WorksheetsUnderstanding Your Money
Total questions: 25
Worksheet time: 25mins
What is the minimum amount of money you should save or “pay yourself”?
10%
15%
20%
25%
A spending plan that allows you to manage your money
Expense
Income
Balance
Budget
Money that is paid to the government for public purposes are called what
Taxes
Income
Social Security
Expenses
Which of the following would NOT be an example of something that tax dollars are used for?
Military
Government buildings
Doctor salaries
Roads and Bridges
Knowing how much money you have in your bank account at any given time is called knowing your what?
Income
Expenses
Balance
Budget
What happens if your expenses are greater than your income?
You go in debt
You have to file bankruptcy
You get a loan
You use a credit card
What does IRS stand for?
International Reserve Service
Internal Reservation Service
Internal Revenue Service
International Revenue Station
Which of the following is an example of a fixed expense?
Car loan payment
Electric bill
Gas in a car
Groceries
An item you would like to have, but is not necessary for survival is known as what?
Wants
Needs
Necessities
Supplies
A budget is important because...
It allows you to see where you are spending money
It allows you to plan for expenses
It helps you manage your money and stay out of debt
All of the above
Which of the following would NOT be an example of a flexible expense?
home loan payment
gas in a car
utility bill
groceries
The money you bring in is called what?
Income
Expenses
Balance
Flexible Expenses
Items that are necessary for your survival are called what?
Wants
Needs
Crucial
Supply
Why is using cash the safest way to pay for purchases?
You can't spend more than you have
You aren't charged interest
You can’t overdraw your bank account
All of the above
A number that represents a person’s worthiness of being loaned money is called what?
Credit Card
Credit Karma
Credit Check
Credit Score
Which of the following represents the BEST credit score?
650
470
850
200
Things that you spend money on are called what?
Income
Balance
Budget
Expenses
Your family car needs an oil change. Your mom pays for it with a card. Money comes out of her checking account. What card did she use?
credit card
debit card
Your dog has to go to the vet. Your dad pays with a card. The cost shows up on his monthly bill. What card did he use?
Debit card
Credit card
This method of payment can cost you more money due to interest charges.
Credit
Debit
With this method of payment, you have to remember a pin number and the money spent comes out of your checking account.
Credit
Debit
Why would someone want their credit score to be high?
So they can get loans
So they don't have debt
So they can buy groceries
So they can get a debit card
When would writing a check be necessary over using other forms of payment?
When checking out at a store
When sending money through the mail
When you put gas in your car
When you shop online
What can happen if you don't pay your taxes?
You get fined
You can go to jail
You can have your home taken
All of the above
Expenses that vary or change are what type of expenses?
Fixed
Flexible
Expensive
Regular
