WorksheetsPersonal Financial Planning Quiz Week 5
Total questions: 18
Worksheet time: 23mins
A tangible item that consumers purchase that meet their desire or need. (Example: computer, cell phone, clothing, food.)
Services
Budget
Goods
Human Capital
________ is defined as a worker’s education, skills, training, knowledge, and credentials.
Anticipated Expenses
Income Potential
Short-term Financial Goals
Human Capital
_______ is defined as a plan of your expected income and how you will use it to meet your expected expenses over a period of time.
Fixed Expense
Budget
Income Potential
Wages
Match the following images with the correct vocabulary word.
Good
Service
Good
Service
Good
A (a) usually requires 3 to 10 years to reach. (Example: paying down a debt, buying a car)
Which of the following are examples of short-term financial goals ?
Saving up for purchasing a home.
Saving for college.
Saving to go to a concert.
Saving to pay off a car.
Which of the following are anticipated expenses?
Monthly rent & Gym membership
Gifts & Bonuses
Car repairs & medical bills
Natural disasters or theft
A _______ is defined as a cost that can be expected at regular intervals and that remains the same amount.
anticipated income
variable expense
unanticipated income
fixed expense
A _______ is define as a cost which fluctuates according to changes in lifestyle.
anticipated income
variable expense
unanticipated income
fixed expense
In a complete sentence, please list three examples of unanticipated income.
In a complete sentence, please list three examples of anticipated income.
Jessica is paid based on (a) . When she works overtime, her check amount does not increase or decrease.
Joshua pay is based on (a) . When he misses a day, his check decreases.
All of the following are types of utilities that you may have to budget for EXCEPT______.
Gas
Electric
Rent
Water/Sewer
What is the purpose of an apartment lease?
It provides the budget you'll use for all of your household expenses.
It outlines the amount of rent you'll pay, when it is due, and key obligations and rights of living in the property.
It provides insurance if any guests to your apartment are injured on the property.
It makes it illegal for your landlord to evict you from the property.
Please use the vocabulary phrase “long-term financial goal” in a complete sentence.
In a complete sentence, name one consequence that an individual would have if they do not budget.
Why is it important to create a budget?
A budget is a necessary to qualify for loans and credit cards.
A budget makes filing your taxes faster and simpler.
A budget will help you save money and prioritize your spending.
A budget will guarantee you have enough money saved for college so you won't need loans.
