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Reality Check - Terms to Know

Total questions: 13

Worksheet time: 4mins

Name
Class
Date
1.

A loan taken by a person in order to buy a home is called a......

a)

Rent

b)

Mortgage

c)

Bad Idea

d)

Lease

2.

Money paid monthly to a person who owns the property that you are using for a residence or business is called .....

a)

Rent

b)

Mortgage

c)

Bad Idea

d)

Lease

3.

Spare time to relax and do things that you enjoy. Time free from work and responsibilities is called.....

a)

Layoff

b)

Aptitude

c)

Logo

d)

Leisure time

4.

What word means "made up of different things or kinds of things which don't necessarily have any conncection with each other"?

a)

Manage

b)

Materialism

c)

Motivation

d)

Miscellaneous

5.

A financial cost, fee,or charge is called an.....

a)

Employee

b)

Equity

c)

Expense

d)

Economic recession

6.

The amount of money earned each month working at a job, before deductions, is called....

a)

Gross monthly pay

b)

Expenses

c)

Deductions

d)

Balance

7.

What word matches this definition? "Money automatically subtracted from gross income, and forwarded to the government, including income tax and insurance."

a)

Degree

b)

Downsizing

c)

Diploma

d)

Deductions

8.

Money received in exchange for labor, products, services, or investiment is called.....

a)

Investment

b)

Igloo

c)

Income

d)

Layoff

9.

The amount remaining after all the deductions and expenses have been subtracted from gross income.

a)

Balance

b)

Budget

c)

Brainstorm

d)

Business

10.

TRUE or FALSE? To balance a budget means to adjust it so that you don't spend more than you can earn.

a)

True

b)

False

11.

Income is....

a)

Money IN

b)

Money OUT

12.

Expenses are....

a)

money IN

b)

money OUT

13.

Balance is.....

a)

money gone

b)

money left over