WorksheetsSmart Shopping
Total questions: 10
Worksheet time: 5mins
Which of the answers below best describes Opportunity Cost?
The amount of money you save by purchasing things on sale.
The trade-off of making one choice and giving up another choice.
The amount of money you put into savings each year.
The benefit you gain by choosing one option versus another.
Which of the following would be considered a want rather than a need for most people?
A coat for winter.
A place to live.
Nutritious Food.
A smartphone.
In researching where to buy a new computer, to find the fairest and most reliable information, you should?
Check the website of the most popular computer company.
Check advertisements in a Computer Magazine.
Use an independent consumer website that reviews/rates computers.
Get advise from the salesperson that earns a commission on sales.
When creating your budget, what should you include?
All income and expenses.
All income and fixed expenses.
All income except variable expenses.
All income and expenses except for taxes.
If a friend asked you to help them create their budget, which expense would you tell them is NOT a need?
Cable Service.
Rent payment.
Car insurance.
Groceries.
If you know the unit price of two different brands of an item, you are better able to ______________________________.
Estimate how much of the item you will need.
Compare the prices of the two brands.
Decide which brand is higher quality.
Figure out the discount during a sale on the two items.
Which of the options below is a variable expense for most people?
Rent payment.
Car payment.
Health insurance payment.
Cost of eating out at a restaurant.
If you received $50 for your birthday and spent it on new wallpaper, the Opportunity cost of this decision is:
The price of the wallpaper you bought.
The other items you could have bought with $50.
The time you could have spent choosing other things.
All of the other answers are correct.
Which of the following is NOT true of a budget?
Budgets help you plan how to spend money you earn or receive.
A budget can include charitable giving.
Budgets include both income and expenses.
Once a budget is set, it should never be revisited.
Which of the following is NOT a successful budgeting strategy?
Save some extra money in your budget for emergencies.
Pay with a credit card if you struggle sticking to your budget.
Budget for you most important needs.
Revisit your budget regularly and make necessary adjustments.
