WorksheetsPersonal Finance
Total questions: 24
Worksheet time: 18mins
You will have many options when it comes to using your money.
This term describes a business that stores the money of people and businesses and
makes loans to its customers.
Loan
Bank
Interest
Debit
Credit
You will have many options when it comes to using your money.
The ability to obtain goods and services before payment, or money lent or made available,
both with specific guidelines for repayment.
Loan
Bank
Interest
Debit
Credit
You will have many options when it comes to using your money.
This is an amount that is borrowed from a bank or credit union.
Loan
Bank
Interest
Debit
Credit
You will have many options when it comes to using your money.
This is a fixed charge for borrowing money; usually a percentage of the amount borrowed.
Loan
Bank
Interest
Debit
Credit
You will have many options when it comes to using your money.
This is a type of banking card that, when used, withdraws money from a banking account
that is linked to that card.
Loan
Bank
Interest
Debit
Credit
You will have many options when it comes to using your money.
This is the legally accepted payment for goods and services.
Loan
Money
Interest
Debit
Credit
Willie earns about $2,500 per month in income as a teacher. This is his monthly plan.
What type of financial plan is Willie utilizing?
An investment portfolio
A personal budget
A cost-benefit analysis
An inventory
Which of the following would be MOST LIKELY considered a fixed monthly cost in a personal budget?
Cell Phone Bill
Entertainment
Groceries/Hygiene
Savings
Which of the following is the BEST description of debt?
Money earned in exchange for goods or services
An asset purchased that will provide wealth in the future
Money owed to an individual or institution
The general increase of prices over time
Bryan would like to buy a new car. He has some money saved, but he’ll need to finance the rest. In order to determine what interest rate Bryan will receive on his loan, the bank will need to look at his—
savings.
budget.
investments.
credit score
Read the information in the box.
Which person is MOST LIKELY going to have to
pay the most in interest payments?
Lamar
Sam
James
Juan
The Miller family works hard every month. They pay all their bills
but would like to save more money in case of emergencies.
What is the BEST option for the Millers to ensure that they are saving as much money as possible?
They can apply for a loan
They can pay their bills with a credit card
They can make and follow a family budget
They can consolidate their debt
The second step in creating a budget is
getting a bank account.
cutting back on expenses.
predicting what your income is.
listing all of your expenses.
The first step in creating a budget is
getting a bank account.
cutting back on expenses.
knowing what your income is.
listing all of your expenses.
Sharice is planning a personal budget. Which part of her budget will be easiest to change?
income
saving
spending on what she wants
spending on what she needs
Rashid is a college student. The graph shows her budget. What should Rashid spend less on if she wants to start saving money?
clothing
groceries
rent
textbooks
Josie earns $10 a week for her allowance. She really wants a jacket that costs $20.
What is the BEST thing for her to do to eventually buy the jacket she wants?
spend her allowance on budgeting
save her allowance
spend it her allowance on other wants
spend her allowance on needs
Why might a personal budget include information on BOTH spending AND saving habits?
People need to learn how to spend more money instead of saving it.
By knowing how much they spend, people can look for ways to save more.
Spending and saving habits cannot be changed, so people have to earn more.
A personal budget shows people how to spend more money on items they want.
Why might personal saving decisions be important?
It is more important to spend money than to save it.
Spending money on unneeded items can save you money.
Saving money can help you prepare for unexpected expenses.
Having a savings account can help you find a better paying job.
Which situation explains how a credit becomes a debt?
A buyer purchases furniture on credit, and then owes a debt to the furniture store.
An electronics store extends credit to a buyer, and then owes a debt to the buyer.
A mechanic exchanges services with a plumber, and incurs a debt to the plumber.
A farmer purchases used equipment in exchange for a share of the crops grown.
Which of the following help the MOST in building a person’s wealth? (Choose 3)
Avoid or eliminate debt
Maintain a healthy credit score
Avoid budgets and goal setting
Make minimum credit card payments
Save a percentage of income
Paula is creating her personal budget by completing a table.
One column lists her sources and amounts of income, and the other column lists her expenditures.
Choose TWO examples of what she should consider for her "Expenditures" column.
She received $3,100 in her paycheck last week.
She ordered a new outdoor rug online for $250.
She wrote a check for $100 for her electric bill.
She got $100 from her grandmother for her birthday.
She sold her old kitchen table to a neighbor for $50.
Select three of the following that are examples of income.
earnings from babysitting
monthly rent or mortgage
taxes collected on lottery winnings'
monthly salary
sales revenue earned from small business
Which of the following is a risk associated with carrying excessive debt?
Having to pay excessive interest
Loan forgiveness for public service
Loan interest rates steadily decreasing
Stock values maturing
