WorksheetsEVERFI: Vault - Understanding Money - Modules 1 and 2
Total questions: 20
Worksheet time: 19mins
If you have limited means, you ____________.
have too much money
spend too much money
save enough money
can't have everything
When you must give something up in order to get something else, it is called ___________.
a sound investment
an opportunity cost
a lost opportunity
a limited means
Why do you need to use decision making skills if you have limited means?
Since you are not able to have everything, you must decide what you really need.
Making decisions is possible when you can have everything.
You have a limited number of decisions.
You have too much money which makes decision making hard.
An opportunity cost can make decision making difficult because ______.
you must choose to give up some things in order to get other things.
the costs might be extremely high.
it's hard to make decisions about opportunities.
you may only get that opportunity once.
Before you buy something you want, you should buy ___________.
something that is cheap
something you need
something expensive
something on sale
Food, water, shelter and clothing are examples of __________.
limited means
wants
needs
opportunities
If you have limited means you may need to prioritize. This could mean crossing video games off your shopping list and replacing them with ________.
groceries
movie tickets
designer jeans
new sneakers
Setting a goal lets you ________.
achieve nothing
forget next steps
achieve what you want to do
spend more money
When you have a goal, you can _________.
plan out steps to achieve it
avoid bad decisions
buy more of what you want
buy more of what you need
Which of these will not help you achieve a goal?
setting the goal
hoping you meet it
planning out steps to meet it
prioritizing decision
Tracking your spending can help you ____________.
spend more money
make good decisions
know where your money is being spent
spend less money
Which of these is NOT true?
Tracking your expenses can help you meet your budget.
A budget helps you plan to use your money for things you need.
A budget helps you plan to use your money for things you want.
It's harder to keep track of your expenses when you make a budget.
Why is saving money important?
Saving money can help you meet goals.
It's important to show off how much money you have.
It's important to fill your money jar.
Saving money is important for spending.
Buying a cheaper product sometimes can help you _______.
create a budget
reach a savings goal
afford an opportunity cost
track spending
If you have a budget, you have ________.
afford nicer things
spend all the money you want
a plan for using your money over a set period of time
a good idea of how much money you'll make afford nicer things.
Keeping track of what you earn, spend, and save are the key parts of a ________.
monthly allowance
investment strategy
paycheck
budget
Cutting back on expenses can help you save money, which will ________.
help you afford nicer things
add uup fast and help you save for your goal
help you spend more money
help you choose the right investments
Which is a reliable source of information when trying to research something you will buy?
friends
advertisements
expert reviews
social media
What kind of information should you find when you want to research buying something?
positive information
negative information
questionable information
reliable information
When you want to buy something, which kind of information may not give you the best information?
reliable information
expert reviews
trustworthy information
product advertisements
