wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Saving and Spending

Total questions: 89

Worksheet time: 1hrs 6mins

Name
Class
Date
1.

Which is TRUE about Certificates of Deposit (CDs)? (hint: choose 2 correct answers)

a)

You agree to keep $ in a CD for an undetermined period of time

b)

You pay the bank some interest to keep $ in the CD

c)

The bank can loan out the $ in your CD

d)

The bank pays you interest in return

2.

A type of account in which deposited money earns money while being protected from loss is a(n) (a)  

3.
Money saved for unexpected expenses.
a)
Emergency Fund
b)
Bills
c)
Sick days
d)
Expenses
4.

What is an individuals biggest wealth building tool?

a)

Income

b)

Investment

c)

Debt

d)

Inheritance

5.

Something unnecessary but you desire.

a)

Need

b)

Want

c)

Expect

6.
Saving accounts differ from checking accounts in that...
a)
Money in a saving account can be used to fund a bank's loans
b)
Saving accounts let you withdraw $ an unlimited # of times
c)
Saving accounts come with more fees than checking accounts
d)
Checking accounts offer higher interest rates
7.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)

Tap into your savings on a regular basis

c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
8.
How does the 50-20-30 rule distribute your income?
a)
50% expenses, 20% flexible spending, 30% saving
b)
50% expenses, 20% saving, 30% flexible spending
c)
50% flexible spending, 20% saving, 30% expenses
d)
50% saving, 20% flexible spending, 30% expenses
9.

You should build an emergency savings fund that can cover expenses for how long?

a)

3-6 Weeks

b)

6-9 Weeks

c)

6-9 Months

d)

1 Year

10.
What is a general rule of thumb on how much you should save?
a)
5% of your income
b)
10% of your income
c)
20% of your income
d)
30% of your income
11.

Creating a budget is important.

a)

Yes

b)

No

c)

Undecided

12.

What is the rule that says you should always set aside a portion of your income to save?

a)

Pay yourself first.

b)

Pay your bills first.

c)

Spend what you want first.

13.

What are goals called that take less than a year to accomplish?

a)

Short-term goals

b)

Long-term goals

c)

Expenses

14.

Basic needs that a household must pay for such as housing, groceries, healthcare, utilities, etc.

a)

Spending

b)

Saving

c)

Expenses

d)

Budget

15.

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

a)

Need

b)

Want

c)

Desire

16.

What is an example of a monthly variable cost?

a)

groceries

b)

car payment

c)

gym membership

d)

student loan payment

17.

What are the Four Walls?

a)

Utilities, college fund, restaurants, and car insurance

b)

Cell phone, car insurance, Shelter, and money for entertainment

c)

Food, Utilities, Shelter, and Transportation

d)

Food, Utilities, Transportation, and college fund

18.

What is it called when you have money left over at the end of the month after expenses?

a)

Shortage

b)

Surplus

c)

Balance

19.

A(n) is an investment account that offers tax breaks as an incentive to save for retirement.

(a)  

20.

Personal finance is about ________% behavior and ________% head knowledge.

a)

30, 70

b)

20, 80

c)

70, 30

d)

80, 20

21.
a)

Checking Account

b)

Wallet

c)

Savings Account

22.

Your monthly rent or house payment is an example of a ________ expense.

a)

Fixed

b)

Variable

c)

Intermittent

d)

Discretionary

23.

All of the decisions and activities of an individual or family regarding their money, including spending, saving and budgeting, etc.

a)

real money

b)

budgeting

c)

finance

d)

personal finance

24.

Which of the following is FALSE about saving and investing? (hint: choose 2 correct answers)

a)

Saving doesn't outpace inflation; investing usually does

b)

Both saving and investing generally have low returns

c)

Saving is for short-term; investing is for the long-term

d)

Saving has more risk; investing has less risk

25.

What do you call the plan for saving and spending money?

a)

Budget

b)

Income

c)

Expense

26.
Which is NOT a typical goal for a savings account?
a)
To create an emergency fund
b)
To pay for higher education
c)
To save for a new car
d)
To buy groceries for this week
27.

True or False: Be sure that your WANTS are met first before you set aside money for your NEEDS.

a)

True

b)

False

28.

What is unplanned, compulsive spending called?

a)

Impulse buying

b)

Planned buying

c)

Budgeted buying

29.

What is a budget?

a)

A group that helps the community.

b)

A safe place where people keep money.

c)

A center where you can donate things.

d)

A plan for spending and saving money

30.
Who pays interest on a loan
a)
a lender
b)
 a borrower
c)
a credit union
d)
a creditor
31.
A credit union...
a)
is a financial institution that focuses on taking deposits and using them to fund mortgages.
b)
is a non-profit institution owned by its members and provides financial services to its members.
c)
offers a broad range of deposit account and gives loans to individuals and businesses. 
d)
is a financial institution for students only
32.

Money added into a bank account.

a)

withdraw

b)

deposit

c)

cash

d)

cheque

33.

an organization that provides services related to money

a)

commercial bank

b)

charter

c)

financial institution

34.

an independent agency created by the federal government to protect bank customers by insuring their deposits

a)

Federal Deposit Insurance Corporation

b)

Financial Depository Insurance Company

c)

Financial Department of Insurance Corporation

35.

service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.

a)

electronic funds tranfer

b)

electronic financial transitioning

c)

automated teller machine

36.

a check written for an amount greater than the balance of the account

a)

overdraft

b)

overspend

c)

fraud

37.

a card issued by a bank that allows the holder to check account balances, withdraw and deposit cash, and transfer money from one account to another using an ATM

a)

ATM card

b)

debit card

c)

credit card

38.

Examples of this is CashApp and Paypal

a)

peer-to payment

b)

debit card

c)

travelerś check

39.

a written order for the bank to pay a specific amount to a person whom the item is written

a)

check

b)

money order

c)

deposit slip

40.

Which of the following is NOT a service a bank provides

a)

It makes loans to other customers.

b)

It provides credit cards for its customers

c)

Customers can deposit and withdraw money from their accounts

d)

Helps you loan money to your friends

41.

Which of the following is NOT a good reason to use a financial insitution

a)

Borrowing money for college

b)

Placing your birthday money in an account

c)

Letting your friend borrow $10

d)

Taking out a loan to purchase a home

42.

Lucy wants to deposit her weekly allowance into a savings account. What is one good reason to to put her money in a savings account?

a)

it is hard to withdraw and deposit money into it

b)

it pays interest

c)

the money can be lost or stolen

d)

you must have a lot of money to open a savings account

43.
A card that uses money directly from your bank account
a)
Debit Card 
b)
Credit Card 
c)
Pokemon Card 
d)
Baseball Card 
44.
Which of the following will a bank provide?
a)
Keep your money safe
b)
Pay your bills
c)
Put money into your account
d)
Balance your checkbook
45.

When you pay back a loan, you not only pay the amount you borrowed, you also pay it back with _____________

a)

Interest

b)

Deposit

c)

Withdrawal

d)

Checking

46.

What is interest?

a)

Something you do not have in economics

b)

The money corporations pay to their stockholders

c)

To set aside income for a period of time so that it can be used later

d)

The payment people receive when they lend their money or allow someone else to use their money

47.

Financial services offered by providers that are not banks.

a)

credit unions

b)

schools

c)

alternative financial services

d)

commercial lenders

48.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
49.
An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.
a)
Savings Account
b)
Certificate of Deposit (CD)
c)
Checking Account
d)
Money Market Account
50.
Interest paid periodically and paid on the principal plus interest earned.
a)
Simple Interest
b)
Compound Interest
c)
Hard Interest
d)
Double Interest
51.
A type of bank account where the bank invests the money in government and corporate securities in order to pay a higher interest rate than a regular savings account. You typically have to have a large minimum balance in order to have such an account.
a)
Savings Account
b)
Money market account
c)
Checking Account
d)
CD
52.
The phrase "pay yourself first" means to
a)
Treat yourself to something you want before spending any other money.
b)
Set money aside for your Christmas savings fund.
c)
put at least 10% of your income in a savings account before spending any money.
d)
Make sure all of your bills and other expenses are paid before saving money.
53.
A low risk investment offered by the government that has the most predictable income.
a)
Certificate of Deposit (CD)
b)
U.S. Savings Bond
c)
Money market account
d)
Corporate Bonds
54.

The value of all assets minus the value of all liabilities.

a)

Financial obligations

b)

Assets

c)

Net Worth

d)

Property

55.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

56.

Debts and financial obligations (owe).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

57.

Examples of Liabilities include which of the following:

a)

Loans, credit cards, and real property

b)

Loans, mortgage, and credit cards

c)

Loans, Art collection, and savings account

d)

Mortgage, credit card, and real property

58.

Examples of assets include:

a)

Real Property, Car, and credit cards

b)

Car, Jewelry, and Checking account

c)

Art collection, Jewelry, and unpaid taxes

d)

Real Property, Car loan, Jewelry

59.
Charlie's net worth is -$35,354.  Which of the following is true?
a)
He has a positive net worth which means his assets are greater than his liabilities. 
b)
He has a positive net worth which means his liabilities are greater than his assets.
c)
He has a negative net worth which means his liabilities are greater than his assets.
d)
He has a negative net worth which means his assets are greater than his liabilities 
60.

The table below shows Claude's assets and liabilities. What is the total value of his liabilities?

a)

$24,950

b)

-$24,520

c)

$25,420

d)

$50,320

61.

The table below shows Claude's assets and liabilities. What is his net worth?

a)

$24,950

b)

$-25,420

c)

-$24,950

d)

$25,420

62.

A depository institution account that is designated to hold money not spent on current consumption.

a)

Certificate of Deposit

b)

Checking Account

c)

Money Market Deposit Account

d)

Savings Account

63.

Which two are reasons savings tools ideal for storing emergency savings? (Check all that apply)

a)

Secure

b)

Insecure

c)

Not Liquid

d)

Liquid

64.

Which type of savings tool typically earns the HIGHEST Interest?

a)

Savings

b)

Checking

c)

Certificate of Deposit

d)

Money Market Account

65.

Due to the change that comes with various life stages, spending plans must be...

a)

strict

b)

disorganized

c)

complex

d)

flexible

66.

Not using a spending plan can leave you unprepared for...

a)

children

b)

college

c)

emergencies

d)

retirement

67.

Which of the following is the main difference between debit and credit cards?

a)

Debit cards require a credit check

b)

Credit cards have lower interest changes and fees

c)

Only debit cards offer consumer protections

d)

Credit cards help establish and build a credit history

68.

Which of the following is a benefit of cryptocurrencies?

a)

They are universal currencies accepted all over the world

b)

Their value is more predictable than traditional currencies

c)

They are well regulated by the US government

d)

Their value always increases

69.

Which of the following would be the most appropriate time to use mobile wallet-to-wallet services?

a)

Making a purchase at a brick-and-mortar store like Wal-Mart or Target

b)

Paying a friend back for borrowing money from them

c)

Making a mortgage payment on your house

d)

Making a student loan payment

70.

Which of the following is not a way of preventing identity theft?

a)

Shredding financial documents prior to disposing

b)

Keeping your social security card in your wallet at all times

c)

Making purchases on websites that have a url that starts with “https”

d)

Utilizing multiple passwords for various accounts

71.

a card used for making purchases with funds you borrow and payback later.

a)

debit card

b)

credit card

c)

expenses

d)

loan

72.

coins, bills, checks or any other form of money

a)

currency

b)

change

c)

investment

d)

debit card

73.

the money you spend regularly for items or services

a)

expenses

b)

investment

c)

currency

d)

loans

74.

money that you borrow and pay back with interest over time

a)

loans

b)

interest

c)

investment

d)

savings account

75.

a payment card that you pre-load with your own money

a)

prepaid card

b)

debit card

c)

credit card

d)

loan

76.

Nedra uses her debit card on a daily basis. The last time she used it was the evening before at a restaurant. This morning, she noticed that the card is missing. How long does she have to report the card as lost to have 100% protection against fraudulent use?

a)

She has 2 days from the date of the last authorized use

b)

She has 2 day from the date she determined the card was lost

c)

She has 30 days from the date of the last authorized use

d)

She must report the card immediately before any unauthorized withdrawals are made

77.

To open a checking account you will be required to have...

a)

At least $1000 saved to deposit

b)

A form of indentification (ID) and proof of address

c)

Recommendations from two of your teachers.

78.

Instead of using a physical card at the store, you use this method which stores your card information.

a)

prepaid card

b)

gift card

c)

peer-to-peer app

d)

mobile wallet

79.

If you don't want to carry cash with you and you don't have a bank account, getting this is a good option.

a)

prepaid card

b)

gift card

c)

peer-to-peer app

d)

mobile wallet

80.

The three big ideas for comparison shopping are....

a)

Plan

b)

Compare Products

c)

Compare Cost

d)

close your eyes and pick

81.

After you get the discounted amount from the percentage off, you must...

a)

add that amount to the original price

b)

subtract that amount from the original price

c)

mulitpy that amount from the original price

d)

divide the two amounts.

82.

When finding the sale price of an item you first have to...

a)

find the discounted amount that is being taken off

b)

nothing, subtract the percent off the price

c)

nothing, add the percent to the price

d)

why buy on sale

83.

All of these are "NEEDS" EXCEPT:

a)

BUS FARE

b)

MOVIE TICKETS

c)

RENT

d)

GROCERIES

84.

Rent and car insurance payments are both which type of expenses?

a)

fixed costs that are needs

b)

fixed costs that are wants

c)

variable costs that are needs

d)

variable costs that are wants

85.

What is the main purpose of a budget?

a)

to keep track of cash flow

b)

to find new sources of income

c)

to differentiate between needs and wants

d)

to determine the amount of taxes to be paid

86.

The goal of a budget is _________________.

a)

to spend more than you make

b)

to spend less than you make

87.

The income of an adult is the money they get for working. The income of a child could be ____________. Check all that apply.

a)

an allowance (money your parents give you weekly or for chores)

b)

the money your friends or family give you as gifts

c)

fake monopoly money (toy)

88.

There are two types of expenses. They are ____________ and _______________. Choose two.

a)

Essential Expenses (things that you need)

b)

iReady expenses

c)

Non-Essential Expenses (things you don't need but spend money on anyways)

89.

An account at a depository institution that provides an easy method for withdrawing and depositing money.

a)

Certificate of Deposit

b)

Checking Account

c)

Money Market Deposit Account

d)

Savings Account

Similar Resources on Wayground

Health final review Quiz

84 questions

Health final review Quiz

quiz

Worksheet

•

7th Grade - University

BizInnovator Final Exam Prep

91 questions

BizInnovator Final Exam Prep

quiz

Worksheet

•

9th - 12th Grade

Công Nghệ HK2

90 questions

Công Nghệ HK2

quiz

Worksheet

•

12th Grade

Ôn Tập Luật An Toàn Giao Thông

86 questions

Ôn Tập Luật An Toàn Giao Thông

quiz

Worksheet

•

12th Grade