WorksheetsEverfi: Future Smart test
Total questions: 18
Worksheet time: 12mins
Select the answer that best describes opportunity cost:
a. The amount of money you put into savings every year.
. What you give up as a result of choosing one option versus another; a trade-off.
The amount of money a business makes every year from sales.
What you gain as a result of choosing one option versus another; a benefit.
Which of the following expenses should be included in a typical budget?
taxes
charitable giving - charities
savings
All of the expenses should be included in a typical budget
Which of the following would be considered a want for most people?
A brand-name jacket
Transportation to get to work
A place to live
Nutritious food
If you know the unit price of an item, you are better able to:
Compare prices of two brands
Estimate how much you will need
Determine the total cost of the purchase
Figure out the discount during a sale
Your friend’s parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need?
rent payment
car insurance
cable service
groceries
What factor has the biggest impact on a credit score?
having a variety of credit
the amount of money you owe on your credit cards
your history of making payments on time
the number of years that you have used credit responsibly
A ______ is usually paid on a biweekly or monthly basis for professional employment.
salary
stipend
wage
benefit
What is the best strategy to avoid paying interest on your credit cards?
pay the minimum balance each month
pay the full balance each month
have credit cards from two different banks
make payments online
Amy's new summer job at the pool will pay her $9 hour. Which term describes this type of hourly income?
salary
stipend
wage
benefit
What is the problem with paying only your minimum credit card balance each month?
it lowers your credit score
you have to pay interest
the bank will cancel your credit card
all of the above
Income earned on an hourly basis is called a:
salary
stipend
wage
benefit
A _______ is a small piece of ownership in a company.
Stock
Bond
Mutual Fund
Derivative
________ are loans to a company or government for a set amount of time. They are considered low-risk investments.
Stocks
Bonds
Mutual funds
Deposits
card that connects directly to your checking account; purchases you make with this card are immediately subtracted from your bank account
debit card
credit card
The average price of a gallon of milk increased from $3.00 last year to $3.50 this year. This is most likely due to ______________________.
inflation
the stock market
deflation
the market basket
Which interest-bearing account is best for people who won’t need access to their money for more than a year?
Savings Account
Checking Account
Certificate of Deposit
Credit Card
If a person has liability insurance, what would they be covered for?
Repairing damage to other cars if they got into an acciden that was their fault
Repairing damage to their own car if they got into an accident that was their fault
Repairing damage to their car that was caused by storms or theft
All of the above
___________ are loans to a company or government for a set amount of time. They are considered low-risk investments.
Stocks
Bonds
Mutual funds
Deposits
