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WorksheetsPersonal Finance - Unit 1 Review
Total questions: 25
Worksheet time: 25mins
A branch of the U.S. Treasury Department, the _____________ makes coin currency.
U.S. Mint
U.S. Treasury Department
Internal Revenue Service (IRS)
U.S. Money Printers
Eva decided to take a Marketing class instead of an Art class. The art class is known as her ______________. The choice given, up also called the next best thing.
opportunity cost
supply
demand
surplus
The amount of a product people are willing to buy at a certain price is known as _____.
supply
demand
opportunity costs
fixed expenses
Some monthly expenses change in dollar amount based on usage, which means that they are ___________ expenses. For example, food, gas, electricity.
fixed
exempt
questionable
variable
The total amount of a specific good or service that is available to consumers:
demand
supply
surplus
deficit
If your budget shows that you spent more money than you have received, you have a(n):
deficit
surplus
shortfall
variable expenses
This agency of the federal government (has three branches) is responsible for issuing ALL of the U.S. currency and bills:
U.S. Mint
U.S. Treasury Department
U.S. Federal Reserve
U.S. Money Machine
Exchanging goods or services for other goods or services, without using money is known as _________:
needs
wants
barter
supply
Hada used his __________ to buy pizza for dinner. This payment method takes money directly from his bank account:
gift card
cash card
credit card
debit card
Currency that is legal tender but not backed by gold is known as ____________:
social security
fixed money
budget
fiat money
An expense that stays the same month-to-month and does not depend on usage is known as ___________ expenses. Example, rent and student loan payment.
fixed
constant
variable
permanent
A __________ is an estimate of your income and your expenses for a period of time:
money plan
fixed plan
budget
debit plan
Sahil paid all of his necessary expenses for the month such as food, clothing and shelter. The money he has left over for spending is known as ______________.
earned
disposable or discretionary income
budget
savings
Ms. Seboka used her ___________ to pay for her groceries. With this payment method she is borrowing money from a bank and must repay it with interest.
credit card
debit card
cash card
gift card
If you received more money than you have spent, you have a(n):
deficit
surplus
shortfall
variable expense
An example of a fixed expense is:
entertainment
apartment rent
restaurants
vacation
Goals:
Need to be realistic, have a target date, and, if possible, an associated cost
Remain the same year after year, throughout life
Need to reflect current income
Are generally the same for middle class families
When money is not used and goods and services are exchanged for other goods and services, this system is called:
Credit
Money
Barter
Checks
Which of the following statements is usually true about individuals who are financially literate?
They have high debt and low savings
They understand the basics of personal finance and money management
They almost always choose stocks and bonds that increase in value
They achieve all of their financial goals
The following is usually considered a variable expense:
mortgage payment
electric bill payment
rent payment
car payment
You want to gain control over your income and spending so that you will be able to save money. Which step will help you the most?
developing a retirement plan
developing a budget
getting advice from a friend
applying for a loan
A cash card generally: (ex. Visa Gift Card)
Can be used in the same way that someone uses a check to pay bills by mail
Is purchased with a specific amount of money that can be used to pay for goods or services
Is the same as a credit card which means you can use it to pay the minimum on a bill
Is the same as a debit card and is always linked to a specific checking account
Something you are working to achieve within a defined period of time is a(an):
value
ideal
goal
dream
Purchases made with your debit card are usually:
Deducted immediately from your checking account
Deducted from your credit card balance
Added to your credit card balance
Put on your credit card bill as a cash advance
Financial plans need to:
include income but not expenses
be changed during different stages in life
include income and eliminate risk
to be approved by an accountant
