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Budgeting and Finance: Mid-Point Assessment

Total questions: 89

Worksheet time: 15mins

Name
Class
Date
1.

Which of the following is an example of a need?

a)

A place to live

b)

A nice car

c)

A cell phone

d)

An education

2.

It's important to spend money on things you want before spending money on things you need.

a)

True

b)

False

3.

Which of the following is an example of a want for most people?

a)

A warm coat (living in Illinois)

b)

A place to live

c)

A cell phone

d)

Shoes

4.

People who earn paychecks must pay income taxes.

a)

True

b)

False

5.
A salary is paid over a set period of time.
a)
True
b)
False
6.
People who are paid by the hour earn a salary.
a)
True
b)
False
7.

Paying with a ______ takes cash out of your checking account.

a)

Credit Card

b)

Debit Card

c)

Gift Card

8.

What's the best way to know if you are getting a good deal on what you're buying?

a)

Look at the return policy

b)

Compare prices

c)

Ask the store manager

d)

Ask your friends

9.
Food, heat, cable, internet, and dog food are examples of what?
a)
Household assets
b)
Household income
c)
Household expenses
10.

Having enough money to cover all your expenses means you have ____

a)

debt

b)

a balanced budget

c)

an uneven budget

11.
If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______
a)
Debit card
b)
Credit Cart
c)
Gift Card
d)
Cash
12.

How is buying with a credit card different than paying with cash?

a)

With credit, you don't have to pay interest

b)

With credit, you borrow money and repay later

c)

No difference

13.
Paying for something with cash can help you avoid spending more money than you have.
a)
True
b)
False
14.
What is a good reason to save money?
a)
To have money to buy things
b)
To have money put aside for emergencies
c)
For a future purchase
d)
All choices
15.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
16.

The idea of a budget is to spend exactly as much as you make.

a)

True

b)

False

17.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
18.
Which of the following is a true statement about saving receipts?
a)
Saving receipts allows you to keep an accurate record of your spending.
b)
The more receipts you save, the more money you can save.
19.
Variable expenses may not be the same every month.
a)
True
b)
False
20.

Once you set a budget, you don't have to revisit or adjust it.

a)

True

b)

False

21.

This occurs when money is withdrawn from a bank account and the available balance goes below zero.

a)

overdraft

b)

reconciled

c)

negative numbers

d)

overload

22.

This a budgeting technique that uses a series of envelopes labeled with your expenses (food, entertainment, gas, etc.) and are used to store cash for these expenses.

a)

a written budget

b)

a written cash flow statement

c)

an impulse purchase

d)

an envelope system

23.
You match your bank statement with your checkbook balance in order to balance or __________ your account.
a)
reconcile
b)
budget
c)
overdraw
d)
spend
24.

Expenses that stay the same every month are _________ expenses.

a)

fixed

b)

discretionary

c)

variable

d)

intermittent

25.

Rent is an example of a(n) ________ expense.

a)

fixed

b)

discretionary

c)

variable

d)

intermittent

26.
You have to eat so you need to buy groceries. This is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
27.

Car repairs are a fact of life and should be budgeted. These are _________ expenses.

a)

fixed and discretionary

b)

variable and intermittent

c)

neither of the above

28.
What percentage of Americans live paycheck to paycheck?
a)
70
b)
25
c)
50
d)
10
29.
Which of the following account records would have the most current balance?
a)
account balance statement from the ATM
b)
your own checkbook register
c)
your monthly bank statement
d)
all of these records will have accurate account balances
30.

Your mortgage payment or your car payment are examples of which of the following?

a)

variable expenses

b)

assets

c)

zero-based budgeting

d)

fixed expenses

31.
Which of the following is an example of a variable expense?
a)
car payment
b)
gas for your car
c)
student loan for college
d)
insurance
32.
An estimate of income and expenditure for a set period of time
a)
budget
b)
anticipated income
c)
unanticipated income
d)
discretionary income
33.

An example of a SMART Goal requiring a budget.

a)

Wanting to earn honor roll

b)

Wanting to buy new furniture by saving $50 from each paycheck

c)

Wanting to make a sports team

d)

Wanting to wear jeans on Friday

34.

T or F?

If you don't live within your means, collection agencies can come after you AND you could face charges in court.

a)

True

b)

False

35.

What does it mean to pay yourself first?

a)

pay your bills first

b)

buy what you want first

c)

pay money toward your savings first

d)

pay your taxes first

36.

My family is going on vacation this summer, so we are sticking to a(n) ______ to save money.

a)

income

b)

saving loan

c)

budget

d)

expense plan

37.

Because the amount of money I spend on gas depends on the price of gas and how much gas I use, it's considered a(n)...

a)

Fixed Expense

b)

Variable Expense

c)

Discretionary Expense

d)

Income

38.
Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter. 
This is considered a
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
39.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
40.

If an expense can not be cut from your budget to save money, it is considered _____.

a)

Income

b)

a Want

c)

a Need

d)

Savings

41.

To have __________, I have to make sure I don't spend more than I earn at the end of each month.

a)

Income

b)

Expenses

c)

a Balanced Budget

d)

Surplus Dollars

42.
An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.
a)
Needs
b)
Wants
c)
Income
d)
Expenses
43.
At the end of the month, the money I haven't spent is ________.
a)
Spent quickly
b)
Income
c)
Savings
d)
Expenses
44.
Income = ______ + Savings
a)
Needs
b)
Wants
c)
Expenses
d)
Discretionary
45.

If you are making payments on a car or a house, you have _____.

a)

a Withdrawl

b)

a Bankruptcy

c)

Debt

d)

an Overdraw

46.

Many famous people don't spend their money wisely and end up in ______.

a)

Interest Court

b)

Withdrawl Mode

c)

Inflation Zone

d)

Bankruptcy

47.

It's safer to keep your money in a bank than at home under your mattress.

a)

True

b)

False

c)

Both are equally safe

48.
When getting a loan for a car, the ____ is an additional fee you will have to pay back.
a)
Fixed Expense
b)
Discretionary Expense
c)
Inflation
d)
Interest
49.

When I use my debit card, the money is automatically taken out of my ______ account.

a)

Savings

b)

Checking

c)

Inflation

d)

Withdrawl

50.

When there's a school fundraiser, it's easier to pay with a(n) _____ instead of handing out cash or my credit card information.

a)

Overdraw Notice

b)

Withdrawal Slip

c)

Check

d)

Savings Account Number

51.

You should keep track of your spending because if you spend more money than you have in your bank account, it's considered _______ and you'll be charged a fee.

a)

a Balance

b)

a Withdraw

c)

a Bankruptcy

d)

an Overdraw

52.

Most banks offer an app so you can log in to check how much money has been deposited, spent, and withdrawn. This is known as your account _______.

a)

Withdraw

b)

Inflation

c)

Budget

d)

Balance

53.
We are planning to go on vacation next summer, so I transfer money every month to my ______ account.
a)
Discretionary Expense
b)
Checking
c)
Savings
d)
Variable Expense
54.

When I need to ______ money from my checking account, I can use my debit card at an ATM.

a)

Overdraw

b)

Inflate

c)

Balance

d)

Withdraw

55.

Which of the following is TRUE about variable expenses?

a)

The amount you spend on variable expenses remains the same from month to month.

b)

The amount you spend on variable expenses does not change during certain months and does change during other months.

c)

The amount you spend on variable expenses changes from month to month.

d)

None of these choices is true.

56.

Which of the following items are typically included in a balanced budget?

a)

Amount to put away in savings

b)

Amount you pay in taxes

c)

Amount you earn in income

d)

All of the above

57.

What is a variable expense?

a)

An expense that is the same from month to month

b)

An expense that is the same during some months, and different during other months

c)

An expense that is different from month to month

d)

None of the above

58.

In a balanced budget, the amount you _____ is _____ the amount you earn.

a)

save; greater than

b)

spend; equal to

c)

save; less than

d)

spend; greater than

59.

What happens if you spend money on the things you want before you spend money on things you need?

a)

You are able to spend more on high-priced items, like higher education.

b)

You limit your ability to save for high-priced items, like higher education.

c)

You'll be financially prepared for an unexpected emergency, like a broken leg or hospital stay.

d)

Nothing happens, this is an appropriate practice.

60.

Which of the following would be an example of a NEED?

a)

A warm winter coat

b)

Your favorite candy

c)

Designer shoes

d)

A new pair of headphones

61.

Which of the following is TRUE about income?

a)

Income is money you pay to the federal government.

b)

Income pays for state roads, bridges, and schools.

c)

Income is money you receive after paying taxes.

d)

Income is money you earn, usually from a job.

62.

Typically, how do people earn income?

a)

By saving a portion of their paycheck each month

b)

By working a job

c)

By saving taxes

d)

By spending more money than they earn each month

63.

Which of the following statements about take-home pay is TRUE?

a)

It's the amount leftover from your monthly paycheck BEFORE deductions.

b)

It's the amount leftover from your monthly paycheck AFTER deductions.

c)

It's the amount you earn each month MINUS what you spend.

d)

It's the amount you earn each month PLUS what you save.

64.

Which of the following is an example of a tax you must pay?

a)

Bounced check

b)

Late fee

c)

Social Security

d)

Rental Payment

65.

When is a budget considered to be balanced?

a)

When the amount you spend is greater than the amount you earn

b)

When the amount you save is less than the amount you spend

c)

When the amount you spend is equal to or less than the amount you earn

d)

When the amount you earn is equal to or less than the amount you spend

66.

When creating a personal budget, it's important to consider the things you _____

a)

want, before considering the things you need

b)

need, at the same time as you consider the things you want

c)

need, after considering the things you want

d)

need, before considering the things you want

67.

Which of the following is NOT a fixed expense?

a)

Movie tickets

b)

Rental payment

c)

Internet service

d)

Cell phone bill

68.

Which of the following is a fixed expense?

a)

Groceries

b)

Rental payments

c)

Clothing purchases

d)

Movie tickets

69.

What is a fixed expense?

a)

An expense that typically varies from month to month

b)

An expense that typically does not change from month to month

c)

An expense that is the same during some months, and different during other months

d)

None of these choices

70.
Of all the choices, which one should you budget for first?
a)
  Groceries 
b)
Entertainment 
c)
New car
d)
Cell Phone bill
71.

How do you calculate net worth?

a)

Liabilities - Assets

b)

Assets - Liabilities

c)

Capital - Assets

d)

Revenue - Expenses

72.

The following are assets EXCEPT:

a)

a vehicle

b)

cash

c)

an overdraft

d)

a table

73.

The following are ways to increase your net worth EXCEPT:

a)

Increase saving

b)

Increase spending

c)

Reduce debts

d)

sell non-income generating assets/belongings

74.
What is a need?
a)
something must have
b)
something would like to have
c)
something would like to do
d)
no answer above
75.

Utilities include the following:

a)

Electricity

b)

Gas

c)

Water

d)

All of the above

76.

What is the standard down payment for purchasing a house?

a)

3%

b)

5%

c)

20%

d)

100%

77.

True or false: The higher the interest rate, the higher the payment for a loan or mortgage.

a)

True

b)

False

78.

Why do people get insurance for their homes, cars, and apartments?

a)

Because having property insurance AND car insurance is the law.

b)

Because insurance is free.

c)

To protect their property from unexpected damage or loss.

79.

True or false: Putting a down payment down on a car increases the amount of your monthly payment.

a)

True

b)

False

80.

Which of the following describes a security deposit for a rental apartment?

a)

Protects the landlord in case the apartment is damaged.

b)

A security deposit counts as rent and you never get it back.

c)

Keeps your apartment from getting robbed.

81.

Money that your earn is called a(n)____.

a)

expense

b)

income

c)

debit

d)

credit

82.

Money that you spend is called ___.

a)

an expense

b)

income

c)

debt

d)

a profit

83.

Using more money than you have available is called

a)

indebting

b)

overindulging

c)

a shopping spree

d)

overspending

84.

A plan for both spending and saving your money.

a)

budget

b)

banking

c)

hoarding

d)

investing

85.

An expense that changes every month.

a)

fixed expense

b)

variable expense

c)

variable rate

d)

fixed variable

86.

Something that is essential for life (food, water, etc.) is called a

a)

surplus

b)

want

c)

need

d)

deficit

87.

Something that increases your quality of life, but it's not a necessity for life is a

a)

surplus

b)

want

c)

need

d)

deficit

88.

Something bought without previous planning or considering long-term effects is

a)

an impulse buy

b)

obsessive-compulsive shopping

c)

a sale item

d)

on clearance

89.

If your income is $20 per month, how much should you spend each month to stay on budget?

a)

Exactly $20

b)

Between $20 and $30

c)

$20 or less

d)

It doesn't matter

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