WorksheetsMoney Management
Total questions: 30
Worksheet time: 22mins
In a BUDGET- Water, Electric and Gas are categorized as ______ expenses
Debt
Housing
Utilities
2.The amount an employee takes home after deductions
Budget
Debt
Gross Income
Net Income
Owing money to another individual or business, or the amount of money borrowed
Gross Income
Net Income
Debt
Budget
The total amount of money an individual has earned before taxes are deducted
Net Income
Checking Account
Gross Income
Overdraft
The money an individual spends regularly for items or services.
Budget
Expenses
Checking Account
Financial Plan
Tax levied by a US government directly on personal income.
Budget
Federal Income Tax
Net Income
Expense
Which is a better way to use your money?
needs first
wants first
This is what happens if you spend more than you save:
you have extra savings
you can invest the money
you have a deficit
emergency account
Why should someone use a budget? (check all that apply)
To waste money
To identify expenses
To achieve financial freedom
To get into debt
To save money
If expenses were to exceed income, what would be a financially smart solution?
Earn less income
Decrease expenses
Increase purchases
Use a credit card more often
What is an expenditure?
Money earned by a worker
Money spent
Benefits from a job
Money saved
According to financial experts, how many months of expenses should someone set aside for emergencies?
Not necessary
3-6 months
10 months
None- just borrow when an emergency arises
What two entities make up a budget?
Income and Expenses
Savings and Interest
Income and Investments
Expenses and Expenditures
When a business has extra money at the end of the month they are considered to be _______
in the BLACK
in the RED
Which income is used for figuring out a budget
Net Income
Gross Income
According to financial experts, why should you pay yourself first? (you can choose more than 1 answers)
You should not, that's silly
To build an emergency fund
To become a saver
Which of the following is considered a need?
a new car
a clothes dryer
a place to sleep
lunch at a local restaurant
Marcus set a goal to buy a used car in the next few months. He plans to make a $2,500 down payment and has already saved $1,300. If he can save $150 each month for this goal to buy a car, how long will it take him to save the entire $2,500?
6 months
8 months
10 months
12 months
Lisa will buy two new car tires three months from now before taking a long trip. Each tire costs $75. How much will Lisa need to save each month to reach her goal?
$25
$50
$75
$150
In eight months, Kelly’s parents will need to make the final payment for Kelly’s braces. Half of the total cost was paid when her braces were put on. The total cost is $3,200. How much will Kelly’s parents need to save each month to pay off the balance owed?
$135
$200
$400
$1,600
Mark wants to visit his foreign exchange “brother” who lives in Brazil. He’d like to make the trip 18 months from now, right after graduation. Mark estimates that he will need $3,000 total to pay for transportation, food, and other expenses. He has already saved $300. How much will Mark need to save each month to reach his goal?
$150
$167
$225
$2,700
Any money you receive such as an allowance or paycheck
Income
Cash flow
Emergency Fund
Fixes Expense
A predictable amount of money spent to buy something or do something that is the exact same amount every time
Income
Variable Expenses
fixed expense
Spending and Saving Plan
Saving a certain amount of money to be used later for financial goals
Spending Log
P.Y.F (Pay Yourself First)
Cash Flow
Variable Expenses
Setting aside money to have on hand for unexpected expenses and events
Fixed Expense
Spending and Saving Plan
Emergency Fund
Variable Expenses
