WorksheetsFinancial Literacy Quiz
Total questions: 30
Worksheet time: 17mins
What is a written plan for saving, giving, and spending called?
Income
Budget
Net income
Gross income
What term describes money received as a gift, working, or investment?
Fixed expense
Variable expense
Income
Discretionary expense
Which type of expense remains the same from month to month?
Variable expense
Fixed expense
Intermittent expense
Discretionary expense
What is an expense that varies in dollar amount from month to month?
Fixed expense
Variable expense
Intermittent expense
Discretionary expense
What type of expense occurs at various times throughout the year in large, lump sums?
Fixed expense
Variable expense
Intermittent expense
Discretionary expense
What is a cashflow plan that assigns an expense to every dollar of your income?
Zero-based budget
Net income
Gross income
Cash-flow statement
What is the term for what a person earns after payroll taxes and other deductions are taken out?
Gross income
Net income
Income
Budget
What is the amount you earn before taxes or other payroll deductions?
Net income
Gross income
Income
Budget
What summarizes all the income and outgo over a certain time period?
Cash-flow statement
Zero-based budget
Net income
Gross income
What is income that comes in different amounts or at different times?
Fixed expense
Variable expense
Irregular income
Discretionary expense
What is earning based on a percentage of the sales made?
Commission
Interest rate
Principal
Rate of return
What is interest paid on interest previously owned?
Simple interest
Compound interest
Principal
Rate of return
What is a savings account set up specifically to be used to cover financial emergencies?
Sinking fund
Emergency fund
Large purchases
Compound growth
What is the percentage of principal charged by the lender for the use of its money?
Commission
Interest rate
Principal
Rate of return
What is the persistent rise in the cost of goods and services over time?
Inflation
Deflation
Stagnation
Recession
What can you do to avoid debt?
Spend more money than you earn
Use all your savings to buy expensive things
Only use money that you have, instead of borrowing
Borrow money from many different people
Why is it important to track your expenses?
To make sure you don't spend more than you have
It's not important
So you can brag to friends
To make your parents happy
Keeping track of what you earn, spend and save are key parts of a ____
monthly allowance.
investment strategy.
paycheck.
budget.
What is a good habit to start saving money?
Buying everything you want
Waiting for a sale to buy something
Putting a little money aside regularly
Only saving money on your birthday
Which type of interest means: interest paid on previously owned?
(a)
What type of growth is this: the average rate of growth for an investment over time often expressed as an annual figure?
(a)
Which type of interest means: the amount of interest charged on a debt but not yet collected; interest accumulates from the date a loan is issued?
(a)
What is the First of the Five Foundations in the correct order:
Save $500 emergency fund
Get out of debt and stay out of debt
Pay cash for your car
Pay cash for college
Build wealth and give
What is the Second of the Five Foundations in the correct order:
Save $500 emergency fund
Get out of debt and stay out of debt
Pay cash for your car
Pay cash for college
Build wealth and give
What is the Third of the Five Foundations in the correct order:
Save $500 emergency fund
Get out of debt and stay out of debt
Pay cash for your car
Pay cash for college
Build wealth and give
What is the Fourth of the Five Foundations in the correct order:
Save $500 emergency fund
Get out of debt and stay out of debt
Pay cash for your car
Pay cash for college
Build wealth and give
What is the Fifth of the Five Foundations in the correct order:
Save $500 emergency fund
Get out of debt and stay out of debt
Pay cash for your car
Pay cash for college
Build wealth and give
What is: the initial amount of money invested or borrowed?
(a)
Select the correct definition: Time Value of Money
the measure of an investment's profit or loss, usually expressed as a percentage of the initial investment
concept that an amount of money is worth more today than in the future due to earning potential
the average rate of growth for an investment over time often expressed as an annual figure.
Select the correct definition: Rate of Return
the measure of an investment's profit or loss, usually expressed as a percentage of the initial investment
concept that an amount of money is worth more today than in the future due to earning potential
the average rate of growth for an investment over time often expressed as an annual figure.
