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WorksheetsFinancial Literacy Make-Up Assignment
Total questions: 20
Worksheet time: 27mins
When developing a savings plan, what should you remember?
wait until I'm older
pay myself first
pay off debt first
invest in high risk
When is an item considered an asset?
While you are making monthly payments on time
Converting an asset into cash
When cash is used for emergencies
When it is fully paid off and can be sold for cash
Which of the following are considered variable expenses? (You can choose more than one.)
Magazine subscription
Electricity
Insurance coverage
Clothing
Recreation and vacation
Which of the following are considered fixed expenses? (You can choose more than one.)
Cable subscription
Electricity
Insurance coverage
Rent
Medical fees
What are stocks?
sharing something
An ownership share in a company
A graph with pointy arrows that are red and green
What is investment?
money spent on something with the goal of making more money
money spent on other things
money spent on saved products
Budgeting is crucial for financial success
somewhat
According to the 50/20/30 rule what three categories is your after tax income allocated to?
needs, savings and wants
housing, investments and vacations
utilities, discretionary spending, savings
fixed expenses, variable expenses, discretionary expenses
when budgets are automatically set at zero and budget holders have to argue their case to receive any funds.
flexible budget
depreciation
zero budget
financial analysis
The zero-budget is the best method of budgeting because:
This type of budget is less complicated than other types of budgets
A zero-based budget allows less money for wants
Sticking to a zero-based budget requires less discipline
The zero-based budget ensures that every dollar you make is assigned a specific purpose
A store sells you a new book for $8.00. A used bookstore sells it for $5.00. How much would you save if you bought the used book?
$8.00
$6.00
$4.00
$3.00
the average cost of producing a single unit of output.
unit costs
overheads
profit centre
budget
Sales tax is...
A tax on the selling price of an item or service you purchase.
Are objects you use to pin up a sale sign.
A tax that is added to the balance of a savings account.
