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Finance

Total questions: 147

Worksheet time: 2hrs 50mins

Name
Class
Date
1.

UN__N __DG_T

(a)  

2.

How much will the Government spend on Capital Expenditure (roads/railways/bridges/buildings) this year?

a)

I dont know

b)

Rupees 7.5 Trillion

c)

Rupees 7.5 Crores

d)

Rupees 120 Crores

3.

How does the Government earn money for its various expenses

a)

The Government sells Bread to earn Money

b)

The Government steals money from the banks

c)

Government takes taxes from people and companies. It also takes sales tax for things we buy

d)

The Government asks for money from other countries

4.

What is the tax rate for Bitcoin?

a)

0%

b)

15%

c)

30%

d)

99%

5.

For which item would someone most likely need to save money in order to

purchase?

a)

a washing machine

b)

a tub of ice cream

c)

dinner for two

d)

a pair of socks

6.

People create and keep a personal budget to help them _____.

a)

set and reach financial goals

b)

apply for loan

c)

buy anything they want

d)

earn promotions at work

7.

Which of the following statements about money is false?

a)

Money can buy happiness.

b)

Money is a tool.

c)

Everyone needs money to purchase goods.

d)

A penny saved is a penny earned.

8.

Which of the following people would benefit MOST from a personal budget?

a)

Tim carefully keeps track of his expenses.

b)

Sue spends less than she earns.

c)

David is saving for a major purchase.

d)

Bob does not have enough money to pay bills.

9.

"Pay yourself first" means to assign a portion of your income for your personal savings.

a)

True

b)

False

10.

Which of the following is not considered as income?

a)

Tips from waitressing job.

b)

Commission on sale.

c)

Cash from garage sale.

d)

Savings from buying promo items.

11.

When a person borrows from the bank and receives the cash, he can consider it as an income.

a)

True

b)

False

12.

The amount of housing expenses should not go over ______ of the income.

a)

20%

b)

30%

c)

35%

d)

40%

13.

The first consideration to start the budgeting process is to _________.

a)

set financial goals

b)

pay off all the debts

c)

invest in the stock market

d)

borrow money

14.

Which of the following are considered fixed expenses? (You can choose more than one.)

a)

Cable subscription

b)

Electricity

c)

Insurance coverage

d)

Rent

e)

Medical fees

15.

Which of the following are considered WANTs? (You can choose more than one.)

a)

Concert tickets

b)

Water

c)

A new pair of shoes

d)

Rent

e)

Medical fees

16.

Which of the following are considered variable expenses? (You can choose more than one.)

a)

Magazine subscription

b)

Electricity

c)

Insurance coverage

d)

Clothing

e)

Recreation and vacation

17.

Find the savings amount Harriet needs to set aside each month to be able to afford a watch worth 12,500 in 8 months.

(a)  

18.

Which of the following are considered NEEDs? (You can choose more than one.)

a)

Airpods

b)

Water

c)

A new pair of shoes

d)

Food

e)

Playstation 5

19.

Find the savings amount Gavel needs to set aside each month to be able to afford a phone worth ₱22,500 in 6 months.

(a)  

20.

A budget or a financial plan would not work if you ___________.

a)

know how to set smart goals

b)

are a disciplined person

c)

wait for the end of the year to record your expenses

d)

know how to prioritize

21.

The amount that goes to transportation expense should not go over ______ of the income.

a)

20%

b)

30%

c)

35%

d)

40%

22.

The following could be considered long-term financial goals, except:

a)

College tuition fee

b)

Retirement

c)

Dinner date for two

d)

Real estate

23.

Cherry recorded the following as her transportation expense.

Feb - ₱2,550

Mar - ₱2,810

Apr - ₱2,608


Find her monthly average expense for transportation.

(a)  

24.

The first step in creating a budget is _________.

a)

know your income

b)

determine fixed expenses

c)

determine variable expenses

d)

review periodically

25.

According to Article _____ of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

a)

115

b)

170

c)

112

d)

270

26.

Union Budget keeps the account of the government's finances for the fiscal year that runs from __________.

a)

31st April to 1st March of next year

b)

1st April to 31st March of next year

c)

1st March to 31st April of next year

d)

1st January to 31st December of same year

27.

Which of the following is a non tax eceipts?

a)

Gift tax

b)

sale tax

c)

Donations

d)

Excise duty

28.

Which of the fololowing are the objective of government budget?

a)

Distrtibution of Income nd wealth

b)

Economic stability

c)

GDP growth

d)

all of these

29.

Ptrogressive tax is a tax whch is-

a)

Charged at decreasing rate when income of individual increase

b)

Charged at increaing rate when income of individual increase

c)

A fixed percentage of an individual income

d)

none of these.

30.

Which of following is a direct tax?

a)

Income tax

b)

Excise duty

c)

Custom duty

d)

Sale tax

31.

Which of the following is a part of the revenue expenditure in the indian government budget?

a)

Intreast payment

b)

Defence Purchase

c)

Wage bill of the Government

d)

All of these

32.

Capital receipts is that receipts of the Government which:

a)

creats a liability

b)

reduce the assets

c)

Both (1) and (2)

d)

none

33.

Which of the following are capital receipts of the Government?

a)

Recovery of loan

b)

Borrowings

c)

Disinvestment

d)

all of these

34.

Deficit budget refers to that situation in which governments budget expenditure is -

a)

less than its budget receipts

b)

more than its budget receipts

c)

equal its budget receipts

d)

none of these

35.

Fiscal deficit =

a)

Total expenditure - total receipts other than borrowing

b)

revenue expenditure - revenue receipts

c)

capital expenditure - capital receipts

d)

fiscal deficit - intrest payment

36.

In which of the following ways , can deficit in budget be financed?

a)

Borrowings from RBI

b)

Borrowing from public

c)

Borrowing from IMF

d)

all of the above

37.

Difference between fiscal deficit and intrest payment is called-

a)

revenue deficit

b)

fiscal deficit

c)

primary deficit

d)

none of the above

38.

The programme and policies of the government as presented in the budget are know as (a)   policy of the government.

39.

When revenue expenditure is greater than revenue receipts it is called

a)

Fiscal deficit

b)

Primary deficit

c)

Revenue deficit

d)

None of these

40.

•When government estimated expenditure is either more or less than government estimated receipts, the budget is said to be a/ an _____.

a)

balanced budget.

b)

unbalanced budget

41.

In _____ Budgeting, the previous year's budget is taken as a base for the preparation of a budget.

a)

traditional

b)

zero-based budgeting

42.

The chief function of the ______ is to enact laws.

a)

legislature

b)

executive

43.

If increase in income leads to reduction in tax rate , such types of tax system are known as---------

(a)  

44.

A performance budget is one that reflects ________ for each unit of an organization.

a)

the input of resources

b)

both the input of resources and the output of services

c)

the output of services

d)

neither the input of resources nor the output of services

45.
My family is going on vacation this summer, so we are sticking to a ______ to save money.
a)
Income
b)
Savings
c)
Budget
d)
Expenses
46.
If we decide to go to Top Golf over Spring Break, it would be considered a __________.
a)
Variable Expense
b)
Fixed Expense
c)
Discretionary Expense
d)
Income
47.
Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a...
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
48.
Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter. 
This is considered a
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
49.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
50.
If an expense can not be cut from your budget to save money, it is considered a _____.
a)
Income
b)
Want
c)
Need
d)
Savings
51.
To have a __________ at the end of the month, I have to make sure I don't spend more than I earn and have some money to save at the end of the month.
a)
Income
b)
Expense
c)
Balanced Budget
d)
Savings
52.
An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.
a)
Needs
b)
Wants
c)
Income
d)
Expenses
53.
At the end of the month, the money I haven't spent is ________.
a)
Spent quickly
b)
Income
c)
Savings
d)
Expenses
54.
Income = ______ + Savings
a)
Needs
b)
Wants
c)
Expenses
d)
Discretionary
55.
When you are making payments on a car and/or house you have a _____.
a)
Withdraw
b)
Bankruptcy
c)
Debt
d)
Overdraw
56.
Many famous people don't spend their money wisely and end up in ______.
a)
Interest
b)
Withdraw
c)
Inflation
d)
Bankruptcy
57.
It is safer to keep your money here than at home under your mattress.
a)
Balance
b)
Want
c)
Inflation
d)
Bank
58.
When getting a loan for a car, the ____ is an additional fee you will have to pay back.
a)
Fixed Expense
b)
Discretionary Expense
c)
Inflation
d)
Interest
59.
When I use my debit card at the store, the money is automatically taken out of my ______ account.
a)
Savings
b)
Checking
c)
Inflation
d)
Withdraw
60.
When there is a fundraiser at school, it is much easier to pay with a _____ instead of handing a student cash or my credit card information.
a)
Overdraw
b)
Withdraw
c)
Check
d)
Savings
61.
You should keep track of your spending because if you spend more money than you have in your bank account it is considered a _______ and usually will cause a fee.
a)
Balance
b)
Withdraw
c)
Bankruptcy
d)
Overdraw
62.
Most banks offer an app so you can log in to check how much money has been deposited, spent, and so you know your account _______.
a)
Withdraw
b)
Inflation
c)
Budget
d)
Balance
63.
We are planning to go on vacation next summer, so I transfer money every month to my ______ account.
a)
Discretionary Expense
b)
Checking
c)
Savings
d)
Variable Expense
64.
When I need to ______ money from my checking account, I can use my debit card at an ATM.
a)
Overdraw
b)
Inflation
c)
Balance
d)
Withdraw
65.

Which of the following are objectives of budget?

a)

Reallocation of resources

b)

Redistribution of income

c)

Economic stability

d)

All of these

66.

Which of the following is not non tax revenue receipts of government?

a)

Excise duty

b)

Escheat

c)

Special assessment

d)

Fees and fines

67.

Recovery of loan is:

a)

Revenue receipt

b)

Capital receipt

c)

Revenue expenditure

d)

Capital expenditure

68.

Payment of loan is:

a)

Revenue expenditure

b)

Capital expenditure

c)

Revenue receipts

d)

Capital receipts

69.

When incidence and burden of tax falls on different persons that type of tax is called:

a)

Direct tax

b)

Indirect tax

c)

Regressive tax

d)

None of these

70.

Fiscal deficit is equal to

a)

Direct tax

b)

Interest

c)

Borrowings

d)

All of these

71.

Primary deficit=fiscal deficit_

a)

Loan

b)

Interest payments

c)

Borrowings

d)

None of these

72.

When budget receipts are greater than budget expenditure such type of budget is called:

a)

Balanced budget

b)

Deficit budget

c)

Surplus budget

d)

None of these

73.

Construction of school building is:

a)

Capital expenditure

b)

Revenue receipts

c)

Revenue expenditure

d)

Capital receipts

74.

When revenue expenditure is greater than revenue receipts it is called

a)

Fiscal deficit

b)

Primary deficit

c)

Revenue deficit

d)

None of these

75.

Which bank has sole right of issuing notes

a)

ADB

b)

SBI

c)

RBI

d)

UBI

76.

When money value is equal to commodity value it is called

a)

Fiat money

b)

Credit money

c)

Fiduciary money

d)

Full bodied money

77.

Money supply is

a)

Currency with public

b)

Demand deposits

c)

Other deposits

d)

All of these

78.

Money multiplier is equal to

a)

LRR

b)

CRR

c)

1/LRR

d)

None of these

79.

when any commercial bank is unable to meet financial obligation then it approaches Central Bank for financial accommodation this function of Central Bank is called

a)

Banker of bank

b)

Lander of last resort

c)

Bank of Government

d)

Controller of credit

80.

If LRR is .25, what will be money multiplier

a)

4

b)

1

c)

5

d)

2

81.

If exports are to be increased then the currency of a country should be

a)

Appreciated

b)

No change

c)

Depreciated

d)

Appreciated or depreciated

82.

Previously one dollar was equal to 69 rupees, now the value of one dollar is equal to 85 rupees. What happens to value of rupee

a)

Depreciated

b)

Appreciated

c)

Remained same

d)

None of the above

83.

What is is the deliberate attempt by RBI to keep foreign exchange rate in a desired limit is called

a)

Depreciation of currency

b)

Appreciation of currency

c)

Adjustable peg

d)

Managed float

84.

Which of the following is not the source of supply of foreign exchange

a)

Exports

b)

Investment by foreign countries

c)

Imports

d)

Remittances from abroad

85.

Money that you earn.

a)

Asset

b)

Expense

c)

Income

86.

What is an expense?

a)

Money that you spend or give away.

b)

Money that you earn.

c)

Money that you put away for later.

87.

Money that you put away or in a bank for the future.

a)

Expense

b)

Savings

c)

Income

88.

What is overspending?

a)

Using money you get to spend.

b)

Using more money than you have available.

c)

Using money you have in the bank.

89.

A plan for spending and saving.

a)

Budget

b)

Savings

c)

Income

90.

An expense that does not change from month to month.

a)

Variable expense

b)

Fixed expense

c)

Unexpected expense

91.

What is a variable expense?

a)

An expense that changes every month.

b)

An expense that is unexpected.

c)

An expense that is the same month to month.

92.

Something thought to be an essential item required for life (food, water etc.).

a)

Need

b)

Want

c)

Desire

93.

Something unnecessary but you desire.

a)

Need

b)

Want

c)

Expect

94.

What are goals called that take less than a year to accomplish?

a)

Short-term goals

b)

Long-term goals

c)

Expenses

95.

Money earned after taxes and other deductions.

a)

Net income

b)

Gross income

c)

Monthly income

96.

What is unplanned, compulsive spending called?

a)

Impulse buying

b)

Planned buying

c)

Budgeted buying

97.

What is the rule that says you should always set aside a portion of your income to save?

a)

Pay yourself first.

b)

Pay your bills first.

c)

Spend what you want first.

98.

What is a record of income and expenses and a plan for managing your money called?

a)

Budget

b)

Income

c)

Equity

99.

What is money that is earned through wages, salary, tips, and interest from savings called?

a)

Income

b)

Expenses

c)

Savings

100.

What do families spend most of their money on?

a)

Transportation

b)

Housing

c)

Food

101.

What is it called when you don't have enough money?

a)

Shortage

b)

Overage

c)

Balance

102.

What is it called when you have money left over at the end of the month after expenses?

a)

Shortage

b)

Surplus

c)

Balance

103.

Which of the following is a type of expense?

a)

Fixed

b)

Variable

c)

Periodic

d)

All the answers

104.

What are goals called that take more than a year to accomplish?

a)

Short-term goals

b)

Long-term goals

c)

Expenses

105.

All of these are "NEEDS" EXCEPT:

a)

BUS FARE

b)

MOVIE TICKETS

c)

RENT

d)

GROCERIES

106.

What is opportunity cost?

a)

the tax that is paid on income

b)

the fees that are paid for education

c)

the value of an alternative you give up

d)

the interest paid on a long-term investment

107.

Rent and car insurance payments are both which type of expenses?

a)

fixed costs that are needs

b)

fixed costs that are wants

c)

variable costs that are needs

d)

variable costs that are wants

108.

A consumer is someone who

a)

buys something

b)

makes something

c)

offers a service

d)

sells a product

109.

Which word of phrase should be at the top of the left column of this budget?

a)

Cash flow

b)

Fixed costs

c)

Income

d)

Savings

110.

Which statement about variable expenses is true?

a)

Variable expenses include only large costly items.

b)

Variable expenses should not be included in the budget.

c)

Variable expenses include wants but not needs.

d)

Variable expenses are easier to cut than fixed expenses.

111.

What is the main purpose of a budget?

a)

to keep track of cash flow

b)

to find new sources of income

c)

to differentiate between needs and wants

d)

to determine the amount of taxes to be paid

112.

Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?

a)

$32.00

b)

$48.00

c)

$112.00

d)

$128.00

113.

Cory's budget shows a problem. His weekly expenses average $10 more than his earnings. Coryworks 5 days a week and every day on his way to work, he spends $2.50 on hot chocolate. Will cutting out the hot chocolate help Ellis balance his budget?

a)

Yes, and he will have some money left ove

b)

Yes, the amount he saves will balance his budget exactly.

c)

No, Ellis will have to find other places to cut.

114.

Gabby wants to buy a new dishwasher that costs $500. She has already saved $100. She earns $1,200 a month and her total monthly expenses come to $1,000. Gabby is going to put all of her extra money each month into her savings account for the dishwasher. Assuming her expenses stay the same, how long will it take Gabby to save enough money for the dishwasher?

a)

three months

b)

Two monthes

c)

five months

d)

one month

115.

The world's largest cricket stadium is situated at

a)

Indore

b)

Mumbai

c)

Motera

d)

Lucknow

116.

ATL Tinkering Marathon is conducted by which organisation?

a)

ISRO

b)

DRDO

c)

Atal Innovation Mission

d)

Bhabha Atomic Research Centre

117.

Who is the current health minister of India?

a)

Dr. Harshvardhan

b)

Dr. Randeep Guleria

c)

Mr. Mansukh Mandaviya

d)

Mr. Narender Singh Tomar

118.

Who has captured the Afghanistan capital Kabul, recently.

a)

Tajikistan

b)

Azerbaijan

c)

Taliban

d)

Uzbekistan

119.

Which city will hold 2024 Olympics?

a)

Moscow

b)

Shanghai

c)

Paris

d)

Rome

120.

Which Independence Day we celebrated in 2021?

a)

74th

b)

75th

c)

76th

d)

77th

121.

Which Indian wrestler has won the Olympic wrestling bronze medal in 2021?

a)

Vinesh Phougat

b)

Ravi Dahiya

c)

Yogeshwar Dutt

d)

Bajrang Punia

122.

When is the next general election in India?

a)

2022

b)

2023

c)

2024

d)

2025

123.

Which one is a India's permanent research station in Antarctica

a)

Ganga

b)

Agni

c)

Maitri

d)

None of the above

124.

Which state is known as 'Scotland of the East' in India?

a)

Nagaland

b)

Assam

c)

Manipur

d)

Meghalaya

125.

How many current states and union territories are there in India?

a)

29 states, 7 uts

b)

29 states, 8 uts

c)

28 states, 7 uts

d)

28 states, 8 uts

126.

It's Pisa Tower. It's in ...............

a)

Spain

b)

France

c)

Germany

d)

Italy

127.

What is India's new covid vaccine for 12 year plus children?

a)

ZyCov-D

b)

ZyCov-B

c)

ZyCov-C

d)

ZyCov-A

128.

How many medals won by India in Tokyo Olympics 2020

a)

5

b)

6

c)

7

d)

8

129.

This Indian humanoid robot will go to space next?

a)

Sangamitra

b)

Devmitra

c)

Vyommitra

d)

Snehmitra

130.

What is a budget?

a)

A tool used to calculate taxes.

b)

A tool used to plan for building a house.

c)

A tool used to track and plan for income and spending (expenses).

d)

A tool used for calculating how much savings interest can be earned

131.

Jackie usually earns $60 a week, but usually spends $30 a week. How much can Jackie save in a month (4 weeks)?

a)

$30

b)

$60

c)

$90

d)

$120

132.

Below is a list of Jackie's financial activities for a week.

What activities would be considered income for Jackie? Check all of the ones that are considered income.

a)

She contributes $5 to a class party.

b)

She earns $25 for helping a neighbor do some gardening.

c)

She spends $20 on movie tickets and snacks

d)

Her parents give her an allowance of $25 for the week.

e)

She spends $10 on a new t-shirt.

133.

Jackie realizes it will take her 5 months to save for her new phone. She wants to purchase it within at least 3 months. What are the ways she can adjust her budget to purchase it sooner? Check all that apply.

a)

She can decrease her expenses.

b)

She can increase her expenses.

c)

She can increase her income.

d)

She can decrease her income.

134.

How can creating a budget help you?

a)

It can help me to stay focused on my financial goals.

b)

It will allow me to spend more money than is necessary.

c)

It will help me in calculating my taxes.

d)

It will allow me to stay physically healthy.

135.

Below is a list of Jackie's financial activities for a week.

What activities would be considered expenses for Jackie? Check all of the ones that are expenses.

a)

She earns $25 for pet-sitting.

b)

She spends $10 on pizza.

c)

She gives a friend a $20 gift card for their birthday.

d)

Her parents give her $30 for doing extra chores around the house.

e)

She spends $10 on a new t-shirt.

136.

Why do people get insurance for their homes and apartments?

a)

Because having property insurance is a law.

b)

Because insurance is free.

c)

To protect their property from unexpected damage or loss.

137.

Utilities are often included in the monthly payment for which of the following?

a)

A rental apartment

b)

A car

c)

A mortgage for a house

138.

What is the standard down payment for purchasing a house?

a)

3%

b)

5%

c)

20%

d)

100%

139.

True or false: The higher the interest rate, the higher the payment for a loan or mortgage.

a)

True

b)

False

140.

True or false: You pay property taxes on a rental aparment

a)

True

b)

False

141.

What does a housing index number describe?

a)

The number of people that own homes in a city.

b)

The cost of cars in a city

c)

The cost of housing in a city.

d)

The number of houses in a city.

142.

True or false: Increasing the number of lines on your cell phone plan does not change the price.

a)

True

b)

False

143.

Which of the following are ways you can find out current interest rates on a mortgage?

a)

Call or visit your local bank.

b)

Look online at different mortgage services.

c)

You can pick your own rate.

d)

Call or visit your local car dealership.

144.

Which of the following are bills you might have when you purchase your first home?

a)

Trash disposal

b)

Water

c)

Electric

d)

Gas

145.

True or false: Putting a down payment down on a car increases the amount of your monthly payment.

a)

True

b)

False

146.

Which of the following describes a security deposit for a rental apartment?

a)

Protects the landlord in case the apartment is damaged.

b)

A security deposit counts as rent and you never get it back.

c)

Keeps your apartment from getting robbed.

147.

Pick each answer that affects the price of a house for sale.

a)

The number of bedrooms and bathrooms.

b)

The surrounding houses in the neighborhood.

c)

The schools close to the house.

d)

The age of the house.

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