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WorksheetsPBMF Final Exam
Total questions: 20
Worksheet time: 15mins
The aspects of making, selling, and providing products in exchange for money is known as what?
Marketing
Business
Product
Good
A _______is a tangible item that is produced and sold to consumers.
Service
Good
Product
Idea
Which of the following is NOT an example of a service?
Car
Car repair
Housecleaning
Lawn mowing
A method of selling that involves analyzing customer wants and needs and aiming to fulfill them better than competitors is known as what?
Marketing mix
Marketing function
Marketing concept
The amount of a loan is called the _____.
collateral
down payment
principal
capital
A maximum amount you are allowed to owe at one time on your credit account is called the
credit limit
finance charge
charge limit
installment
When you use a debit card in a store or restaurant
the amount of the purchase is deducted from your bank account
the amount of the purchase is deducted from the stored value on the card.
you pay a surcharge
you are borrowing money
A business owned fully or in part by the government is known as what?
Public enterprise
Marketing enterprise
Private enterprise
Industry enterprise
What is a share in ownership and a claim to a portion of a corporation’s profits called?
Secondary
Corporation
Stock
Private enterprise
Creating a budget can make you feel powerful! Why?
People who budget earn more money, so they can live a better life
A budget puts you in control of your spending and saving, so you make good decisions and feel more confident
You can't really budget unless you have an important job, which means that other people look up to you
Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things
Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...
Cell phone plan
Rent
Clothing
Renters insurance
The two main portions of a budget are...
the money coming in (income) and the money you're spending (expenses)
the money coming in (expenses) and the money you're spending (income)
the cash you are spending in stores and the bills you are paying online
the items you want to buy and the money you need to save for retirement
Why is it important to be able to decide if an item is a NEED or a WANT?
Needs are worth spending money on, but you should never spend on a want
Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them
You cannot create a budget that has both needs and wants included -- you need them each in a separate budget
When you budget, you should make sure all your needs are met first, then you can decide to spend on wants
Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan?
He loves watching movies, and he's already paid for all the streaming services, so now he needs the data
Unlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video games
He has so many social media accounts, and he needs to be able to check them throughout the day, even while in school
He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online
Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?
$8
$80
$80, minus any taxes she has to pay
$80, plus any taxes she has to pay
What is one benefit of borrowing money from a friend or family member instead of from the bank?
You don't have to repay your friends or family if you don't want to
You can borrow more money from a friend or family member because they have more cash than banks
Friends and family cannot legally charge you interest on the loan, but banks can
Friends and family will typically work with you to set up a repayment plan you can afford
Justin really wants to attend the 8th-grade graduation ceremony, dance, and field day, but all the tickets combined cost $75, and he doesn't have that much. Justin has no job, gets no allowance, and his birthday was just last month, so he's not expecting any gifts soon. What's a potential downside of asking his friend Kylie for a loan?
Kylie will have to give him the money, even if she doesn't want to
As soon as she lends him the money, they won't be able to be friends any more
It might cause problems in their friendship if Justin doesn't repay her on time or if he then asks for even more money
The school won't sell him tickets if they know he borrowed the money instead of earning it himself
What is the key difference between a credit card and a debit card?
Credit cards allow you to borrow money to pay for things, while debit cards take money straight from your own checking account
Wealthy people use credit cards, while people with lower incomes use debit cards
Credit cards come from credit unions, while debit cards come from banks
You can only use credit cards if you are over 25, but you can use debit cards as long as you are over 18
Craig isn't sure if he should open up a credit card account or get a bank loan. What question is MOST useful in helping him decide which financial product he should get?
Are you responsible with your money?
Are you trying to make a bunch of small purchases over time or one large purchase?
Are you using the money to purchase an item that is a need or a want?
How much money do you have in your bank account?
Kervin really wants to buy a new bike because his old one is too small now. He's trying to decide if he should use his debit card or credit card. What's one reason he should be careful about using credit?
Credit will take the money straight from his checking account, lowering his bank balance
Credit will force him to pay taxes on his bike purchase
Credit will charge him interest every month until he repays his full balance
Credit will force him to buy a cheaper bike than he could with debit
