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WorksheetsBanzai Test
Total questions: 39
Worksheet time: 20mins
An IOU is an example of:
a savings account
a secret you keep for a friend
a personal loan
a budget
How does your money grow once you put it in a savings account?
It earns interest over time.
The bank gives everyone the same amount each year.
You take money out to buy something you want.
It doesn't grow. It stay the same amount as long as it is in the bank.
What is income?
Money that you owe another person.
Money that you put in your savings account.
Money that you earn.
Money that you spend on fun stuff for yourself.
You did some grocery shopping for your mom. She gave you a $10 bill and a list for oranges for $2.50, milk for $2.50, pasta for $1.25, and juice for $2. How much change will you get back?
$1.25
$3.50
No change.
$1.75
Why do people need a budget?
To keep track of money earned and money spent.
To keep track of your income over time.
To keep track of the money in your savings account.
None of the above.
Which of the following could be considered a business expense?
School supplies.
Monthly deposits into your savings account.
Registration fees for Spanish Club.
The lemons and sugar you bought to sell lemonade.
You make $19.50 for babysitting with your BFF. If you bought some candy for the kids that cost $3.50 and you split the profit equally with your friend, how much money will you make?
$8.00
$9.50
$9.75
$5.25
You are selling cupcakes at a bake sale. Each cupcake costs $0.50 each and someone buys 7 of them with a $5 bill. What is the best way to give the change?
A $1 bill, one quarther and one dime.
Two $1 bills and two quarters.
A $1 bill and two quarters.
Four quarters and five dimes.
What is interest?
Money that you deposit in an account at the bank.
Money that the bank pays you for keeping your money in there.
Money that you don't need right now.
Money that you earn by working.
What is a deposit?
Money you spend at the store.
Money you put in your savings account.
Money you take out of your account.
The change you receive after a purchase.
Which of the following is true about sales tax?
The tax is incluced in the price of the item you buy.
Tax is a percentage of the cost of the items you buy.
Sales tax is ony paid by adults.
Sales tax is taken out of your paycheck.
Why should you have emergency savings?
To pay for unplanned expenses.
To buy supplies for a surprise party.
To donate to a homeless shelter.
To pay back a loan to your best friend.
What is an example of a long term goal?
Saving for a new bike.
Buying food at the grocery store.
Paying to fix a flat tire.
Buying a lottery ticket.
Which word means taking money from your bank account.
a deposit
an investment
a withdrawal
a budget
What two things should be included in a budget?
savings and loans
income tax and sales tax
deposits and withdrawals
income and expenses
What can you do with the money you save by buying something on sale?
Put it in savings
Put it under your mattress.
Spend it right away on something else.
What is a budget?
The same thing as a savings account.
Money use to purchase something.
A list of things you want or need.
What is a debit card?
A card that takes money directly from your checking account.
A card that lets you spend money with a promise to pay it back later.
A card used only for making online purchases.
Which of the following is true about credit cards?
It is a card that lets you buy goods and services with a promise to repay later.
If full payment is not made each month, interest charges will be added to the balance due.
Both of these.
Neither of these.
What is a checking account?
Money used to buy goods and services?
A share in a corporation where profits are made if the company is successful.
An account where a depositor spends money with checks or a debit card.
An account where money is stored and earns interest.
What is a savings account?
An account where money is stored and earns interest.
The same thing as a checking account.
An account where a depositor spends money with checks or a debit card.
An account which allows you to borrow money at a rate of interest.
How can you keep track of your money?
Stick it under your bed for safekeeping.
Deposit it in your savings account.
Budget it to cover your expenses.
Spend it all as soon as possible.
What is debt?
Withdrawing money from your savings account.
Spending more money than you currently have.
Transferring money from one account to another.
Which is a reason to open a checking account?
Your money is in a safe place.
You can use checks or a debit card to spend money.
You can have your pay deposited directly into your account.
All of these.
Your favorite band is playing a concert in a few months and you plan to go. What is the best way to pay for the tickets?
Use your credit card and pay for it later.
Ask your parents to buy the tickets for you.
Add a new category to your budget so you can set aside some money each week to buy the tickets.
You eat dinner at a restaurant and the bill comes to $33.25. If you leave a 20% tip, what is the total for the meal?
$33.25
$36.58
$39.90
$6.65
Your account statement has arrived. You had a balance of -$27.11. After depositing $135.75, what is your new balance?
$105.75
$108.64
$109.64
$162.86
What is an overdraft fee?
Money spent by writing a check.
Money charged by the bank for spending more than you have in your checking account.
Money earned by keeping your money in a savings account.
A tax added to a purchase.
Why is some money withheld from your paycheck by your employer?
They don't want to pay you the full amount.
It is used to pay federal and state taxes.
They are saving some to pay you next week.
They are punishing you for arriving late to work.
What is it called when you put money into your checking or savings account?
deposit
withdrawal
debit
payment
statement
What is the name of the document that showns your bank transactions for a month.
deposit
withdrawal
statement
check
overdraft
What is a cleared check?
A check that has been written but not mailed.
A check that caused your account to be overdrawn.
A check that has been honored and processed.
A check that has not been written yet.
What is a withdrawal?
Taking money out of your account.
Putting money into your account.
A direct deposit.
Spending more money than you have in your account.
When you get your bank statement (sent from the bank), it should always equal the amount you have in your checking account (checkbook balance you have in your personal wallet that you use to track your transactions).
TRUE
FALSE
When the bank receives a check (that you wrote to pay for something) that is more than the amount you have in your checking account; the bank usually charges you a fee of $25 or $30; what is the name of this fee?
Deposit
Debit
Overdraft
Which item below, when used, comes straight from your checking account?
Credit Card
Debit Card
The time it takes for money to move from one account to another.
Clearing
Accounts
Cash
Pay Stub
A percentage charged when you borrow money.
Accounts
Cash
Interest
Pay Stub
A document that comes with your paycheck, showing how much you were paid & how much was withheld for taxes.
Interest
Pay Stub
Cash
Accounts
