WorksheetsJA Financial Literacy: Theme Two
Total questions: 27
Worksheet time: 7hrs 45mins
What is the main difference between a bank and a credit union?
Sasha needs a bank that is open 24/7 and accessible overseas. Which bank should she choose?
Why are higher-interest checking and savings accounts preferable?
Which of the following is not a method of payment using a checking account?
Adding a fixed amount to your savings each month to have in case of emergency or to save for the future is called:
If $500.00 is placed in a savings account paying 10 percent per year compounded annually, what will the account balance be at the end of the year?
The highest-value alternative given up when a choice is made due to scarcity is:
The Rule of 72 is a method to determine:
How is a person’s net worth determined?
What is the purpose of a transaction register?
What is an advantage of being a careful consumer?
Which of the following is NOT a method used by careful consumers?
What does the acronym for SMART Goals stand for?
Which of these is NOT a way to increase your net worth?
When creating a budget, what does "fixed expenses" refer to?
Expenses that vary from month to month
Expenses that are the same every month
Expenses that are only paid once a year
Expenses that can be changed easily
What does it mean to "live within your means" when budgeting?
Spending more money than you earn
Spending less money than you earn
Not having a budget at all
Borrowing money excessively
Which of the following shows negative cash flow?
What is the first step in budgeting?
Which of the following would be considered a short-term savings goal?
To balance a budget, it is important that:
How can you increase your savings according to a budget?
Spend more than you earn
Save whatever money is left over at the end of the month
Decrease expenses and increase income
Ignore financial goals
Which of the following is NOT a recommended method for reducing expenses in a budget?
Cutting out unnecessary subscriptions
Eating out frequently
Using coupons when shopping
Carpooling to save on gas
Which of the following is an example of a long-term financial goal?
Saving for a vacation next summer
Paying off student loans within ten years
Buying a new phone next month
Building an emergency fund within six months
What does it mean to "pay yourself first" in budgeting?
Spend all your money before saving any
Save money only when you have excess funds
Prioritize saving by setting aside money before paying bills or spending
Invest in high-risk ventures without considering savings
Which of the following is an example of a financial risk?
Putting money in a savings account
Investing in a diversified portfolio
Taking out a high-interest loan
Creating a budget
Which of the following is a characteristic of an effective budget?
It is rigid and does not allow for adjustments
It does not include any savings categories
It is flexible and can adapt to changes in income or expenses
It focuses solely on short-term financial goals
Which of the following is an example of a fixed expense?
Grocery bills
Entertainment expenses
Rent or mortgage payments
Dining out
