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WorksheetsMoney Management
Total questions: 50
Worksheet time: 26mins
It's important to save for the following reasons:
To meet long term and short term goals
To build wealth
To protect against unexpected crisis (emergency, loss of job)
All of the above
It is a good idea to build a budget based on your income.
True
False
Reasons for making a budget include
To have a spending plan
To have a savings plan
To keep track of debits and credits
All of the above
Getting $25 from mowing your neighbor's lawn is an example of:
Earned Income
Unearned Income
The essentials you can't live without are called:
Needs
Wants
Income
Expenses
My family uses a _____________
NET WORTH
says that money received today is worth more than money received in the future.
is the amount of money a person has to spend after needs are met.
is the value of all assets, minus the total of all liabilities.
is the amount of money a person has to spend after needs are met.
FIXED EXPENSES
are expenses that do not change each month.
are expenses that can go up and down each month.
are differences between planned and actual income or expenses.
describe how you will pay for achieving your personal goals.
ASSETS
are items of value that you own which may be appreciating or depreciating in value.
allows you quick and easy access to your money without penalties.
is interest earned on both principal and previous interest earnings.
are things we desire to buy.
VARIABLE EXPENSES
are expenses that do not change each month.
are expenses that can go up and down each month.
is money added to a checking or savings account.
are special checks that can be ordered from banks or other retailers of personal checks. They have the advantage of leaving you with an exact and immediate copy of every check you write.
WANTS
are expenses that can go up and down each month.
describe how you will pay for achieving your personal goals.
are things you want to achieve.
are things we desire to buy and go beyond filling survival needs and basic comforts.
DEBIT CARD
is a convenient way to pay bills if you do not have a checking account.
is a check issued by a bank against its own funds.
is a record for keeping track of checks written and deposits made.
is a bank card that allows the account holder to make purchases and to withdraw cash from an account at an ATM.
BOUNCED CHECK
may have restrictions and/or penalties for taking out money.
is money added to a checking or savings account.
A check returned by the bank because there was not enough money in the account.
deducts money from an account and electronically transfers it to another party.
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
The total amount of money an individual has earned before taxes are deducted
Net Income
Checking Account
Gross Income
Overdraft
Which is a better way to use your money?
needs first
wants first
The money an individual spends regularly for items or services.
Budget
Expenses
Checking Account
Financial Plan
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
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
Medium of exchange
Coins
Money
Currency
Goods and Services
What is interest
Something you like to do
Excessive borrowing
A fee paid for the use of someone else's money
used to buy something now and pay it for later
What is a good reason to save money?
To have money to buy things
To have money put aside for emergencies
For a future purchase
All of the above
Which of the following is an example of a need for most people?
An expensive car
A big-screen TV
Designer jeans
A place to live
What should you do if you lose your debit card?
Wait a week to see if you can find your card
Report it to your bank so they can cancel your card
Borrow someone else's debit card
Nothing
Where is the best possible place to store you PIN number?
Written on your card in marker
Written on a sheet of paper in your wallet
Written in one of your school notebooks
You shouldn't write it down
A value can be described as
something basic for your survival
something you desire to make your life more comfortable
a willingness to give up something now in exchange for a future benefit
a belief or idea you consider important or desirable
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
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
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
Setting aside money to have on hand for unexpected expenses and events
Fixed Expense
Spending and Saving Plan
Emergency Fund
Variable Expenses
What are some ways to reduce utility cost?(Select all that apply)
Turn of lights/ tv when not in use
Eating out less
minimizing shower soap
hand washing shoes
minimizing shower time
____ is to put off doing a project
procrastinate
beating around the bush
manipulate
The exchange of one good or service for another good or service refers to?
Barter
Money
Swindling
Theft
Saving for two months to buy a new coat is an example of:
An immediate goal
A short-term goal
A medium-term goal
A long-term goal
When you create a budget, what area can you easily reduce to save money for a goal?
Fixed expenses
Retirement saving
Variable expenses
All of the above
What is anything that is generally accepted as payment for goods and services?
Money
Bond
Stock
Bank
