WorksheetsSavings Personal Finance
Total questions: 23
Worksheet time: 59mins
Interest paid on an investment and on any interest previously earned.
compound interest
simple interest
liability
asset
All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future.
budget
expenses
personal finance
scarcity
A federally recognized, tax-exempt organizations such as a church, hospital, charity, or school that serves the public in some capacity.
consumer
scarcity
profitable organization
nonprofit organization
The charge for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest.
principal
time
interest
balance
A monthly plan for how you are going to save and spend your income.
expenses
credit
budget
liability
The amount of money you should have in your emergency fund.
$100
$300
$500
$700
The process of putting money into an account
ATM
deposit
withdrawal
overdraft
a strategy for using money to reach important goals and to advance your financial security
savings plan
SMART goal
emergency funding
The first step in a savings plan is to
put money into savings account
spend money on discretionary expenses
pay the bills first, then put money into savings
an amount of money you can easily access in case of a job layoff, illness, or unexpected expense
savings account
checking account
emergency fund
_________ is an account designed for accumulating money for future use
interest bearing account
savings account
checking account
________a savings account that requires a deposit of fixed amount of money for a fixed period of time or term; penalty for early withdrawal
certificate of deposit (CD)
depository savings accounts
money market account
You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?
Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods
Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses, so they use every dollar every month
Aunt Tina and her family have high paying jobs and don’t worry much about money
Aunt Tina uses her paychecks as income to deposit into her checking and savings accounts
What is meant by the term “impulse shopping?”
Comparison shopping for more expensive items while doing less work to compare cheaper products
Buying an item without giving it much thought, maybe because it’s on sale or you see it and simply love it
Using your emergency fund, rather than your checking account, to make a purchase
Shopping online instead of in stores
Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 20% of your monthly income toward _____________, and 30% of your monthly income toward ______________.
Needs, wants, savings
Savings, needs, wants
Needs, savings, wants
Wants, needs, savings
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…
Retirement, a house down payment, college tuition
A new cell phone, college tuition, a house down payment
A new cell phone, dinner with friends this weekend, a new bike
Retirement, college tuition, a vacation
Which of the following is an effective strategy for personal saving?
Wait until the end of the month and save whatever is left in your checking account
Save a certain percentage of each paycheck and deposit it directly into a savings account
Cover all of your wants and needs and save whatever is left over
Take out a payday loan so you can save before you receive your paycheck
