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WorksheetsBusiness Leadership Test Review
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Why is it important to have an emergency fund?
a)
The fund is used to pay for your health and car insurance, where emergencies are common.
b)
The fund is used to pay for college so you don't have to take out student loans.
c)
The fund is used to pay for unexpected expenses, so that you don't have to go into debt if there's an emergency.
d)
The fund is used to make donations to charities, who need your help to do good work.
2.
Kellen is saving for a new video game system, which costs $300. He receives an allowance of $30 per month, and he usually spends $15 and saves $15 each time. How many months will it be until Kellen has enough saved to buy the game system?
a)
10 months
b)
12 months
c)
20 months
d)
30 months
3.
Now that she's got her own apartment and her first high-paying job, Rita is creating a budget. What are the two main categories that will help her form a budget?
a)
Paycheck and taxes
b)
Insurance and investments
c)
Income and expenses
d)
Credit cards and debit cards
4.
Which statement best describes NEEDS vs WANTS?
a)
NEEDS are monthly bills you must pay, while WANTS are monthly bills you are excited to pay.
b)
NEEDS are required expenses you cannot avoid, while WANTS are optional items you choose to buy.
c)
NEEDS are expenses for your entire family, while WANTS are expenses for you personally.
d)
NEEDS are expenses the government pays for you, while WANTS are expenses you must pay for yourself.
5.
Which action would INCREASE the money in Shirley's checking account?
a)
She uses a person-to-person app to pay a friend for dinner.
b)
She uses her debit card to buy a holiday gift.
c)
She uses her smartphone to deposit a check from her grandpa.
d)
She uses a prepaid card to pay for a month of movie streaming.
6.
Phillip purchased a share of Microsoft. He can earn money on this investment by selling it for more than he purchased it for. What type of investment did Phillip purchase?
a)
Mutual Fund
b)
Bond
c)
Stock
d)
Index Fund
7.
Your friend, Marco, is excited to apply for his first summer job. However, he needs to submit a resume and is unsure of what to include. What information would you recommend he include in his resume?
a)
His parents' names and contact information
b)
His involvement in extracurricular activities & leadership roles
c)
Courses he plans to take in high school
d)
A list of his favorite websites and apps
8.
You want to reduce the amount of loans you'll need to take out for college, so you want to save as much money as you can ahead of time. What's the BEST strategy?
a)
Every time you receive a paycheck, spend carefully and then save any money you have left over at the end of the month.
b)
When you receive any income, either through gifts, allowance, or working, set a goal of saving at least half before you spend the other half.
c)
Spend whatever you want during the first 2 years of high school, but then save everything you earn during the last 2 years of high school.
d)
Don't do anything fun during high school so you're not tempted to spend money.
9.
Jodi wants to visit her extended family in Barbados next summer, and the flight costs $450. How much does she need to save each month if she wants to buy the flight in exactly 9 months?
a)
$9
b)
$45
c)
$50
d)
$90
10.
Which statement best describes what a budget is?
a)
A list of all the money you spent during the last month
b)
A plan for how much income you expect to have and how you want to save and spend it
c)
A statement from your bank that shows your ATM withdrawals
d)
A list for which scholarship and grants you will use to pay for college
11.
Susan's paycheck this month says her gross pay was $400 and net pay was $350. What's the best explanation for why those two numbers are different?
a)
Susan didn't work as many hours as she promised she would.
b)
Susan's boss wasn't pleased with her work and reduced her pay.
c)
Susan's employer deducted taxes from her paycheck.
d)
Susan spent some of the money before she even got her check.
e)
12.
Lamar recently graduated and lives in an apartment he shares with two friends. Each of these expenses is probably a NEED in Lamar's budget EXCEPT...
a)
Paying his portion of the electric bill
b)
Paying $600 for his monthly rent
c)
Making his cell phone payment on time so his service isn't shut off
d)
Going out every Friday to celebrate "Roommate Fun Night" with his friends
13.
Based on this paycheck, how much was John's gross wages this month?
a)
$1,524.74
b)
$2,000.00
c)
$30,494.81
d)
$40,000.00
14.
What are the two main categories of a budget?
a)
Taxes and Debt
b)
Income and Expenses
c)
Investments and Insurance
d)
Spending and Saving
15.
A deposit means to _______ money to an account?
a)
add
b)
subtract
16.
To subtract money from a checking account, is called a ______________________.
a)
deposit
b)
withdrawal
17.
Which action would REDUCE the amount of money in Kendra's checking account today?
a)
Using an ATM to withdraw money using her debit card
b)
Using a gift card she received for her birthday at her favorite store
c)
Using her smartphone to deposit a check from her employer
d)
Using an ATM to deposit a check from her employer
18.
Your friend, Hollis, has asked you to review her resume for a job. What type of information can you expect to be listed?
a)
Courses she plans to take in high school
b)
A list of her favorite website and apps
c)
Her work and volunteer experience
d)
Her parents' names
19.
What should be listed at the top of a resume?
a)
Skills
b)
Education
c)
Objective
d)
Contact information
20.
What are the five parts of a friendly letter?
a)
date, greeting, body, closing, signature
b)
date, address, greeting, information, signature
c)
greeting, body, closing, signature, P.S.
d)
date, introduction, body, conclusion, signature
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