Font size
WorksheetsFinancial Literacy Unit One Review- Vocab
Total questions: 34
Worksheet time: 17mins
To manage your money wisely you must balance your________.
wants and needs.
goals and expectations.
bills and purchases
spoon on your nose.
A budget is a spending plan that can help you____________.
borrow money.
pay in three easy payments.
manage your money better.
eliminate pests from your home and garden.
Cash sent through the mail can be_________.
Lost
Stolen
Given to charity
Used to buy a pet.
An example of a necessary expense is __________.
Rent
Groceries
Medication
McDonalds
A bank statement shows you____________.
Monthly earnings.
Check stubs.
Account activities.
Recent withdrawls
Frugal means_______.
Thrifty
Fancy
Reddish
Spooky
Is a computer a need or want?
need
want
depends on your individual situation
A need is something we can't live without.
True
False
Which items should you pay for before buying something you want?
rent
utilities
groceries
all of the above
Which of the following described a bank statement?
It is a summary of all deposits made each month.
it is a summary of all the withdraws made each month.
It is a summary of the interest earned each month
All of the above
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
For which item would someone most likely need to save money in order to
purchase?
a washing machine
a tub of ice cream
dinner for two
a pair of socks
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
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
Which of the following are considered NEEDs? (You can choose more than one.)
Airpods
Water
A new pair of shoes
Food
Playstation 5
The following could be considered long-term financial goals, except:
College tuition fee
Retirement
Dinner date for two
Real estate
Which of the following statements about money is false?
Money can buy happiness.
Money is a tool.
Everyone needs money to purchase goods.
A penny saved is a penny earned.
"Pay yourself first" means to assign a portion of your income for your personal savings.
True
False
The first step in creating a budget is _________.
know your income
determine fixed expenses
determine variable expenses
review periodically
The first consideration to start the budgeting process is to _________.
set financial goals
pay off all the debts
invest in the stock market
borrow money
If your income equals your expenses, you have ____________.
more savings
a spending problem
a balanced budget
less savings
A budget lists your planned or _________ income
expected
exact
hoped
expectorant
Another word for income is __________.
earnings
expenses
earrings
expensive
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
A plan for how you will spend your money.
budget
bugdet
buggie
budgie
The total amount of money you take home.
income
encome
incom
incommon
If something is within your price range you can ______ it.
afford
aford
Ford
fnord
If you alter, or change, something in your budget you have made an _______.
adjustment
adjustmint
adjustmant
adamant
Something thought to be an essential item required for life (food, water etc.).
Need
Want
Desire
What is unplanned, compulsive spending called?
Impulse buying
Planned buying
Budgeted buying
What is money that is earned through wages, salary, tips, and interest from savings called?
Income
Expenses
Savings
Income earned prior to taxes and other deductions
net income
variable income
gross income
rate income
When you want something, you should ALWAYS get it.
true
false
