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Personal Finance

Total questions: 55

Worksheet time: 33mins

Name
Class
Date
1.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

2.

What is income?

a)

The amount you spend

b)

The amount you don't save

c)

Money taken in

3.

What is variable expense?

a)

The amount of money you spend

b)

The amount of money you save

c)

An expense that costs different amounts every month

d)

The variable in math

4.

What is repossess?

a)

To not take back an item

b)

To take back possession of something

c)

To share a company

5.

What are stocks?

a)

sharing something

b)

An ownership share in a company

c)

A graph with pointy arrows that are red and green

6.

What is real investment?

a)

putting money into stocks and bonds

b)

putting money into something physical

c)

putting money into banks

d)

stealing banks

7.

What is interest?

a)

money paid by other people

b)

money robbed by the bank

c)

money paid regularly by the bank on the account

d)

money paid by the U.S

8.

What is investment?

a)

money spent on something with the goal of making more money

b)

money spent on other things

c)

money spent on saved products

9.

What does this represent?

a)

Spending money

b)

Spending pennies

c)

Saving money

d)

interest

10.

What is this called?

a)

A Check

b)

A credit card

c)

A debit card

d)

Money Order

11.

What is this?

a)

Credit history

b)

Credit card

c)

Credit score

d)

None of the above

12.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
13.
This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.
a)
compound interest
b)
emergency fund
c)
APR
d)
debt
14.
The first step of financial freedom;
$500 for teens; $1,000 for adults
a)
mutual fund
b)
emergency fund
c)
sinking fund
15.

What are some benefits to starting a savings account early?

a)

you can earn interest on money saved

b)

putting money aside will help avoid spending it on something else

c)

setting a savings goal will help

d)

all of the above

16.

When opening a savings account or planning your budget, which unexpected expenses should you consider?

a)

home repair

b)

car repair

c)

medical expenses

d)

all of the above

17.

When you buy something you WANT, what should you consider before buying?

a)

where it will look best in my house

b)

will my friends like it as much as I do

c)

you might not have enough money for necessary spending (emergencies)

18.

When panning a simple budget, what items would you recommend including?

a)

earnings

b)

spending

c)

saving

d)

all of the above

19.

Is it better to pay your monthly credit card statement in full or pay the minimum balance? Why?

a)

pay it in full

b)

you can avoid paying a fee on the remaining balance

c)

pay the minimum balance

d)

paying the minimum balance takes care of eeverything

20.
Everyone makes choices about how to manage his or her money/income from a job. This is also known as what?
a)
Personal Finance
b)
Government
c)
Civics
d)
Geography
21.
Which is the "R" in SMART Goal?
a)
Realistic
b)
Required
22.
Which is the "M" in SMART Goal?
a)
Measurable
b)
Magnificent
23.
Changing your goal from "I will work out daily" to "I will work out for an hour daily" adds what part of SMART to your goal?
a)
Specific
b)
Attainable
c)
Measurable
d)
Realistic
24.
Something a person intends to acquire, achieve, or accomplish in the future
a)
Opportunity Cost
b)
Financial Planning
c)
Goal
d)
Trade-Off
25.
Which is the "A" in SMART Goal?
a)
Acquired
b)
Attainable
26.
Which is the "T" in SMART Goal?
a)
True
b)
Time Bound
27.
Which one is the "S" in SMART Goal?
a)
Spectacular
b)
Specific
28.
Which part of the SMART goal is missing? "I plan to save $2500 by automatically depositing $105 from my paycheck into a savings account each month for 2 years."
a)
Realistic
b)
Measurable
c)
Time bound
d)
Specific
29.
Something a person intends to acquire, achieve, or accomplish that will take longer than one year to attain
a)
Short-Term goal
b)
Financial Planning
c)
Long-Term Goal
d)
Trade-Off
30.
A card that borrows money but it has to be paid back
a)
Debit Card 
b)
Credit Card 
c)
Baseball Card 
d)
Pokemon Card 
31.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan 
b)
Interest 
c)
Income 
d)
Deposit  
32.
money that you make from your job
a)
interest
b)
occupation
c)
wage
d)
income
33.
hourly rate that you get paid
a)
wage
b)
income
c)
salary
d)
register
34.
pay at the end of the month
a)
credit card
b)
debit card
35.

the total amount of money you earn

a)

gross income

b)

net income

36.

the amount of money you receive after deductions are subtracted from your gross income

a)

gross income

b)

net income

37.

money taken out of your account

a)

debit

b)

deposit

38.

money put into your account

a)

deposit

b)

debit

39.

the money in your account

a)

debit

b)

deposit

c)

balance

40.

a plan for how much income will be received and how it will be spent

a)

budget

b)

grocery list

c)

shopping list

41.

In case of emergency you should have what...

a)

Good Credit

b)

Money Saved

c)

Budget Plan

d)

Credit Card

42.

By investing you are...

a)

Making your money grow

b)

Advancing in the stock market

c)

Adulting

d)

Building your credit

43.

What is interest

a)

Something you like to do

b)

Excessive borrowing

c)

A fee paid for the use of someone else's money

d)

used to buy something now and pay it for later

44.
debt
a)
total amount of money owed
b)
short term US government IOU for a period of years.
c)
a payment card issued to users as a method of payment
d)
payment made for the use of borrowed money
45.
Like a credit card, but it takes money directly from your bank account.
a)
budget
b)
debit card
c)
credit card
d)
checking account
46.
A card that lets you buy goods and services based on a promise to pay later.
a)
budget
b)
debit card
c)
credit card
d)
checking account
47.
A(n) _________occurs when withdrawals have gone over the available amount.
a)
overdraft
b)
statement
c)
cleared Check
d)
check Register
48.
A(n) _________ is a record book used to keep track of all transactions.
a)
Overdraft
b)
Statement
c)
Cleared Check
d)
Check Register
49.
Your account was charged $30.00 for an overdraft fee. What is an overdraft
fee?
a)
A fee for maintaining your account.
b)
A state tax.
c)
A fee for over spending.
50.
What is personal finance?
a)
 a budget
b)
 income and expenses
c)
 savings account
d)
all of the above
51.
What is an expense?
a)
resources not necessary to survive
b)
resources necessary to survive
c)
money used on needs and wants
52.
What is a need?
a)
any resource unnecessary to survive
b)
any resource necessary to survive
c)
a plan for balancing income and expenses
53.
What is a want?
a)
any resource necessary for you to survive
b)
any resource unnecessary in order to survive 
c)
money earned
54.
What is a fixed expense?
a)
an expense whose price will change over time
b)
an expense whose price will not change over time
c)
money earned
55.
What is a variable expense?
a)
an expense whose price changes over time
b)
an expense whose price does not change over time 
c)
money used on needs and wants

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