WorksheetsPersonal Finance Quiz #1
Total questions: 22
Worksheet time: 15mins
True or False: You can give by donating your time?
True
False
A fee you pay for borrowing someone else's money is ________
Money
Time
Interest
Penalty
What is investing?
Possibility that an investment will fail to pay the expected return
Money invested is usually used to pay for long-term goals
Assets purchased with the goal of providing additional income from the asset itself but with the risk of loss
The danger that money won’t be worth as much in the future as it is today.
How does time effect money?
The more money you save the more you will make
Saving for a short period of time proves long term investments
The longer you save your money the more you will make
The physical form of money, such as coins or paper money.
Balance
Budget
Cash
Copay
What is it called when someone doesn't have enough money in an account to cover a charge?
Insufficient funds
Compound interest
Pending charge
Negative balance
When we budget or buy things what do we need to know?
How much you will get paid next week.
How much money you have
Weekend plans
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Check all statements that are true about a balanced budget.
A balanced budget is when you have more expense than income.
A balanced budget is when you have the same number of ten dollar bills as one dollar bills.
A balanced budget is when income is equal to or greater than expenses.
A balanced budget helps you make responsible spending and saving decisions.
Making a ________ helps you see how much $ you have and decide how much you can spend.
savings account
job
check book
budget
How is Net Worth calculated?
Revenue minus Expenses
Item Cost plus taxes
Total Value or person's assets minus total liabilities
Money x Money
Learning about money is not that important because you can depend on your parents to manager your money.
True
False
When money is taken out of a checking account it decreases the account balance and is called a:
Withdrawal
Deposit
What is the primary difference between a credit card and debit card?
Debit card uses debt
Credit card uses money directly from bank account
Debit card uses money you have while a credit card uses money you borrow
They're the same thing
Personal Finance is __% knowledge and __% behavior
80%; 20%
20%; 80%
The best way to manage money is to learn how to manage ___________
your work hours
your paycheck
you
When money is put into a checking account it increases the account balance and is called a
Withdrawal
Deposit
What is the First Foundation of Financial Peace is....
Build Wealth
$500 Emergency Fund
Get Out of Debt
Pay Cash for College
What is it called when someone doesn't have enough money in an account to cover a charge?
Insufficient funds
Compound interest
Pending charge
Negative balance
It is important to set aside money in case of …...
a decrease in expenses
income increases
routine expenses
unexpected expenses
