NEW
Font size
S
M
L
XL
WorksheetsCh. 1 and Part of Ch. 2 (Lesson 1 and 2)
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
A liability can be described as
a)
Something that goes down in value over time.
b)
Money you owe; a debt.
c)
You money in a savings account.
d)
Something you own that has value.
2.
A measurement of the total dollar value of one's assets minus liabilities.
a)
Earnings
b)
Income
c)
Wealth
d)
Net Worth
3.
Which of the following allows invested money to grow over time?
a)
Premium payments
b)
Taxes
c)
Inflation
d)
Compund interest
4.
A plan for spending is called a(n)
a)
Budget
b)
Account
c)
Economy
d)
Credit
5.
Being responsible with your money means you...
a)
save 1% of your weekly allowance
b)
Never borrow money
c)
Save 100% of all your money
d)
Allow others to often borrow money
6.
Refers to all the financial decisions an individual or family must make in order to earn, budget, save, and spend money over time.
a)
Financial Aid
b)
Home Finance
c)
Personal Finance
d)
Cash-flow Statement
7.
73% of teens refer to their money habits as...
a)
well-informed
b)
unknown
c)
Big Savers
d)
Big Spenders
8.
A budget tells your money...
a)
where to go.
b)
nothing.
c)
which bank account to go in.
d)
how to invest wisely.
9.
If you had $100, given what you've learned, what should you do with it...
a)
Save half, spend half.
b)
Save all of it.
c)
Save $10, spend $10, give away $80
d)
Save $30, Spend $60, Give $10
10.
How should you pay for your first car?
a)
Ask your parents.
b)
Take out a car loan from the bank with a low interest rate.
c)
Pay cash.
d)
Put it on a credit card.
11.
In personal finance, an asset is...
a)
someone who gives you information.
b)
anything of value that is owned by an individual.
c)
an advisor who helps you plan your money.
d)
a way to make a lot of money in a short amount of time.
12.
How much money should be in your emergency fund before you spend money?
a)
50
b)
500
c)
5000
d)
100
13.
What is not a way to help others?
a)
Mow a neighbor's lawn.
b)
Volunteer to help your teacher or church.
c)
Charge for babysitting.
d)
Donate old clothes.
14.
This is an example of a liability.
a)
You got a $1000 scholarship for college.
b)
You bought your $3000 car with cash.
c)
You have $400 in credit card debt.
d)
You have $15 in your savings account.
15.
This is an example of chartiable giving:
a)
Volunteering to earn more money at your job.
b)
Babysitting your sibling for more money.
c)
Donating your old clothes to Goodwill or Salvation Army.
d)
Helping your friend move in exchange for a free lunch at Wendy's
16.
An investment is...
a)
interest paid on an investment.
b)
money put into an account intended for growth.
c)
anything of value that is owned by an individual.
d)
a monthly plan.
17.
Scarcity is...
a)
Having a lot of money, and not wanting many things.
b)
Having little money, but wanting tons of things.
18.
Net worth is...
a)
liabilities - assets
b)
assets - liabilities
c)
debts + credits
d)
credits - assets
19.
Which is a better personal finance choice?
a)
Having a debit card.
b)
Having a credit card.
20.
When you have a debit card, the money comes out of...
a)
your bank account.
b)
your loan account.
21.
Debit cards are better than credit cards because...
a)
there is no interest on purchases.
b)
more people use them.
c)
they are more widely accepted.
d)
you can borrow more if you run out of funds for a low interest rate.
22.
Personal finance involves everything you do with...
a)
time
b)
purchases
c)
money
d)
budgets
23.
What is the top reason teens save?
a)
emergency
b)
bigger purchases
c)
car
d)
college
24.
What percentage of teens buy their own cell phone in high school?
a)
52%
b)
63%
c)
71%
d)
84%
25.
Where do teens shop online the most?
a)
Amazon
b)
Nike
c)
eBay
d)
Forever 21
26.
Where do teens get most of their money from?
a)
selling items / clothing
b)
weekly allowance
c)
gifts
d)
a job / jobs
27.
It's important to be...
a)
100% a spender
b)
100% a saver
c)
a balance of a spender and a saver
28.
Which type of interest gives you the most money?
a)
Simple interest
b)
Stock interest
c)
Bond interest
d)
Compound interest
29.
What is an example of a nonprofit organization?
a)
Kapolei Middle School
b)
For-profit University
c)
Farmer's Market
d)
Punahou School
30.
Your net worth is ________ if you owe $5000 in a college loan and bought a $4000 car with cash.
a)
$ -1000
b)
$1000
c)
$ 5000
d)
$4000
31.
Why does Dave Ramsey use the pond scum and mountain stream analogy?
a)
To explain why it's important to save money.
b)
To explain why teens MUST save for a $500 emergency fund.
c)
to explain why it's important to be generous to build wealth
d)
to explain why teens should care about earning money
32.
Why is it important to be a selfless person?
a)
You will make more money and build more wealth in the long term.
b)
You will save more money by not spending any of it.
c)
You will give all your money away and your friends will take care of you.
d)
It's not.
33.
Teens save for the TOP following reasons
a)
car, home, college, marriage
b)
car, home, college, travel
c)
car, college, emergency, large purchases
d)
car, college, large purchases, marriage
34.
A short-term, personal loan purchase a car is usually...
a)
1 month
b)
12 months
c)
50-100 months
d)
36-72 months
35.
The charge for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest
a)
accrumenr
b)
investment
c)
interest
d)
credit card
36.
One of the biggest mistakes people make is...
a)
getting a debit card
b)
going into debt
c)
getting a grant for college
d)
investing their money
37.
Which is not example of marketed debt?
a)
No payments until next year!
b)
Pay cash only.
c)
Zero down and 0% interest for 12 months!
d)
Just five easy payments of $19.99
38.
This is not a debt myth...
a)
You need to have a credit card.
b)
You need to have a car payment to have a nice car.
c)
It's fun to buy things on credit.
d)
Never get a credit card.
39.
86% of teens say they would rather learn about money management in a ________ before making __________ in the real world.
a)
class / mistakes
b)
school / jokes
c)
job / mistakes
d)
job / decisions
40.
How are families affected by debt?
a)
Parents have a lot of money to pay for their bills.
b)
Parents are stressed about money and need to use credit cards to pay for small purchases.
Reset
