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Family & Consumer Science: Unit 1, Lesson 3

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.

What is the most common type of account opened by people throughout the country?

a)

Savings

b)

Checking

c)

Credit

d)

Money Market

2.

A checking account is a bank account that stores your money until you want it.

a)

True

b)

False

3.

Expenses that are absolutely necessary:

a)

Fixed expenses

b)

Nondiscretionary Expenses

c)

Discretionary Expense

d)

Checking

4.

A gym membership can be considered a fixed, discretionary expense.

a)

Yes

b)

No

c)

I have no clue

5.

Your monthly rent is considered which of these?

a)

Fixed

b)

Discretionary

c)

Routine

6.

All debt is bad

a)

True

b)

False

c)

I have no clue

7.

Having debt can increase your wealth.

a)

True

b)

False

c)

I have no clue

8.

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.

a)

True

b)

False

c)

I have no clue

9.

It is difficult to get out of financial trouble.

a)

True

b)

False

c)

I have no clue

10.

Online banking is a convenient way to manage money.

a)

True

b)

False

c)

I have no clue

11.

Good debt can also help your credit score.

a)

True

b)

False

c)

I have no clue

12.

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.

a)

True

b)

False

c)

I have no clue

13.

Credit cards are generally seen as bad debt because of the things that credit cards are usually used to purchase.

a)

True

b)

False

14.

Most people cannot afford to pay off their credit card bill each month – that is when it becomes a bad debt.

a)

True

b)

False

15.

Bad debt will hurt your overall credit score.

a)

True

b)

False

16.

Paying off your credit cards each month actually increases your credit score.

a)

True

b)

False

17.

Why is finding a credit card with good interest rate so important?

a)

Helps you pay off debt faster.

b)

Helps you have more credit.

c)

Helps you raise your credit limit.

18.

There are many types of insurance.

a)

True

b)

False

19.

Where should you write your new balance after each transaction?

a)

In the far right column

b)

In the column marked payment/debit

c)

In the far left column

d)

In the column marked fee

20.

What is usually the highest expense in a month?

a)

Car insurance

b)

Eating out

c)

Rent

d)

Water

21.

What does FICA stand for?

a)

Federal Income Contributions Act

b)

Federal insurance Charity Act

c)

Federal Insurance Contributions Act

d)

Federal Income Company Act

22.

Why does selecting a type of employment involve tradeoffs?

a)

Many jobs require a person to relocate.

b)

No job offers everything you want or need.

c)

Many jobs offer no personal satisfaction.

d)

Many jobs you choose among may offer different benefits.