WorksheetsPersonal Finance Practice
Total questions: 68
Worksheet time: 1hrs 5mins
A plan for how to manage your money is called a _________.
income
budget
expense
investment
What is variable expense?
The amount of money you spend
The amount of money you save
An expense that costs different amounts every month
The variable in math
Which of the following BEST describes income?
Money received from a parent to pay for ice cream at lunch.
Money spent on a pair of new Nike Shoes.
Money donated to a charity.
Money received for completing your weekly chores.
Which of the following is a benefit of having a personal savings plan?
Personal savings plans let people spend more time doing activities they enjoy.
People who save money are able to spend more money in the future and pay for unexpected expenses.
People who save money are able to spend a lot of money right now.
Personal savings plans help people have an unbalanced budget.
Which of the following is a benefit of having a personal savings plan?
Personal savings plans let people spend more time doing activities they enjoy.
People who save money are able to spend more money in the future and pay for unexpected expenses.
People who save money are able to spend a lot of money right now.
Personal savings plans help people have an unbalanced budget.
A budget helps people make responsible economic decisions.
True
False
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.
Which of the following should Sally consider when planning her monthly personal budget?
How many pencils she will trade with another student.
How many beads she will buy at the craft store.
How many books she will read at the public library.
How much tv she will watch this week
A balanced budget is when expenses are greater than income.
True
False
A balanced budget is when income is equal to or greater than expenses.
True
False
Which of the following is an example of income?
Charging a lunch you will pay tomorrow
Buying an ice cream at lunch today
Money you get for working a job
Trading supplies with a friend
James wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen?
How he plans to save money over a long period of time.
How many Pokemon cards he will trade with friends.
How he plans to increase his expenditures this coming year.
How he plans to spend money on himself and others.
What is the difference between income and expense (expenditures)?
An expenditure is money that is saved; an income is money that is spent
An expenditure is money that is earned; an income is money that is received
An income is money that is given to another person; an expenditure is money that is received by another person
An income is money that is received; an expenditure is money that is spent
Which of the following is the MOST financially responsible decision?
Kate sold her old bike helmet for $10 to a friend. She gave the $10 to her favorite charity.
Jared gets $50 for his birthday from his grandma. He spends $75 on XBox games.
Sue was paid $25 for helping her neighbor in the yard. She spent $20 on a t-shirt and $5 on ice cream at the mall.
Jerry earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.
What elements should be included on a budget? Check all that apply.
A list of chores you complete.
How much money you earned on chores.
A list of all the things you want to buy.
How much money you plan to spend to buy different items.
Which of the following is an expenditure?
Buying an ice cream at lunch
Selling an old game to a friend
Getting paid for helping your neighbor
Allowance from your parents
What do businesses provide?
goods and services
labor
spending and saving
labor
What is supply?
the total amount of a product that producers are willing to make and sell
the amount of product that consumers are willing and able to buy
money left over after all costs of production are paid
two companies fighting for consumers
What is demand?
the total amount of a product that producers are willing to make and sell
the amount of product that consumers are willing and able to buy
money left over after all costs of production are paid
two companies fighting for consumers
What is profit?
the total amount of a product that producers are willing to make and sell
the amount of product that consumers are willing and able to buy
money left over after all costs of production are paid
two companies fighting for consumers
What is competition?
the total amount of a product that producers are willing to make and sell
the amount of product that consumers are willing and able to buy
money left over after all costs of production are paid
two companies fighting for consumers
What is income?
bills that you have to pay
the money you spend as a consumer
when you donate to charity
the money you earn for your labor
What are expenses?
bills that you have to pay
the money you spend as a consumer
when you donate to charity
the money you earn for your labor
What are the four major sectors in the U.S. Economy?
Democracy, Economies, Businesses, and Resources
Households, Private Business, and the Government
Consumers, Producers, Supply, and Demand
Households, Private Business, Banks, and the Government
This sector of our economy is made up of people.
Households
Private Business
Banks
Government
This sector of our economy provides checking accounts, savings accounts, and loans.
Households
Private Business
Banks
Government
This is something that you can touch or hold.
A good
A service
This sector of our economy produces goods and services and then sells them to households.
Households
Private Business
Banks
Government
This is a person who makes or provides goods and services
Producer
Consumer
This is a person who buys goods or services.
Producer
Consumer
People have to work to earn money, and this work is called:
income
taxes
labor
loans
Someone who takes a risk to start a business is called a(n)
Employee
Entrepreneur
Employer
This type of account allows citizens to save money and earn interest while the bank has the money.
Checking Account
Savings Account
This type of account allows citizens to withdraw funds to purchase goods and services by writing a check or using a debit card.
Checking Account
Savings Account
This sector of our economy collects taxes from households and businesses
Households
Private Business
Banks
Government
This sector of our economy uses tax money to provide public services such as schools, roads, national security, and public assistance.
Households
Private Business
Banks
Government
When producers complete for consumers' business, it is called:
Scarcity
Pricing
Competition
Supply and Demand
If a price of a product is too _______, consumers will not purchase the products that they want or need.
High
Low
If a price of a product is too _______, consumers will purchase products, but the producer will fail to make a profit.
High
Low
Which is the best description of a household in the economy?
a consumer
a house and all its occupants
a provider of labor
all of the above
What do households offer to the economy?
Labor
Goods
Factories
Railroads
Which is the best example of a service?
gasoline
cereal
barber
cars
How do banks make a profit?
interest
customer service
selling toys
buying cars and houses
Which is the best description of a loan?
borrowing money without repaying it
borrowing money and keeping it
borrowing money and repaying it with interest
none of the above
Which is the best description for a savings accound?
somewhere risky to store money
lending money to a stranger
borrowing money for a car
somewhere to store money for an emergency or large purchase
Banks make it possible for people and businesses to purchase what they need without having all of the money by offering loans.
true
false
Money that is borrowed, then paid back with interest is...
a bank.
a loan.
a savings account.
a checking account.
What is a function of the United States government in the economy?
taxes
central banking system
provided services to citizens and businesses
all of the above
Which is the best description of a public good?
police
firefighters
teachers
roads
Which is the best description of a public service?
roads
bridges
police
ships
Money collected by the government for goods and services are...
public services.
public goods.
government.
taxes.
Which is this best example of a private business?
a boy purchasing a skateboard
a person buying soap
a restaurant selling soup
a person buying gasoline
What do households need that private businesses create?
consumers
jobs
weather
none of the above
What happens when private businesses do NOT do well?
people spend less money
people lose jobs
people spend more money
both a and b
_____________ produce things that people need and want.
Consumers
Goods
Services
Private businesses
What are public services?
Services provided by private companies to the general public.
Services provided by non-profit organizations to the general public.
Services provided by individuals to the general public.
Services provided by the government to the general public.
Provides checking accounts
Collects taxes from the people
Consumes (buys) goods such as books, toys, games, and sports equipment
Provides savings accounts
Manufactures and sells goods such as automobiles, computers, school supplies, and clothing
Loans money to customers
Produce and sell services such as photography, lawn care, manicures & pedicures, and piano lessons
Provides public goods such as highways, parks, and schools
Match definition to correct term:
Money earned
income
opportunity cost
risk
personal finance
budget
Money earned through work.
SYNONYMS
earnings, wage, profit
income
outcome
expense
account
