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Personal Money Management

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 

a)

income

b)

debt

c)

credit

d)

interest

2.

Every month after my parents pay all of the family’s bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks. My family uses a _____________

a)

income

b)

debt

c)

interest

d)

budget

3.

______________ is anything you exchange for goods and services.

a)

checks

b)

bartered

c)

money

4.

Before money, people __________, or traded, to get things they needed or wanted.

a)

money

b)

bartered

c)

income

d)

currency

5.

Which government agency is responsible for creating and tracking all of the money in the United States?

a)

Employer

b)

Internal Revenue Service

c)

Federal Reserve

d)

Federal Commissions Agency

6.

__________________ measures how comfortable you are based on the things you own.

a)

financial goals

b)

budget

c)

standard of living

d)

income

7.

A ____________ is a plan for spending and saving money.

a)

financial goal

b)

income

c)

budget

8.

Choose all that apply that is considered income.

a)

Wages

b)

Savings

c)

Gifts

d)

Allowance

9.

Choose all that apply that is considered expenses.

a)

Purchases

b)

Savings

c)

Charitable donations

d)

Interest

10.

A deduction is sometimes called.......

a)

income

b)

debt

c)

withholdings

d)

pay stub

11.

Income before taxes

a)

gross income

b)

net income

12.

Income after taxes

a)

gross income

b)

net income

13.

What is saving?

a)

Amount of money used for purchasing items

b)

Setting aside money for future use

c)

Amount of money a worker earns

d)

Amount of money spent in a day

14.

What is income?

a)

money earned by a worker in a year

b)

money spent

c)

money set aside for future use

d)

using money in hopes of gaining more in the future

15.

The total amount of money earned before payroll withholdings

a)

net pay

b)

gross pay

c)

payroll deductions

d)

none of these

16.

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

a)

gross pay

b)

withholdings

c)

net pay

d)

real pay

17.

Which choice would be referred to as a "need"?

a)

cell phone

b)

food

c)

new tennis shoes

d)

baseball glove

18.

What is credit?

a)

when you purchase items with cash

b)

when you use a check to buy groceries

c)

when you deposit money in your checking account

d)

when you buy something and pay for it later.

19.

Once you lose cash, there is no way to get it back.

a)

True

b)

False

20.

Use of a debit can overdraw your checking account.

a)

True

b)

False