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WorksheetsFamily & Consumer Science: Unit 1, Lesson 3
Total questions: 22
Worksheet time: 11mins
What is the most common type of account opened by people throughout the country?
Savings
Checking
Credit
Money Market
A checking account is a bank account that stores your money until you want it.
True
False
Expenses that are absolutely necessary:
Fixed expenses
Nondiscretionary Expenses
Discretionary Expense
Checking
A gym membership can be considered a fixed, discretionary expense.
Yes
No
I have no clue
Your monthly rent is considered which of these?
Fixed
Discretionary
Routine
All debt is bad
True
False
I have no clue
Having debt can increase your wealth.
True
False
I have no clue
Using your credit cards to pay for all of the extra items you want and cannot afford during the month is a good use of credit.
True
False
I have no clue
It is difficult to get out of financial trouble.
True
False
I have no clue
Online banking is a convenient way to manage money.
True
False
I have no clue
Good debt can also help your credit score.
True
False
I have no clue
Bad debt is when you finance things that you consume and do not have the money or a plan to repay the debts within a reasonable amount of time.
True
False
I have no clue
Credit cards are generally seen as bad debt because of the things that credit cards are usually used to purchase.
True
False
Most people cannot afford to pay off their credit card bill each month – that is when it becomes a bad debt.
True
False
Bad debt will hurt your overall credit score.
True
False
Paying off your credit cards each month actually increases your credit score.
True
False
Why is finding a credit card with good interest rate so important?
Helps you pay off debt faster.
Helps you have more credit.
Helps you raise your credit limit.
There are many types of insurance.
True
False
Where should you write your new balance after each transaction?
In the far right column
In the column marked payment/debit
In the far left column
In the column marked fee
What is usually the highest expense in a month?
Car insurance
Eating out
Rent
Water
What does FICA stand for?
Federal Income Contributions Act
Federal insurance Charity Act
Federal Insurance Contributions Act
Federal Income Company Act
Why does selecting a type of employment involve tradeoffs?
Many jobs require a person to relocate.
No job offers everything you want or need.
Many jobs offer no personal satisfaction.
Many jobs you choose among may offer different benefits.
