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WorksheetsPersonal Finance - Everfi Future Smart
Total questions: 20
Worksheet time: 15mins
Which of the following is a variable expense for many adults?
Their monthly cost of eating out at restaurants
Their monthly rent payment
The monthly payment on their car loan
Their monthly payment for health insurance
Which of the following is not a source of income?
Your annual salary for doing your job
Your monthly student loan payment
The stipend you receive for doing an internship
The wages you receive after a work shift
What is a premium?
The amount you pay the insurance company for coverage.
The amount you are personally required to pay before your insurance covers the cost.
A fixed fee you pay for specific medical services.
The most you have to pay for health care in a full year.
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
You can't get other credit cards this way.
You are creating a budget for your new business. What should you include?
All income and expenses
Fixed expenses but not income
Income but not variable expenses
Fixed and variable expenses but not taxes
The opportunity cost of earning an advanced college degree is that:
You will earn more income during your career
You will earn less money during the years that you are in college
Some fields require a professional degree before you can begin working
There may be a low supply of jobs in your professional field
Which of the following is NOT true of a budget? [note capitalization of “NOT”]
Budgets help you plan how to spend money you earn or receive
Once a budget is set, it should not be revisited
A budget can include charitable giving
Budgets include both income and expenses
Over their whole lifetime, about how much can someone with a professional degree expect to earn compared to someone with a high school diploma who didn’t attend college?
The same amount
Twice as much
Three times as much
Four times as much
Which of the following is NOT a successful budgeting strategy?
Keep some extra money in your budget for emergencies
Pay with a credit card if you have a hard time sticking to a budget
Think about which items are your most important needs
Revisit your budget regularly and make adjustments
If Chris has car liability insurance, what damage would he be covered for?
Repairing damage to other cars if he got into an accident that was his fault
Repairing damage to his own car if he got into an accident that was his fault
Repairing damage to his own car that was caused by storms or theft
Repairing damage to his own car that was caused by another driver who does not have car insurance
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
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
Your sister is looking for a way to increase the amount of interest she is earning on her savings account. What should she do?
Use the money from her savings account to open a checking account instead
Make monthly withdrawals from her savings account
Switch to a savings account with a lower interest rate
Deposit money into her savings account each month
You received $50 as a birthday gift and chose to spend it on new wallpaper for your room. The opportunity cost of this decision is:
The price of the wallpaper you bought
The other items you could have purchased with your $50
The time you could have spent doing other things
All of these answers
Why would you put money into a savings account?
To make frequent withdrawals at ATM’s
To earn interest on your money
To access the money from this account with personal checks
To easily access money from this account with a debit card
What might be one reason why a stock becomes more valuable over time?
The industry is growing
The company is poorly managed
There is little demand for the product
The industry is getting smaller
When deciding how to invest your money, which of the following is LEAST important to know?
Whether or not deposits can be made online
When you will need to use the money
The expected rate of return on your investment
How risky the investment is
Select the answer that best describes what an opportunity cost is:
The amount of money you put into savings each year
The trade-off of making one choice and giving up a different choice
The amount of money a business makes every year from sales
The benefit you gain by choosing one option versus another
What is required when opening a checking account?
An Initial Deposit
A Salary
A Credit Card
A copy of your last paycheck
Which of the following would be considered a want rather than a need for most people?
Warm clothes in the winter
A place to live
A smartphone
Nutritious food
