WorksheetsPersonal Finance Budget (PSHE Y7)
Total questions: 20
Worksheet time: 2hrs 40mins
What is budgeting?
A) Having money left over at the end of the month.
B) A plan made in advance regarding the expenditure of money based on available income.
C) The ability to pay your bills on time.
D) Having enough money to go out to eat.
Which of the following is an example of a 'fixed expense'?
A) Food and groceries.
B) Mortgage or rent payments.
C) Charitable contributions.
D) Gas for your car.
The best way to start the budgeting process is to
A) Start tracking all of the money you spend for a period of time, usually a month, so that you have an understand of where your money goes.
B) Automatically deposit money into a savings account with each paycheck.
C) Pay your credit card balance(s) in full each month.
D) Curbing your spending on incidental items such as dining out or entertainment.
In regards to personal finances, "zero-based budgeting" is
A) Stopping all spending on incidentals such as dining out or entertainment.
B) The practice of budgeting every dollar of income received.
C) A budgeting method where you put 'zero' dollars on your credit card
D) The ability to pay all of your bills each month with something left for 'whatever'.
Which of the following are the best tools for budgeting?
A) Personal financial management software.
B) A pencil and paper.
C) Computer spreadsheets.
D) Any of above. Whatever works best for you.
With a "rainy day" savings fund, you
A) Set aside money for emergencies or essential spending in case of a loss of income.
B) Set aside money to use to treat yourself to something special when the weather turns bad.
C) Put a fixed amount of money into a savings account each time it rains.
D) Save up money to buy an umbrella and other types of rain gear.
When putting together a budget, which of the following items should you include?
A) Fixed Expenses.
B) Discretionary Expenses.
C) Savings
D) All of the above.
What is the most likely reason for a budget to fail?
A) Buying a pair of shoes you just couldn't resist.
B) Not using a personal financial planning website or software
C) Failing to establish an emergency fund to account for unforeseen expenses.
D) Not making enough money.
Each day after school, Brittany has soccer. She could spend that time babysitting for extra cash. Babysitting his her
A) Investment
B) Budget
C) Short term goal
Opportunity cost
All of these are forms of cash
A) Credit cards, checks and debit cards
B) Checks, credit cards and coins
C) Currency, checks and debit cards
D) Currency, coins and credit cards
Spending money, time or items toward future benefits for making more money is called
A) Investing
B) Saving
C) Borrowing
D) Paying off
What is the term for the money you earn?
A) Expense
B) Income
C) Interest
D) Savings
Agreement to receive cash, goods, or services now and pay for them at a later date
A) Credit
B) Savings
C) Investment
D) Income
A card that allows money to be withdrawn from your account
A) Credit Card
B) Check
C) Gift certificate
D) Debit card
Who is most likely to have high finance charges?
A) An individual who pays on time
B) A person with a bad credit history and a lot of debt
C) An person who pays off credit card balances each month
D) A customer who pays bills online
A store is offering 10% off for customers who use their store card. This is an example of making purchases using
A) Credit
B) Currency
C) Debit
D) Cash
Susan is in 5th grade. Her dream is to one day be a doctor. This is a _____________
A) Short term goal
B) Savings
C) Long term goal
D) Investment
Sam started a college fund for his son when he was born. Each month he transfers $100 from his checking account to the fund. By doing this, he is both _________ and ___________.
A) Saving and borrowing
B) Saving and Investing
C) Investing and borrowing
D) Spending and saving
Find the simple interest and the amount when:
Principal = RM 1500, rate = 12% p.a. and time = 3 years 3 months.
A) RM 2085
B) RM 1500
C) RM 585
RM 915
Find the simple interest and the amount when:
Principal = RM 9600, rate =7.5% p.a. and time = 5 months.
A) RM 9600
B) RM 9900
C) RM 300
D) RM 9300
