WorksheetsPersonal Finance Review
Total questions: 22
Worksheet time: 12mins
Adele needs to plan for a large-scale purchase. What is her BEST option?
Put money into a savings account
Use a credit card
Take out a loan
Ask a family member for a loan
Money you earn through work
Taxes
Interest
Income
Credit Card
A budget is... (select all that apply)
Your credit card bill at the end of the month.
An estimate of income/expenses (spending) for a set period of time.
The price of your insurance for the year.
A tool to help manage your money.
Why is creating a budget so important? (Select all that apply)
It can help you reach your savings goals for what you want or need.
It can help you make better financial decisions.
It can help you see your spending habits so you can adjust them to what you want or need.
It can help you keep track of your neighbor's financial habits.
It can help you get a better job.
Darin wants to plan for his future. What is the BEST advice to give him for how to manage his monthly paycheck?
Buy everything you want whenever you want to
Invest it all now
Pay your debts/expenses and invest some for the future
Spend it all now
When the bank charges interest on a loan we borrow, we must...
Pay more money than we borrowed from the bank
Pay less money than we borrowed from the bank
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
Plan
Budget
Statement
Income
Which word of phrase should be at the top of the left column of this budget?
Cash flow
Fixed costs
Income
Savings
People keep a personal budget to help them
set and reach financial goals.
earn promotions at work.
buy with credit.
buy anything they want.
There are many reasons why you should save money for a future purchase. Which is NOT a reason to save up for a future purchase?
You can avoid taking out a loan.
You can finance the purchase at a lower interest rate
You will not have to use high interest credit cards
You will not have to make changes to your monthly budget
Which person is going to have the MOST financial success?
Every payday, Layla pays all her bills and then spends the rest of her money on clothes.
Every payday, Joaquin spends all his money going out with his friends.
Every payday, Jill puts money aside for a vacation and then pays as many bills as she can with what is left.
Every payday, Johnson pays his bills, puts money in his savings account, and then spends what is left.
What is the BEST way to record your expenses each month?
Balance your checkbook at the end of each month
Keep all your receipts in case you need to return something
Use a system to record your spending, so you can see where your money is spent
Check your bank balance daily to make sure there is money in the account
What is saving?
Amont of money used for purchasing items
Setting aside money for future use
Amount of money a worker earns
Amount of money spent in a day
Which type of card is a loan in which the lender will charge you interest if you do not pay off the balance each month?
Credit Card
Debit Card
Prepaid Card
What is income?
The amount you spend
The amount you don't save
Money you earn from a job
What is a variable expense?
The amount of money you spend
The amount of money you save
An expense that costs different amounts every month
The variable in math
Which of the following scenarios demonstrates a good budgeting practice?
Julie’s monthly income is less than her monthly expenses.
Carly’s monthly taxes are equal to her monthly expenses.
Rico spends less money each month than he earns at his job.
Sam spends more money each month than he earns at his job.
Credit can best be described as
A loan of money
a big cost
Savings
What is the money one spends on bills or obligations called?
income
insurance
salary
expenses
