WorksheetsFall 24: Money Matters Finals
Total questions: 32
Worksheet time: 16mins
Name
Class
Date
1.
1. Which of the following is a fixed expense?
a)
a) Groceries
b)
b) Rent
c)
c) Entertainment
d)
d) Clothing
2.
When creating a budget, what should you prioritize?
a)
a) Wants
b)
b) Savings
c)
c) Needs
d)
d) Debts
3.
3. What percentage of your income is generally recommended for housing costs?
a)
a) 20%
b)
b) 30%
c)
c) 40%
d)
d) 50%
4.
Which is NOT a factor to consider when choosing a place to live?
a)
a) Location
b)
b) Proximity to work/school
c)
c) The color of the walls
d)
d) Safety of the neighborhood
5.
5. Which strategy helps save money on groceries?
a)
a) Shopping when hungry
b)
b) Buying name brands only
c)
c) Using a meal plan
d)
d) Avoiding grocery lists
6.
What is the benefit of buying in bulk?
a)
a) Higher prices per unit
b)
b) Long-term savings
c)
c) Faster shopping trips
d)
d) Smaller quantities
7.
7. What is the first step in financial planning?
a)
a) Set financial goals
b)
b) Spend less money
c)
c) Open a credit card
d)
d) Borrow money
8.
What is the purpose of an emergency fund?
a)
a) To pay for vacations
b)
b) To cover unexpected expenses
c)
c) To pay off credit cards
d)
d) To invest in the stock market
9.
9. Which of the following is an example of revolving credit?
a)
a) Mortgage
b)
b) Car loan
c)
c) Credit card
d)
d) Payday loan
10.
What does a secured credit card require?
a)
a) A co-signer
b)
b) A minimum credit score
c)
c) A security deposit
d)
d) A high credit limit
11.
A budget is a plan for how you spend and save your money.
a)
True
b)
False
12.
Credit cards always have lower interest rates than personal loans.
a)
True
b)
False
13.
Your credit score increases when you pay your bills on time.
a)
True
b)
False
14.
Identity theft can happen even if you don’t share your personal information.
a)
True
b)
False
15.
Professional communication is only necessary in job interviews.
a)
True
b)
False
16.
Grocery shopping without a list can lead to overspending.
a)
True
b)
False
17.
Paying more than the minimum on your loans reduces interest over time.
a)
Yes
b)
No
18.
Payday loans are a cheap way to borrow money.
a)
True
b)
False
19.
Financial institutions include banks, credit unions, and investment firms.
a)
True
b)
False
20.
Everyone should aim to have at least three months of living expenses saved.
a)
True
b)
False
21.
Define "budget" and explain why it is important.
4 lines
22.
List three strategies to protect yourself from identity theft.
4 lines
23.
Explain the difference between a need and a want. Give two examples of each.
4 lines
24.
Describe one long-term benefit of having a good credit score.
4 lines
25.
Why is it important to compare financial institutions before opening an account?
4 lines
26.
You make $2,500 per month. Your rent is $800, utilities are $150, groceries are $300, and transportation costs $200. How much can you save if you stick to your budget?
4 lines
27.
You receive a paycheck of $1,000. You want to save 20% of it. How much will you save, and how much do you have left for expenses?
4 lines
28.
Someone offers you a payday loan with 20% interest due in two weeks. Explain why this might not be a good choice.
4 lines
29.
You notice unauthorized transactions on your bank account. What steps should you take immediately?
4 lines
30.
Your credit card balance is $1,200, and the minimum payment is $25. If the interest rate is 18%, what will happen if you only pay the minimum?
4 lines
31.
You are trying to buy a car but have a low credit score. What can you do to improve your credit over time?
4 lines
32.
What steps can you take to recover financially if you fall into debt?
4 lines
100 %
