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Unit 1 (Budgeting, Smart, Banks, Behavioral Economics)

Total questions: 45

Worksheet time: 1hrs 13mins

Name
Class
Date
1.
Budgeting is crucial to your financial success.
a)
True
b)
False
2.
Preparing a budget includes
a)
Income, Expenses, Saving
b)
Only listing your expenses
c)
Only listing your debts
d)
Only listing your income
3.

what does the 50% represent?

a)

Resources

b)

Bills

c)

Needs

d)

Wants

4.

what is an example of a Bill your parents might have?

a)

Restaurant

b)

Party Supplies

c)

Birthday

d)

Electric

5.

What does the 20% represent?

a)

Bills

b)

Wants

c)

Needs

d)

Savings

6.

Why is savings important?

a)

To enjoy freedom

b)

To have money for fun things

c)

To plan for the future

d)

ALL the ABOVE

7.

Where should your savings go to protect it?

a)

Bank Account

b)

Piggy Bank

c)

Shoe box

d)

Wallet

8.

What does the 30% represent?

a)

Bills

b)

Savings

c)

Wants

d)

Needs

9.

Why is the savings Rule needed for most people?

a)

To learn to spend money without thinking?

b)

To learn to save money for the future?

c)

To learn to avoid debt

d)

Only save money and spend money

10.

Which of the following is a benefit of using a budget?

a)

Helps sort short- and long-term financial goals.

b)

Helps you keep track of the money you spend.

c)

It does not have any benefits.

11.

What is something that helps you prepare for unexpected expenses?

a)

Emergency Fund

b)

Credit Cards

c)

Debit Cards

d)

Insurance

12.

When planning for short-term financial goals, which of the following strategies is most important?

a)

Acquiring real estate for long-term appreciation

b)

Developing a 30-year retirement plan

c)

Investing in a diversified stock portfolio

d)

Setting aside a portion of each paycheck for savings

13.

S stands for...

a)

Smart

b)

Specific

c)

Scientific

d)

Sensible

14.

M stands for...

a)

Measurable

b)

Manageable

c)

Masterful

d)

Miniscule

15.

R stands for...

a)

Redundant

b)

Ready

c)

Results-Based

d)

Relevant

16.

T stands for...

a)

Tough

b)

Technical

c)

Time-based

d)

Thoughtful

17.

Which is lacking in this statement: "I want to get a good SAT score by March"

a)

Not Specific

b)

Not timed

c)

Not relevant

d)

Not measurable

18.

Which of the following expenses should be included in a typical budget?

a)

taxes

b)

charitable giving - charities

c)

savings

d)

All of the expenses should be included in a typical budget

19.
for-profit financial companies and can be large or small, national or local.
a)
Credit Union
b)
Bank
20.
not-for-profit financial cooperatives that are typically small and local.
a)
Credit Union
b)
Bank
21.
Less Accessible 
a)
Credit Union
b)
Bank
22.
Fewer Fees, Better Rates
a)
Credit Union
b)
Bank
23.
FDIC insured for up to $250,000
a)
Credit Union
b)
Bank
24.
Which is better a Credit Union or a Bank?
a)
Credit Union
b)
Bank
c)
Depends on your financial needs
25.

Owned by members or employees of a local employer

a)

Bank

b)

Credit Union

c)

Both

26.

Match definition to correct term:


a plan that balances available resources and expenses

a)

income

b)

opportunity cost

c)

risk

d)

personal finance

e)

budget

27.

Money earned through work.

a)

withdrawal

b)

expense

c)

deposit

d)

income

28.

Anything that you spend money on.

a)

income

b)

expense

c)

deposit

d)

withdrawal

29.

FDIC insures you how much money per account?

a)

250,000.00

b)

300,000.00

c)

400,000.00

d)

25,000.00

30.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
31.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
32.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
33.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
34.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
35.

What is the primary benefit of a savings account?

a)

Offers investment opportunities

b)

Provides access to money for everyday needs

c)

Allows for long-term savings

d)

Earns high interest rates

36.

You see an advertisement promoting a sale “for a limited time only!” with a countdown clock. Which bias is being used?

a)

Herd Mentality

b)

Loss Aversion

c)

Hedonic Adaptation

d)

Fear of Missing Out (FOMO)

37.

Paula sees her friends' pictures of a concert that she couldn't attend because of work. She feels like an outsider.

a)

Paula is experiencing Fear of Missing Out (FOMO)

b)

Paula is experiencing Herd Mentality

c)

Paula is experiencing Loss Aversion

d)

Paula is experiencing Confirmation Bias

38.

The Fear of Missing Out, or FOMO, is…

a)

The effect of feeling a loss more than an equal gain

b)

The anxiety that an interesting or exciting event is happening without you

c)

Placing higher value on things you own

d)

The opposite of YOLO (You Only Live Once)

39.

The irrational ways that we process information & make decisions using our own perspective and incomplete information.

a)

Cognitive biases

b)

Hedonic Adaptation

c)

The Endowment Effect

d)

Overprecision

40.

You are new to a city and find two restaurants near each other that offer a similar menu. You pick the more crowded one.

a)

This is an example of Fear of Missing Out (FOMO)

b)

This is an example of Herd Mentality

c)

This is an example of Sunk Cost Fallacy

d)

This is an example of Overvaluing

41.

In 2021, many people saw the value of Gamestop stock increasing sharply and purchased the stock too. These buyers were

a)

Experiencing Herd Mentality

b)

Experiencing Overprecision

c)

Experiencing Confirmation Bias

d)

Experiencing Hedonic Adaptation

42.

What is behavioral economics?

a)

The study of how emotions and psychology influence financial decisions

b)

The mathematical analysis of market trends

c)

The study of corporate financial statements

d)

The process of balancing checkbooks

43.

The tendency to conform to the behaviors and beliefs of the people around you

a)

Overconfidence Bias

b)

Overestimation

c)

Herd Mentality

d)

Loss Aversion

44.

You want to see a movie that almost everyone has seen and is raving about.  What kind of economic behavior best describes this situation?

a)

Herd Mentality

b)

Bandwagon Effect

c)

Congitive Bias

d)

Endowment Effect

45.

It's Prime Shopping Day.  You notice that a pair of wireless earbuds is on sale if you buy then in the next 20 minutes.  You decide to buy them while the sale is on.  What kind of economic behavior is this? 

a)

Herd Mentality

b)

Fear of Missing Out (FOMO)

c)

Cognitive Bias

d)

Endowment Effect

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