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Budgets and Money

Total questions: 45

Worksheet time: 21mins

Name
Class
Date
1.
It's important to spend money on things you need before spending money on things you want.
a)
True
b)
False
2.

A plan for spending and saving. You must consider both income and expenses.

a)

budget

b)

banking

c)

hoarding

d)

investing

3.

Something you have to have such as food or water.

a)

savings

b)

needs

c)

wants

d)

borrow

4.
Paying with a ______ _____ takes cash of your checking account.
a)
Credit card
b)
Debit Card
c)
Gift Card
5.
What's the best way to know if you are getting a good deal on what you're buying?
a)
Return policy
b)
Compare prices
c)
Ask Friends
6.
If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______
a)
Debit card
b)
Credit Cart
c)
Gift Card
d)
Cash
7.
How is buying with credit different than paying with cash?
a)
With credit, you don't have to pay interest
b)
With credit, you borrow money and repay later, with interest
c)
No difference
8.
Paying for something with cash can help you avoid spending more money than you have.
a)
True
b)
False
9.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
10.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
11.
Variable expenses may not be the same every month.
a)
True
b)
False
12.
This occurs when money is withdrawn from a bank account and the available balance goes below zero.
a)
overdraft
b)
reconcile
c)
balanced
d)
budgeting
13.
Expenses that stay the same every month are _________ expenses. Rent would be an example.
a)
fixed
b)
discretionary 
c)
variable
d)
intermittent
14.
An expense that only occurs because you are choosing to spend money like eating out or buying clothes is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
15.
The mortgage payment and the car payment are examples of which of the following?
a)
variable expenses
b)
assets
c)
zero-based budgeting
d)
fixed expenses
16.

Money that your earn is called a(n)____.

a)

expense

b)

income

c)

debit

d)

credit

17.

Money that you spend is called a(n)___.

a)

expense

b)

income

c)

debt

d)

profit

18.

The item you gave up to purchase the item you chose.

a)

expensive

b)

unecessary

c)

cheap

d)

opportunity cost

19.

If your income is $20 per month, how much should you spend each month to stay on budget?

a)

exactly $20

b)

between $20 and $30

c)

nothing

d)

$20 or less

20.

The money you have after you pay your taxes is called?

a)

Gross Income

b)

Net Income

c)

Taxes

d)

Liability

21.

What word or phrase should be at the top of the left column of this budget?

a)

income

b)

fixed costs

c)

savings

d)

expenses

22.

What is one consequence of going into bankruptcy?

a)

Losing your ability to keep your job

b)

Never being able to make a budget in the future

c)

Possibly having your possessions taken away

d)

Going to jail

23.
Which best describes opportunity cost?
a)
The amount of money you put into savings each year
b)
What you give up as a result of choosing one option versus another; a trade-off
c)
The amount of money a business makes every year from sales
d)
What you gain as a result of choosing one option versus another; a benefit
24.
Which of the following would be considered a want for most people?
a)
transportation to get to work
b)
a place to live
c)
food
d)
a brand-name jacket
25.
Which of the following is a variable expense?
a)
cost of going out to eat with friends
b)
rent payment
c)
car payment
d)
insurance premium
26.
You received  $50 as a gift and chose to spend it on redecorating your room instead of other items.The opportunity cost of this decision is
a)
the price of the new wallpaper you bought
b)
the other items you could have purchased with your $50
c)
the sleep you lost by choosing to redecorate
d)
the time you could have spent doing other things
27.
Your friend is worried about going over his budget for the month. Which expense would you suggest is NOT a need?
a)
Your rent
b)
Your Netflix bill
c)
Your electric bill
d)
Your grocery bill
28.
Once a budget is set, you cannot change it.
a)
True
b)
False
29.
If case of soda costs $3 and there are 12 sodas in a case, how much does one can of soda cost?
a)
$1.00 each
b)
$.50 or 50 cents each
c)
$.25 or 25 cents each
d)
$2.50 each
30.
What is a better value, 4 cases of soda for $14.00 or 3 cases of soda for $9.00?
a)
4 cases for $14.00
b)
3 cases for $9.00 
31.
What is the best strategy for avoiding credit card interest?
a)
Make payments online
b)
Skip payments
c)
Pay the full balance each month
d)
Pay the minimum balance
32.
Amy's babysitting job will pay her $7/hour. Which term describes this type of hourly income?
a)
salary
b)
tips
c)
wage
d)
bonus
33.
______ is withheld from a paycheck and is used to fund government services such as health care, national defense, and scientific programs.
a)
Federal income tax
b)
Medicare
c)
Social Security
d)
State income tax
34.
A _____ is usually paid on a biweekly or monthly basis for professional employment.
a)
salary
b)
stipend
c)
wage
d)
benefit
35.
Which of the following is the best reason to use cash for purchases?
a)
getting more from the ATM is easy to do
b)
keeping track of how much you have spent is simple
c)
splitting bills with friends is easier
d)
losing it won't be a big deal
36.

When you pay with a credit card:

a)

the money comes out of your checking account

b)

the money comes out of your savings account

c)

the money is a loan from the credit card company

d)

the money is a loan from the government

37.

The cost (fee) for borrowing money is:

a)

interest

b)

borrowing money fee

c)

penalty

d)

grace period

38.

Which of the following is a variable expense for many adults?

a)

Their monthly cost of eating out at restaurants

b)

Their monthly rent payment

c)

The monthly payment on their car loan

d)

Their monthly payment for health insurance

39.

Which of the following is NOT a successful budgeting strategy?

a)

Keep some extra money in your budget for emergencies

b)

Pay with a credit card if you have a hard time sticking to a budget

c)

Think about which items are your most important needs

d)

Revisit your budget regularly and make adjustments

40.
Unit pricing is one of the best tools a consumer can use for comparison shopping?
a)
True 
b)
False
41.

Which of the following is NOT true about the difference between credit cards and debit cards?

a)

purchases made with a debit card come directly out of your bank account

b)

you must pay off your credit card bill monthly or there will be penalties

c)

you must have a bank/checking account to use a debit card

d)

credit cards use money from your savings account

42.

Money or other substance generally accepted as payment for goods and services.

a)

Measure of value

b)

Medium of exchange

c)

Scarcity

d)

Store of Value

43.

1 of 3 functions of money allowing people to preserve value for future use.

a)

Store of value

b)

Divisibility

c)

Portability

d)

Measure of value

44.

Choose the most accurate definition of "money".

a)

Money is anything generally accepted in payment for goods or services or in the repayment of debts.

b)

Money is anything recognized in trading and transaction for goods.

c)

Money is legal currency that is released by banks to satisfy the financial needs of the people.

45.

Barter is BEST described as the

a)

Purchase of goods and services using cheques

b)

Exchange of goods and services using notes and coins

c)

Process of exchange involving the use of money

d)

exchange of goods and services without the use of money

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