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QUIZ: 2.03 - 2.05 - Money Management Tools

Total questions: 23

Worksheet time: 23mins

Name
Class
Date
1.
Money spent
a)
income
b)
net gain
c)
expense
2.
The amount of wages or salary earned before any deductions are taken out for taxes or
other payroll deductions
a)
mortgage
b)
savings
c)
gross income
3.
Money received
a)
income
b)
insurance
c)
savings
4.
A payment, usually monthly, to pay off the loan used to purchase a form of housing
a)
expense
b)
mortgage
c)
net gain
5.
Take home pay
a)
net loss
b)
gross income
c)
net income
6.
Lists and summarizes income and expense transactions that have taken place over a specific
period of time, usually a month or year
a)
income
b)
income and expense statement
c)
mortgage
7.
A product that transfers risk from an individual to an insurance company or organization
a)
income
b)
savings
c)
insurance
8.
When income is greater than expenses
a)
net gain
b)
mortgage
c)
expense
9.
When income is less than expenses
a)
income
b)
net loss
c)
gross income
10.
Alex is writing down his liabilities to complete his Statement of Financial Position.  the item he should include would be:
a)
the market value of his car.
b)
the value of his retirement account.
c)
the combined total of his savings and checking accounts. 
d)
the balance on his credit card.
11.
To increase his net worth, Jesse could:
a)
increase his liabilities
b)
decrease his assets
c)
increase his market value
d)
increase his assets
12.
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier? 
a)
Maggie, because her income minus her net worth is a smaller amount than Samantha’s. 
b)
Samantha, because her income minus her net worth is a larger amount than Maggie’s. 
c)
Maggie, because her net worth is higher than Samantha’s. 
d)
Samantha, because her annual income is higher than Maggie’s. 
13.
Which formula should Jordyn use to calculate her net worth? 
a)
Assets – liabilities = net worth 
b)
Assets × liabilities = net worth 
c)
Assets + liabilities = net worth
d)
Assets / liabilities = net worth
14.

A spending plan is also known as a?

a)

Tax form

b)

Paper trail

c)

Well-being domain

d)

Budget

15.

A statement of financial position that shows both _________ and actual income and expenses

a)

unplanned

b)

planned

16.

Which financial document does a spending plan look like

a)

Statement of financial position

b)

Income and expense statement

17.

Which step of the spending plan requires you to stick to the budgets you made

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

18.

Which step of the spending plan considers how much to spend on each category of expenses

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

19.

Which step of the spending plan makes you identify your income and expenses

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

20.

Which step of the spending plan requires you to set a time period

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

21.

Which step of the spending plan is where you ask "how well did my plan work"

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

22.

Which is NOT a way to develop a spending planIn

a)

Paper/Pencil

b)

Spreadsheet

c)

Apps

d)

In your head

23.

A spending plan ensures you are being ________ about your spending

a)

Bad

b)

Optimistic

c)

Realistic

d)

Outrageous