WorksheetsLesson 1-4: Spending Plan Review
Total questions: 25
Worksheet time: 23mins
Name
Class
Date
1.
What kind of expenses are common and the amount is different every time
a)
Variable
b)
Frequent
c)
Fixed
d)
Periodic
2.
What is not a type of Income?
a)
Your allowance
b)
Pay check from a job
c)
Fees paid to a loan
d)
Interest earn
3.
What are expenses that cost the same every time -- often a set monthly payment.
a)
Periodic
b)
Fixed
c)
Secured
d)
Variable
4.
A car loan is an example of a fixed expense
a)
True
b)
False
5.
Car insurance is a ________, ________ expense if you pay it twice per year.
a)
fixed, variable
b)
periodic, fixed
6.
Auto repairs are an example of a Variable, occasional expense.
a)
True
b)
False
7.
If Michael earns $110 a week from his part-time job, and gets $5 interest a month from the bank, his estimated monthly income should be
a)
445
b)
115
c)
440
8.
The secret to successfully save is to PYF, or
a)
Payments Your Finance
b)
Pennies You Find
c)
Pay Yourself First
9.
Money you receive, is also known as
a)
debts
b)
expenses
c)
income
d)
fixed expense
10.
Who wrote "By failing to prepare, you are preparing to fail.“?
a)
Ben Jefferson
b)
Ben Franklin
c)
John F Kennedy
d)
Ben Affleck
11.
A spending plan is also known as..
a)
budget
b)
spending log
c)
check register
d)
a list of expenses
12.
What are expenses that arise occasionally during the year, usually less than once a month?
a)
Projected
b)
Planned
c)
Mapped
d)
Periodic
13.
Entertainment, personal care, and gasoline are examples of fixed expenses.
a)
True
b)
False
14.
If Selena earns $200 a month baby and pet sitting, receives a $15 weekly allowance, and gets $250 for her Sweet Sixteen birthday, her estimated monthly income should be ____.
a)
515
b)
215
c)
260
d)
475
15.
If Michael earns $150 a week from his part-time job, and 20% of his paycheck is deducted for taxes, his estimated monthly income should be ____.
a)
480
b)
180
c)
450
d)
425
16.
The first thing you should do with your income is to set aside a specific amount for your goals (aka PYF fund)
a)
True
b)
False
17.
An emergency fund is an example of a
a)
PYF fund
b)
variable expense
c)
type of income
d)
vacation fun
18.
A spending plan should be reviewed and adjusted as needed
a)
True
b)
False
19.
Student loans, Gym Memberships, and Cellphone plans are fixed expenses
a)
True
b)
False
20.
When estimating income, aim _____ rather than ______
a)
higher, lower
b)
lower, higher
21.
PYF is another way to help you
a)
estimate expenses
b)
save
c)
estimate income
d)
spend more than expected
22.
Borrowing money will cost you more later
a)
True
b)
False
23.
If your expenses are higher than your income, you should adjust your spending plan by
a)
Increasing your debt
b)
Reducing your income
c)
Lowering your variable expenses
24.
If your income is higher than you expenses, you should adjust your spending plan by
a)
Increasing your expenses
b)
Spending more on variable expenses
c)
Reducing debt obligations
25.
Having a spending plan is having control of your spending habits
a)
True
b)
False
100 %
