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WorksheetsAccess Economics Final Exam
Total questions: 35
Worksheet time: 1hrs 20mins
If you have limited means, you _____
have too much money.
spend too much money.
save enough money.
can't have everything.
Before you buy something you want, you should buy____
something cheap.
something you need.
something expensive.
something on sale.
Tracking your spending can help you _____.
spend more money.
make good decisions.
know where your money is being spent.
spend less money.
Which of these is NOT true?
Tracking your expenses can help you meet your budget.
A budget helps you plan to use your money for things you need.
A budget helps you plan to use your money for things you want.
It's harder to keep track of your money if you make a budget.
Why is saving money important?
Saving money can help you meet goals.
It's important to show off how much money you have.
It's important to fill your money jar.
Saving money is important for spending.
Keeping track of what you earn, spend and save are key parts of a ____
monthly allowance.
investment strategy.
paycheck.
budget.
Credit is _____
money you are given, and promise to pay back later.
money you borrow and promise to pay back later.
money you borrow and don't have to pay back later.
None of the above.
Cash is _____
money you'll borrow.
money you'll pay back later.
money you have today.
money you don't have.
A debt is _____
money you have to pay back.
money you don't have to pay back.
money used for needs, not wants.
money used for wants, not needs.
Using cash is a good idea for ____
buying small items that you can afford now.
buying items on sale.
buying things you can't afford.
buying items now to pay back later.
The purpose of a budget is to:
help you plan how you will spend the money you earn or receive.
stop you from spending too much money.
increase the balance of your savings account
tell you how much you owe the government in taxes
Which of the following is a variable expense?
Student loan payments
Groceries
Rental payments
Health insurance
Which of the following is a fixed expense?
Clothing purchases
Groceries
Rental payments
Movie tickets
Which of the following is true?
Checks and Debit Cards both withdraw money directly from a bank account
Checks are the most widely accepted form of payment
Debit Cards often have a higher interest rate
Debit Cards offer the highest level of fraud protection
Good credit is usually required for which of the following:(Check all that apply)
buying a new car
adopting a new pet
getting a credit card
buying a house
buying used furniture
Which payment type can help you stick to a budget
Credit cards
Debit cards
Payday loans
Cash advances
Which payment option takes money out of your bank immediately?
Cash
Check
Debit Card
Credit Card
Which payment option could have interest charged to you?
Cash
Check
Debit Card
Credit Card
Which method of payment actually is a form of borrowing money that needs to be paid back later?
Cash
Credit Card
Debit Card
Check
Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?
Cash & credit cards
Checks & debit cards
Debit card & credit cards
Credit cards & checks
What is budgeting?
Having money left over at the end of the month.
A plan made in advance showing how you spend money based on available income.
The ability to pay your bills on time.
Having enough money to go out to eat.
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
What should be considered when setting a budget?
Needs and wants
Savings
Time management goals
Needs, wants, and savings
When setting a budget, you can choose to make room for:
Financial goals
Entertainment expenses
Charitable donations
All of the above
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
What should you do before you use an ATM?
Inspect the ATM and its surroundings to make sure it is safe to use.
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don't forget it.
Memorize your debit card number because you'll need to type in in at the ATM.
The amount owed for borrowing money
Gratuity
Interest
Median
What is an expense?
Money that you spend or give away.
Money that you earn.
Money that you put away for later.
