Free Printable Unit 2 Test

Worksheets

Unit 2 Test

Total questions: 24

Worksheet time: 6hrs 0mins

Name

Class

Date

Which of the following represents the 50/20/30 Rule for budgeting?

20% Needs, 50% Wants, 30% Savings

50% Savings, 30% Needs, 20% Wants

30% Wants, 50% Savings, 20% Needs

50% Needs, 30% Wants, 20% Savings

Things you would like to have but are not necessary.

Bills

Savings

Wants

Needs

The total amount of money you receive in a paycheck before anything is taken out is called what?

Net Pay/Income

Savings

Income Taxes

Gross Pay/Income

Money that is set aside for future short or long term goals or emergencies is called what?

Allowance

Needs

Savings

Wants

Which is a saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck instead of seeing what is left after paying for needs and wants?

50/20/30 Rule

Pay Yourself First

Medicaid

Income Taxes

Direct Deposit

Money you put into your account

A monthly document prepared by your financial institution which shows all of the transactions related to your account

A form you fill out to credit money to your account when you make a deposit

An automatic electronic deposit of net pay to an employee's designated bank account

Sam saved $2,000 from his summer job cleaning pools. Which of these savings vehicles would work best for him if he doesn't need access to the money for a a few years AND wants to earn the highest interest rate?

Regular savings account

Money Market account

Checking account

Certificate of Deposit

Which represents the best time to start saving for your retirement?

As soon as you graduate and have your first full-time job

Right after you pay off your student loans

Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

At age 45, so you have exactly 20 years until retirement

Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.

Days

Weeks

Months

Years

10.

Which of these is a common reason someone would use a peer-to-peer payment app?

To deposit a work paycheck into their checking account.

To buy groceries at the supermarket.

To repay a friend who covered their costs at a restaurant.

To keep track of their spending and saving.

11.

A card that is loaded with a specific cash amount and can be used at ANY store.

Prepaid Card

Check

Mobile Wallet

Gift card

12.

An online process that allows you to send money directly from your checking account to another person using a username, email address, or cell phone number.

ATM

peer to peer payment app

check

debit card

13.

A virtual wallet that stores payment card information on a mobile device.

mobile wallet

check

ATM

promotion

14.

A type of bank account that allows a person to deposit and withdraw their money.

discount

prepaid card

mobile wallet

checking account

15.

8) Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

$50

$200

$250

$450

16.

4) Why is it important to be able to decide if an item is a NEED or a WANT?

Needs are worth spending money on, but you should never spend on a want

Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them

You cannot create a budget that has both needs and wants included -- you need them each in a separate budget

When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

17.

8) Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

$50

$200

$250

$450

18.

9) Why should you use your NET pay when creating a budget?

Your net pay will always be higher, so you'll have more money to spend

Your net pay is a more accurate picture of how much money you have available to spend or save

Your employer knows what your gross pay is, but you only know what your net pay is

Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budget

19.

13) Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

50% needs, 30% wants, 20% savings

50% budget, 30% needs, 20% wants

50% saving, 30% needs, 20% wants

$50 needs, $30 wants, $20 savings

20.

26) Which of the following transactions will REDUCE the amount of money in your checking account?

Deposit a check your uncle gives you for your birthday

Use your debit card to get money from an ATM

Buy an expensive new bike using cash

Transfer funds from your saving account to your checking account

21.

30) Which of these is a common reason someone would use a peer-to-peer payment app?

To deposit a work paycheck into their checking account

To buy groceries at the supermarket

To repay a friend who covered their costs at a restaurant

To keep track of their spending and saving

22.

Explain the differences between a Checking Account and a Savings Account

4 lines

23.

Explain some differences between a Credit Card and a Debit Card.

4 lines

24.

A majority of Americans do not have a retirement fund set up.

True

False

100 %

Unit 2 Test

Total questions: 24

Worksheet time: 6hrs 0mins

Similar Resources on Wayground