WorksheetsFinance Unit 2 Test Review - Budgeting
Total questions: 31
Worksheet time: 16mins
What should be the first thing you consider when making a budget?
Fixed Expenses
Variable Expenses
PYF (Pay Yourself First)
Income
What is the amount of something left over when requirements have been met called?
surplus
deficit
expense
income
What is the loss of potential gain from other alternatives when one alternative is chosen called?
surplus
opportunity cost
deficit
trade off
What is a balance achieved between two desirable but incomparable features called?
opportunity cost
budget
surplus
trade off
What is an estimate of income and expenditures for a set period of time?
income
opportunity cost
budget
surplus
What is an amount by which something, especially money, is too small called?
deficit
surplus
income
expense
Which does a budget not include?
fixed expenses
variable expenses
income
unanticipated expenses
Which is an example of something you would spend disposable income on?
Red Robin
Adventure Park
rent
movie tickets
Which is a tax advantaged investment vehicle in the US designed to encourage savings for the future higher education expenses of a designated beneficiary?
grant
529 plan
scholarship
student loan
Which is a grant or payment made to support a student's education, awarded on the basis of academic or other achievement?
grant
529 plan
scholarship
student loan
Which is designed to help students pay for university tuition, books and living expenses and must be re-paid?
grant
529 plan
scholarship
student loan
Which is a sum of money given by an organization, especially a government, for a particular purpose?
grant
529 plan
scholarship
student loan
What do you call the concept of saving for the future by putting money aside before paying regular bills?
grant
budgeting
PYF
scholarship
The three R's when budgeting are reality, restraint, and realistic.
true
false
Which is not a factor that would affect your budget after it is created?
Acts of God
Inflation
Windfall income
Unemployment
Banks never waive the fees for your checking account because you have direct deposit.
True
False
What is a direct deposit?
An electronic transfer from one account to another
When you take your check to the bank and deposit it into your checking account
When you take money out of your account using a debit card
An electronic fund deposited directly into your bank account from your employer
Disposable income is the money you have left after taxes are taken out of your paycheck before paying your expenses.
True
False
A short term goal is a goal made to be accomplished in 1 or more years.
True
False
Which is an example of unanticipated income?
your electric bill goes up and you have to spend more money than expected
you receive a check for overpaying a bill you didn't know you made
your paycheck
your house payment
Fixed expenses are expenses that stay the same each month like rent. Variable expenses are expenses that change like groceries.
True
False
Which is an example of an opportunity cost?
Choosing to work full time or to go to college full time next year
Choosing to work part time and go to college part time next year
Choosing to go to dinner with your friends
Choosing to clean the house before Thanksgiving
Which of the following is a want?
studying for a test
going to a concert
going to work
going to school
What is a debt instrument secured by collateral of a specific property?
credit card
checking account
mortgage
CD
SMART stands for specific, measurable, actionable, realistic, time-based.
True
False
A deficit is an amount of something left over when requirements have been met.
True
False
What is something you would do at a bank?
Open a savings account
Purchase groceries
Play video games
Sit down for dinner
Which is a question you would ask when opening a savings account?
Whats for dinner?
Are we there yet?
How much do I owe for this purchase?
Are there any benefits and fees?
How many months of income should you have saved as an emergency fund?
3 - 6 months
9 - 12 months
1 - 2 months
0 months
Which of the following has an early withdraw fee?
Savings account
CD (Certificate of Deposit)
Checking account
Which can help you pay for college?
529 plan, scholarship, grant
scholarship, grant, credit card
Credit card, 529 plan, grant
Scholarship, credit card, grant
