps you save for future goals

• Encourages overspending

What is income?

• Money used to pay for groceries

• The amount of money earned or received

• Money given as a gift

• The cost of living

What are expenses?

• Money saved for future use

• Money earned from a job

• Costs or charges for goods and services

• Cash used for shopping

What are savings?

• Money borrowed from the bank

• Money spend on luxury items

• Money left after all the bills are paid

• Money set aside for future use

What is spending?

• Using money to buy goods or services

• Saving money each week

• Earning extra money

• Keeping money in the bank

What is a credit card?

• A card that stores loyalty points

• A card that allows you to borrow money to make purchases

• A prepaid gift card

• A debit card linked to your savings

What is a debit card?

• A card that allows you to access money from your savings

• A card that builds debt

• A card that gives you credit to buy things

• A card that allows you to buy now and pay later

What is a loan?

• Money that is earned from working

• A type of bank fee

• Money that is borrowed that must be paid back with interest

• A cash gift from a family member

What is Afterpay?

• A method of paying with coins

• A system where you pay for goods in instalments over time

• A type of savings account

• A discount given at checkout