WorksheetsPersonal Money Management
Total questions: 16
Worksheet time: 9mins
___________ is the starting point for a budget.
Debt
Income
Expenditures
Credit
Julia earns an hourly wage for working at a clothing store. This is an example of
Income
Expenditures
Debt
Credit
Ben makes $50 each month, but spends $40 of it. Lindsey makes $65 each month, but spends $60. Which one of them would be able to save enough for a large purchase first?
Ben
Lindsey
Which of the following are benefits of saving money? (Select 3)
to build wealth
to pursue opportunities
to limit expenses
to plan for retirement
to monitor financial resources
Which of the following would be a benefit of saving money?
to qualify for a new credit card
to be prepared for an emergency
to have fewer job opportunities
to have to decline credit card offers
Which of the following is a risk of debt? (select 2)
losing your job and not being able to pay back the debt
borrowing money to take a vacation
paying back a loan too quickly
not saving at least 5% of your income
being unable to save for emergencies
Which is considered "good" debt?
using a credit card to pay for an extended vacation
getting a loan from a bank to buy a new sports car
using a credit card to buy the latest personal electronics
getting a loan from a mortgage company to purchase a home
Which phrase describes a significant risk of mishandling credit?
paying more sales tax
paying higher interest rates
receiving higher credit scores
receiving more credit card offers
In which situation does credit become debt?
a buyer purchases furniture on credit, and then owes a debt to the furniture store
an electronics store extends credit to a buyer, then owes a debt to the buyer
a mechanic exchanges services with a plumber, and incurs a debt to the plumber
a framer purchases used equipment in exchange for a share of the crops grown
Which is a benefit of creating a personal budget?
in can decrease your savings
it can increase your spending
it can help you make more money
it can help you use money more wisely
This term describes a business that stores the money of people and businesses and makes loans to customers.
loan
debit
bank
credit
This is an amount that is borrowed from a bank or credit union.
loan
debit
bank
credit
This is a type of banking card that, when used, withdraws money from a banking account that is linked to that card.
bank
debit
credit
interest
Ability to obtain goods and services before payment, or money lent or made available, both with specific guidelines for repayment.
loan
money
interest
credit
This is a fixed charge for borrowing money; usually a percentage of the amount borrowed.
money
debit
interest
credit
This is the legally accepted payment for goods and services.
laon
bank
debit
money
