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Personal Finance - Saving & Budgeting

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Interest paid on an investment and on any interest previously earned.

a)

compound interest

b)

simple interest

c)

liability

d)

asset

2.

An obligation to repay borrowed money.

a)

debt

b)

promise

c)

asset

d)

expense

3.

Money put into an account intended for growth.

a)

assets

b)

liabilities

c)

simple interest

d)

investments

4.

All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future.

a)

budget

b)

expenses

c)

personal finance

d)

scarcity

5.

Anything of value that is owned by an individual.

a)

liability

b)

asset

c)

credit

d)

debit

6.

The granting of a loan and the creation of debt.

a)

credit

b)

debit

c)

expense

d)

compound interest

7.

A federally recognized, tax-exempt organizations such as a church, hospital, charity, or school that serves the public in some capacity.

a)

consumer

b)

scarcity

c)

profitable organization

d)

nonprofit organization

8.

The charge for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest.

a)

principal

b)

time

c)

interest

d)

balance

9.

The cost of goods or services.

a)

liability

b)

expense

c)

consumer

d)

budget

10.

An unlimited amount of wants but limited resources.

a)

bankruptcy

b)

consumer

c)

banker

d)

scarcity

11.

A monthly plan for how you are going to save and spend your income.

a)

expenses

b)

credit

c)

budget

d)

liability

12.

Interest paid only on the principal investment.

a)

compound interest

b)

simple interest

c)

principal interest

d)

time interest

13.

A person or organization that purchases a product or service.

a)

purchaser

b)

buyer

c)

consumer

d)

manager

14.

The amount of money you should have in your emergency fund.

a)

$100

b)

$300

c)

$500

d)

$700

15.

Anything you owe; a debt

a)

liability

b)

asset

c)

credit

d)

bill

16.

The total value of a person's assets (things owned) minus the liabilities (things owed); may be a positive or negative dollar amount

a)

personal value

b)

net investments

c)

personal worth

d)

net worth

17.

The process of putting money into an account

a)

ATM

b)

deposit

c)

withdrawal

d)

overdraft

18.

Occurs when money is withdrawn from a bank account and the available balance goes below zero.

a)

overpayment

b)

overdraft

c)

underpayment

d)

underdraft

19.

The condition of having unlimited wants but limited resources is known as:

a)

scarcity

b)

global demand

c)

consumerism

d)

budgeting

20.

Personal finance is about ________% behavior and ________% head knowledge.

a)

30, 70

b)

20, 80

c)

70, 30

d)

80, 20