WorksheetsBudgeting and Banking
Total questions: 22
Worksheet time: 5hrs 2mins
Name
Class
Date
1.
What are the two types of depository institutions?
a)
Credit Unions and Banks
b)
Savings and Checking
c)
Wallets and Purses
d)
Loans and Credit
2.
Why is it important to create a budget?
a)
You earn more money
b)
You get things you want before you get things you need
c)
Helps you plan how you are going to spend your money
d)
They're pointless
3.
What type of expense is rent?
a)
Fixed
b)
Variable
4.
What type of expense is insurance?
a)
Fixed
b)
Variable
5.
What type of expense is a car payment?
a)
Fixed
b)
Variable
6.
What type of expense are groceries?
a)
Fixed
b)
Variable
7.
What type of expense is going out to eat?
a)
Fixed
b)
Variable
8.
What does the S in SMART goal mean?
a)
Short term
b)
Specific
c)
Scientific
d)
Slow
9.
What does the M in SMART goal mean?
a)
Monthly
b)
Meaningful
c)
Measureable
d)
Manageable
10.
What does the A in SMART goal mean?
a)
Attainable
b)
Average
c)
Allowed
d)
Always Changing
11.
What does the R in SMART goal mean?
a)
Right
b)
Realistic
c)
Rough
d)
Really Cheap
12.
What does the T in SMART goal mean?
a)
Time Bound
b)
Tough
c)
Time Counsuming
d)
Trivial
13.
Which option is NOT an example of being financially responsible?
a)
Spending your money on needs instead of wants
b)
Placing your money in a depository institution
c)
Paying your bills on time
d)
Maxing out your credit card
14.
What is opportunity cost?
a)
The cost associated with taking a new job
b)
What you pay for an experience
c)
What a person gives up when making a decision
d)
Fees
15.
What is an interest rate?
a)
Rate of inflation
b)
Rate at which the bank gets new accounts
c)
Fees for using the ATM
d)
The amount you pay to borrow money
16.
Which of these is not a source of income?
a)
Savings
b)
Salary
c)
Interest
d)
Babysitting Money
17.
When writing a check, which statement is NOT true?
a)
Write the current date
b)
State what the check is for in the memo section
c)
Use pencil
d)
Write out the amount of the check in numbers and words
18.
What's Gross Income?
a)
What you earn before taxes
b)
What you earn after taxes
c)
Amount of taxes you pay
d)
Disgusting money
19.
What's Net Income?
a)
What you earn before taxes
b)
What you earn after taxes
c)
Amount of taxes you pay
d)
Disgusting money
20.
Which type of depository institution is "For Profit"?
a)
Credit Unions
b)
Banks
c)
Savings
d)
Checking
21.
Which of the follow is NOT a feature of a depository institution?
a)
Online Banking
b)
Contactless Payment
c)
Linked savings account options
d)
Friendly tellers
22.
What is the difference between a savings and checking account?
a)
Checking is for day to day use, savings is designed to hold money
b)
Savings is for day to day use, Checking is designed to hold money
c)
Savings is for paying bills only
d)
Checking is for online banking only
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