WorksheetsPersonal Finance Study Guide
Total questions: 29
Worksheet time: 29mins
David wants to buy a new car. Since the car costs more than he has, he pays half from savings and borrows the rest. David now has what?
budget
debt
investments
savings
Retirement, college education, wedding, a nice trip, and a new truck are all what?
reasons people save
examples of undisciplined spending
things bought on credit
methods of investing
Barbara bought a $500 dress using her credit card. By the time she finished paying back the credit card company, Barbara paid $575 for the dress. The extra $75 was what?
credit
debt
expenditure
interest
Having a budget, investing in the future, and staying out of debt are ways citizens ______________.
manage their money wisely
influence government spending
go bankrupt
provide municipal revenue
Which of the following MOST affects your ability to borrow money?
your credit score
your savings account
your monthly income
your political party
Is it better to pay your credit card statement in full or pay the minimum balance? Why? Pick 2 answers.
pay it in full
you can avoid paying a fee on the remaining balance
pay the minimum balance
paying the minimum balance takes care of everything
When planning a simple budget, what items would you include?
earnings
spending
saving
all of the above
When using a credit card, you will eventually have to:
pay for the item and/or pay interest
never pay for the item
buy everything you have ever wanted
explain to your friends that it did not cost anything
When opening a savings account or planning your budget, which unexpected expenses should you consider?
home repair
car repair
medical expenses
all of the above
Term that applies to the ability to buy something now and pay for it later over a period of time.
Savings
Profit
Budgeting
Credit
The cost of borrowed money, usually expressed as a percentage.
interest
savings plan
scarce
purchase
Ty spent $400 on his credit card. He couldn’t pay the balance back in time, so they charged him 20% interest. How much does he owe his credit card company for the total purchase?
$420
$408
$402
$480
This month Matt's expenses are greater than his income. What can Matt do to balance his budget?
Increase expenses and decrease income
Decrease expenses and decrease income
Decrease expenses and increase income
Increase expenses and increase income
Which of the following is an advantage of a credit card?
You can buy anything you want.
You can spend more than you have.
You can buy something you need and pay it back in payments.
You can buy things you can't afford.
Which of the following is an advantage of a debit card?
You can accidentally wash it in the washing machine.
You can buy expensive items.
You can purchase items online.
You can use it at restaurants.
What is debt?
Money you have borrowed and need to pay back
Money you make from working at a job
Money you make from the government
Taxes that you pay when you buy something
When you pay only small amounts of your credit card bills, you may end up in debt.
True
False
What may be a penalty for a late credit card bill payment? (Select all that apply)
Interest added to your future payments
The teacher gives you silent lunch
Your credit score goes down
Extra money added to your checking account
How does a credit card work?
You load the card with your own money.
It is unlimited and you don't have to pay it back.
It is borrowed money you pay back monthly.
Why is creating a budget so important? (Select all that apply)
It can help you reach your savings goals.
It can help you make better financial decisions.
It can help you see and adjust your spending habits.
It can help you keep track of your neighbor's financial habits.
It can help you get a better job.
When the bank charges interest on a loan we borrow, we must...
Pay more money than we borrowed from the bank
Pay less money than we borrowed from the bank
A debit card is linked to your...
Pet fish
Savings account
Budget
Checking account
Devonta usually makes smart spending choices, but he never has enough money to make large purchases, such as a new computer. How can Devonta responsibly get enough money to buy a computer and avoid additional costs?
apply for a bank loan
stop paying his bills
save money each week
A purchase made with which of the following may cost a buyer significantly more than the actual purchase price?
cash
check
debit card
credit card
Which answer choice BEST describes credit?
money received in exchange for labor
money loaned to a person to make purchases
money earned as income on a savings account
money set aside in case of emergencies
What would help a person avoid getting into debt?
using credit
saving money
obtaining loans
paying interest
What factors should a person balance when creating a personal budget?
taxes and debt
spending and saving
work and family life
chores and social time
What should Stanley spend his money on FIRST when he receives a paycheck?
gifts for family
books and games
groceries and rent
Which is an example of income?
a loan a struggling business owner receives
a paycheck a retail store employee receives
credit extended to a consumer looking to buy a computer
