WorksheetsSmart Shopping - Assessment Questions
Total questions: 13
Worksheet time: 7mins
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
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.
You are going to buy a computer, but first you want to do some research to help you select the best model for your needs. Where should you look for the fairest and most reliable information?
The website of a popular computer company
Advertisements that a computer company puts in a computer magazine
An independent consumer education website that reviews and rates computers
Advice from a salesperson in a computer store who earns commissions on sales.
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
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
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
If you know the unit prices of two different brands of an item, you are better able to:
compare the prices of the two brands.
estimate how much of the item you will need.
determine which of the two brands is higher quality.
figure out the discount during a sale on the two items.
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 the above.
Which of the following is NOT true of a budget?
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.
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.
Which of the following is an example of a fixed expense?
Grocery shopping
Monthly rent payment
Utility bills
Entertainment costs
What is the primary purpose of creating a budget?
To track your spending habits
To ensure you spend all your income
To avoid paying taxes
To increase your debt
Which of the following is a benefit of understanding opportunity cost?
It eliminates all financial risks.
It ensures you never have to make trade-offs.
It guarantees financial success.
It helps in making informed financial decisions.
