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Worksheets2024.PERSONAL FINANCE (OPENDAY)
Total questions: 12
Worksheet time: 12mins
What is a budget?
A type of savings account
A way to invest for retirement
A fund for emergencies
A financial plan that defines expenses for a period of time.
What is an emergency fund?
A savings account set aside for unexpected situations.
A way to invest for retirement.
Something most people don't need, because emergencies are rare.
An investment account that can grow over time.
Emergency funds are calculated based on:
Monthly Expenses
Monthly Income
Retirement Planning
Investing for College
How many months of expenses should be set aside for an emergency fund?
3-6 months
6-12 months
12-18 months
1-3 months
Which of the following are characteristics of money used as savings, including emergency funds?
Safe
Accessible
Liquid (in the form of money)
Invested in risky business ventures
What is required for money to be SAFE? (select all that apply)
Only the owner should be able to get it
It can't go greatly down in value.
It can grow in value over time
Anyone can steal it easily
What is meant by money being ACCESSIBLE? (select all that apply)
Anyone can get it easily
The owner can get it quickly
It takes a long time to get the money
The owner can get it easily
What is meant by money being LIQUID? (select all that apply)
It's stored in the form of physical money
It's stored in the form of electronic money
It's invested in something that must be sold to obtain money
It's invested in something that's valuable, but not money
Why should we INVEST instead of SAVE for retirement?
Investing money can make it grow in the long term.
Investing is safer than saving.
Saving is too risky for retirement.
Investing is more fun than saving.
Why shouldn't we invest our emergency fund or other short-term savings?
Investments are risky and can drop in value, especially in the short term.
Investments are safe and can grow in value, especially over the long term.
We should invest all of our money so it can grow quickly and we can become rich.
We should never invest any money because we could lose it all.
What is debt?
Money you have borrowed and need to pay back
Money you make from working at a job
Money you make from the government
Taxes that you pay when you buy something
What is insurance?
A service purchased to protect assets and income against financial loss.
A type of savings account where you put aside money for emergencies.
A type of investment account where you can buy shares of stock.
A kind of taxes charged by the government.
