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2.00 Review Quiz

Total questions: 86

Worksheet time: 53mins

Name
Class
Date
1.

What is a spending plan/budget?

a)

How much money you earned

b)

A list of the money you have and where the money is going

c)

How much money you owe

d)

A list of the items you want to buy

2.

For the most party, it doesn't matter how much money you make, it's all about how you spend it

a)

True

b)

False

3.

If you spend more money than you actually have, you are

a)

Broke

b)

Rich

c)

Wise with your money

d)

Happy

4.

Why is it important to save? (Select all that apply)

a)

So that you make more friends

b)

So that you do not have zero dollars

c)

So that you can save up for something that you want in the future

d)

For emergencies

5.

Balance means:

a)

The amount that you have

b)

The amount that you owe

c)

The amount you made that day

d)

The goal you have for the future

6.

Withdrawal means:

a)

Money going into the account

b)

Money coming out of the account

c)

Money transferred to another account

d)

Money give by someone

7.

A spending plan is also known as a?

a)

Tax form

b)

Paper trail

c)

Well-being domain

d)

Budget

8.

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

a)

unplanned

b)

planned

c)

actual

d)

realistic

9.

Which financial document does a spending plan look like

a)

Statement of financial position

b)

Income and expense statement

c)

Statement of Net Worth

d)

Tax Return

10.

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

11.

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)

Implement and control

d)

Evaluate and make adjustments

12.

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)

Evaluate and make adjustments

13.

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

14.

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)

Evaluate and make adjustments

15.

A spending plan is an income and expense statement that records both planned and ________ income and expenses

a)

Fake

b)

Planned

c)

Actual

d)

Outrageous

16.

Which step of the spending plan requires you to identify how to record your plan

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

17.

Which is NOT a way to develop a spending planIn

a)

Paper/Pencil

b)

Spreadsheet

c)

Apps

d)

In your head

18.

A spending plan ensures you are being ________ about your spending

a)

Bad

b)

Optimistic

c)

Realistic

d)

Outrageous

19.

What kind of expenses are common and the amount is different every time​

a)

Variable

b)

Frequent

c)

Fixed

d)

Periodic

20.

What is not a type of Income?

a)

Your allowance​

b)

Pay check from a job​

c)

Fees paid to a loan​

d)

Interest earn

21.

What are expenses that cost the same every time -- often a set monthly payment.

a)

Periodic

b)

Fixed

c)

Secured

d)

Variable

22.

A car loan is an example of a contractual expense.

a)

True

b)

False

23.

If Michael earns $110 a week from his part-time job, and gets $5 interest a month from the bank, his estimated monthly income should be​

a)

445

b)

115

c)

440

d)

105

24.

Money you receive, is also known as:

a)

debts

b)

expenses

c)

income

d)

fixed expense

25.

A spending plan is also known as:

a)

budget

b)

spending log

c)

check register

d)

a list of expenses

26.

If Selena earns $200 a month baby and pet sitting, receives a $15 weekly allowance, and gets $250 for her Sweet Sixteen birthday, her estimated monthly income should be ____.​

a)

515

b)

215

c)

260

d)

475

27.

If Michael earns $150 a week from his part-time job, and 20% of his paycheck is deducted for taxes, his estimated monthly income should be ____.​

a)

480

b)

180

c)

450

d)

425

28.

A spending plan should be reviewed and adjusted as needed.

a)

True

b)

False

29.

Student loans, Gym Memberships, and Cellphone plans are contractual expenses.

a)

True

b)

False

30.

Borrowing money will cost you more later.

a)

True

b)

False

31.

If your expenses are higher than your income, you should adjust your spending plan by

a)

Increasing your debt

b)

Reducing your income

c)

Lowering your variable expenses

d)

Allocating more money to your savings

32.

If your income is higher than you expenses, you should adjust your spending plan by

a)

Increasing your expenses

b)

Spending more on variable expenses

c)

Reducing debt obligations

d)

Reducing your Income

33.

Having a spending plan is having control of your spending habits

a)

True

b)

False

34.

Which step of the spending plan requires you to create categories specifically or you?

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

35.

Which step of the spending plan requires you to stick to the budget you've created?

a)

Track current income and expenses

b)

Personalize the plan

c)

Implement and control

d)

Evaluate and make adjustments

36.

Which step of the spending plan has you divide money into each category of expenses?

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

37.

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

38.

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)

Implement and control

d)

Evaluate and make adjustments

39.

The housing category includes all of the following EXCEPT

a)

Mortgage/ rent

b)

Water bill/ cable bill/ Internet

c)

Property or Home taxes

d)

Car payment

40.

The transportation category includes all of the following EXCEPT:

a)

Car payment

b)

gas

c)

insurance

d)

cell phone

41.

Technically, saving is an ________.

a)

Expense

b)

Requirement

c)

Pain to do

d)

Income

42.

The dollar amount goal for a spending plan is:

a)

Anything above $100

b)

A net gain

c)

$0

d)

A net loss

43.

A control system:

a)

Helps you keep track of your spending and will help you stay on budget (envelope system; apps)

b)

Is by your bank and blocks any purchases your not supposed to make.

c)

Is not needed as long as you've written down your budget

d)

Controls the percentage of income spent in each category

44.
Money spent
a)
income
b)
expense
c)
net income
d)
gross income
45.
an individual's income earned as salary or wages before taxes and other deductions
a)
gross income
b)
gross loss
c)
net income
d)
net loss
46.
money received
a)
net loss
b)
net gain
c)
insurance
d)
income
47.
lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or a year
a)
mortgage
b)
income and expense statement
c)
net income
d)
savings
48.
product that transfers risk from an individual to an insurance company or organization
a)
insurance
b)
mortgage
c)
expense
d)
income
49.
payment, usually monthly, applied to the balance of a home loan used when purchasing housing
a)
insurance
b)
expense
c)
mortgage
d)
income and expense statement
50.
when income is greater than expenses
a)
net income
b)
net loss
c)
gross income
d)
net gain
51.
take home pay
a)
net loss
b)
net pay
c)
gross loss
d)
gross pay
52.
when expenses are greater than income
a)
expense
b)
net loss
c)
net income
d)
net gain
53.
portion of current income not spent on consumption
a)
expense
b)
savings
c)
net loss
d)
net income
54.

Cash on hand is an example of a

a)

Monetary asset

b)

Tangible asset

c)

Investment asset

d)

Credit

55.

A home mortgage balance is an example of

a)

Tangible asset

b)

Investment asset

c)

Liability

d)

Net Gain

56.

Money owed to others is an example of

a)

Monetary asset

b)

Tangible asset

c)

Liability

d)

Spending Cash

57.

A retirement account is an example of a/an

a)

monetary asset

b)

investment asset

c)

liability

d)

Net Loss

58.

Clothing is an example of a/an

a)

monetary asset

b)

tangible asset

c)

liability

d)

Want

59.

Money owed to others is an example of

a)

Monetary asset

b)

Tangible asset

c)

Liability

d)

Benefit

60.

A savings account is an example of a/an

a)

monetary asset

b)

tangible asset

c)

investment asset

d)

liability

61.

What is the true indicator of wealth?

a)

Income

b)

Net worth

c)

Tangible assets

d)

Net Loss

62.
What is a characteristic of a commercial bank?
a)
For-profit
b)
Non-profit
c)
Membership qualifications
d)
Only available online
63.
What is  characteristic of a credit union?
a)
Open to anyone
b)
Membership qualifications
c)
No physical locations
d)
Non-profit
64.
Does location affect your choice of depository institution? 
a)
No
b)
Yes
65.
Are credit unions insured?
a)
Yes, and only credit unions are insured
b)
Yes, by the NCUA
c)
Only commercial banks are insured
d)
No depository institutions are insured
66.
What is interest?
a)
Price paid for using someone else's money
b)
Percentage of people interested in using banks
c)
How much money the bank pays to keep running
d)
The amount of money the bank has
67.
What is an interest rate?
a)
Percentage rate used to calculate interest
b)
Percentage rate of people using the bank
c)
Percentage rate of how much money you've spent
d)
Percentage rate of how much money the bank owns
68.
What is credit?
a)
Borrowed money that you have to pay back with interest
b)
Money you do not need to pay back
c)
Money you've earned for having good credit that isn't paid back
d)
Borrowed money that isn't paid with interest
69.

Which of these services do depository institutions offer?

a)

Financial advice

b)

Free money

c)

Ability to take more money than you have without penalty

d)

Buy one, get one free

70.

What is a debit card?

a)

Plastic card that used to connect to bank accounts

b)

Plastic card only used with specific stores

c)

Used to borrow money like a credit card

d)

Plastic card that gets you discounts

71.
An ATM can allow you to...
a)
Access and transfer money
b)
Order goods online
c)
Speak with others around the world
d)
Pay money directly to your boss
72.
What is contactless payment?
a)
Transaction completed where you don't use your hands
b)
Transaction with no physical connection to the person being paid
c)
Payment made where no people are contacted
d)
Payment where money is not used
73.
Which of these fees would an institution NOT charge you?
a)
Overdraft fee
b)
ATM fee
c)
Minimum balance fee
d)
Fee for using money
74.
A machine that allows individuals to complete certain transactions from machine without human assistance
a)
Savings tool
b)
Automated teller machine
c)
commercial bank
d)
online banking
75.
An account that allows quick access to funds for transactions
a)
online banking
b)
savings tool
c)
savings account
d)
checking account
76.
For-profit depository businesses that offer financial services to both consumers and other businesses
a)
checking account
b)
debit card
c)
commercial bank
d)
mobile banking
77.
Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale terminal or store clerk
a)
contactless payment
b)
credit union
c)
debit card
d)
depository institutions
78.
Depository institutions that offer many banking services and are owned by their customers
a)
commercial bank
b)
credit union
c)
mobile banking
d)
online banking
79.
A plastic card that is electronically connected to the cardholder's depository institution account
a)
credit card
b)
debit card
c)
interest card
d)
savings card
80.
Businesses that provide financial services
a)
depository institution
b)
ATM
c)
online banking
d)
savings tool
81.
The price paid for using someone else's money
a)
interest rate
b)
debit card
c)
credit card
d)
interest
82.
The percentage rate used to calculate interest
a)
percentage
b)
rate of return
c)
interest rate
d)
interest accrual
83.
Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets and other mobile devices
a)
App store
b)
online banking
c)
mobile banking
d)
savings banking
84.
Allows customers to complete certain transactions from a secured internet site by using a username and password from any place in the world with internet access
a)
savings tool
b)
checking account
c)
online banking
d)
savings account
85.
An account at a depository institution that is designed to hold money not spent on current consumption
a)
ATM
b)
interest
c)
savings account
d)
interest rate
86.
Accounts offered by depository institutions whose main purpose is to help people manage their money
a)
debit card
b)
savings tool
c)
interest
d)
checking account

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