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Financial Literacy Unit One Review- Vocab

Total questions: 34

Worksheet time: 17mins

Name
Class
Date
1.

To manage your money wisely you must balance your________.

a)

wants and needs.

b)

goals and expectations.

c)

bills and purchases

d)

spoon on your nose.

2.

A budget is a spending plan that can help you____________.

a)

borrow money.

b)

pay in three easy payments.

c)

manage your money better.

d)

eliminate pests from your home and garden.

3.

Cash sent through the mail can be_________.

a)

Lost

b)

Stolen

c)

Given to charity

d)

Used to buy a pet.

4.

An example of a necessary expense is __________.

a)

Rent

b)

Groceries

c)

Medication

d)

McDonalds

5.

A bank statement shows you____________.

a)

Monthly earnings.

b)

Check stubs.

c)

Account activities.

d)

Recent withdrawls

6.

Frugal means_______.

a)

Thrifty

b)

Fancy

c)

Reddish

d)

Spooky

7.

Is a computer a need or want?

a)

need

b)

want

c)

depends on your individual situation

8.

A need is something we can't live without.

a)

True

b)

False

9.

Which items should you pay for before buying something you want?

a)

rent

b)

utilities

c)

groceries

d)

all of the above

10.

Which of the following described a bank statement?

a)

It is a summary of all deposits made each month.

b)

it is a summary of all the withdraws made each month.

c)

It is a summary of the interest earned each month

d)

All of the above

11.

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

12.

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

13.

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

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 NEEDs? (You can choose more than one.)

a)

Airpods

b)

Water

c)

A new pair of shoes

d)

Food

e)

Playstation 5

17.

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

a)

College tuition fee

b)

Retirement

c)

Dinner date for two

d)

Real estate

18.

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.

19.

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

a)

True

b)

False

20.

The first step in creating a budget is _________.

a)

know your income

b)

determine fixed expenses

c)

determine variable expenses

d)

review periodically

21.

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

22.

If your income equals your expenses, you have ____________.

a)

more savings

b)

a spending problem

c)

a balanced budget

d)

less savings

23.

A budget lists your planned or _________ income

a)

expected

b)

exact

c)

hoped

d)

expectorant

24.

Another word for income is __________.

a)

earnings

b)

expenses

c)

earrings

d)

expensive

25.

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

26.

A plan for how you will spend your money.

a)

budget

b)

bugdet

c)

buggie

d)

budgie

27.

The total amount of money you take home.

a)

income

b)

encome

c)

incom

d)

incommon

28.

If something is within your price range you can ______ it.

a)

afford

b)

aford

c)

Ford

d)

fnord

29.

If you alter, or change, something in your budget you have made an _______.

a)

adjustment

b)

adjustmint

c)

adjustmant

d)

adamant

30.

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

a)

Need

b)

Want

c)

Desire

31.

What is unplanned, compulsive spending called?

a)

Impulse buying

b)

Planned buying

c)

Budgeted buying

32.

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

a)

Income

b)

Expenses

c)

Savings

33.

Income earned prior to taxes and other deductions

a)

net income

b)

variable income

c)

gross income

d)

rate income

34.

When you want something, you should ALWAYS get it.

a)

true

b)

false