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WorksheetsBudgeting, banking, & Finance - Test Review
Total questions: 16
Worksheet time: 8mins
What is a checking account statement, and what kind of information does it show?
A record of all transactions made during the previous month.
A list of future transactions.
A summary of your credit score.
A detailed report of your investments.
If you use a debit card to withdraw money from an ATM, what happens to your checking account balance?
It increases.
It decreases.
It stays the same.
It doubles.
Why is it important to identify your needs versus your wants when budgeting?
To make sure your needs are met first, and then you can decide how much to spend on wants.
To ensure you spend equally on both.
To avoid spending on needs.
To focus only on wants.
Kylie uses the 50/30/20 rule. What percentage of her income should she save?
10%
20%
30%
50%
A checking account statement shows a record of all transactions made during the previous month. What is this an example of?
A budget.
A financial plan.
A transaction history.
A credit report.
Fill in the blank: A mobile wallet works by holding your smartphone next to the store’s ________ terminal.
checkout
ATM
online
credit
Why is it better to budget using your net pay instead of your gross pay?
Net pay is the actual amount you have available to spend after deductions.
Gross pay is the total amount you earn before any deductions.
Net pay includes taxes and insurance.
Gross pay is more reliable.
Why should you meet all your needs before spending on wants?
Needs are essential for survival and responsibilities, while wants are optional.
Wants are more expensive than needs.
Needs can be postponed.
Wants are more fun.
Ethan wants to upgrade to unlimited data for his cell phone. When might this be a need?
If he has an hour-long bus ride and needs the data to do homework online.
If he wants to watch movies.
If he likes to play games.
If he wants to browse social media.
Why do deductions like taxes matter when creating a budget?
They increase your income
They reduce your actual income
They have no effect on your budget
They are optional
What are the three main categories of federal government spending?
Education, healthcare, infrastructure
Mandatory spending, discretionary spending, interest on debt
Defense, welfare, transportation
Agriculture, technology, environment
Why is it important for the federal government to collect taxes?
To fund public services like education, healthcare, and infrastructure
To increase the wealth of politicians
To support private businesses
To reduce national debt
Deductions reduce your ______ income.
gross
actual
net
total
Fill in the blank: The three main categories of federal government spending are ______, discretionary spending, and interest on debt.
education
mandatory spending
healthcare
infrastructure
Ethan wants a gaming system that costs $500. He earns $10 per hour at his job. How many hours will he need to work to afford it if he wants to save 20% of his income?
50 hours
62.5 hours
70 hours
80 hours
How does a mobile wallet work for making purchases?
By holding your smartphone next to the store"s checkout terminal.
By emailing your account information to the store.
By sending the amount owed through Venmo.
By transferring BitCoin to the store.
