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WorksheetsSpending Unit Test
Total questions: 22
Worksheet time: 11mins
Name
Class
Date
1.
What is the primary purpose of a zero-based budget?
a)
To ensure all income is assigned to specific categories until the balance reaches zero
b)
To save exactly zero pounds each month
c)
To spend all your money each month
d)
To avoid using digital banking tools
2.
According to the 50/30/20 budgeting rule, what percentage of post-tax income should go to needs?
a)
30%
b)
50%
c)
20%
d)
40%
3.
Which of the following is typically considered a "need" in budgeting?
a)
Netflix subscription
b)
Restaurant meals
c)
Housing costs
d)
Holiday savings
4.
What is the main advantage of using digital wallets over physical credit cards?
a)
They work at all merchants
b)
They offer enhanced security through multi-factor authentication
c)
They never require updating
d)
They don't need internet connection
5.
What information is required to set up direct deposit with an employer?
a)
Only your bank's name
b)
Just your sort code
c)
Your social media accounts
d)
Your bank's name, sort code, and account number
6.
Which budgeting strategy helps prevent impulse purchases at the grocery store?
a)
Shopping when hungry
b)
Using a larger trolley
c)
Making a list beforehand and sticking to it
d)
Shopping during peak hours
7.
What is the primary purpose of P2P payment systems?
a)
To pay utility bills
b)
To send money directly to other individuals
c)
To invest in stocks
d)
To apply for loans
8.
According to the documents, what percentage of 18-24 year olds live with their parents?
a)
45%
b)
56%
c)
62%
d)
48%
9.
What is unit pricing most useful for when grocery shopping?
a)
Finding the freshest produce
b)
Comparing prices of similar items by volume or weight
c)
Determining expiration dates
d)
Calculating total bill
10.
How can automation help with saving money?
a)
By increasing spending limits
b)
By paying yourself first through automatic transfers
c)
By eliminating all expenses
d)
By cancelling all subscriptions
11.
What is a security deposit typically used for in housing?
a)
To pay for utilities
b)
To cover potential damages or broken lease terms
c)
To pay for furniture
d)
To tip the estate agent
12.
Which factor should be prioritised when deciding where to live?
a)
Number of restaurants nearby
b)
Cost of living and job availability
c)
Social media presence
d)
Number of shopping centres
13.
What is the recommended down payment percentage when buying a home?
a)
5%
b)
10%
c)
20%
d)
15%
14.
What trait did teens say was most important when deciding to follow an influencer?
a)
Number of followers
b)
Authenticity
c)
Product recommendations
d)
Posting frequency
15.
Which budget category typically accounts for the largest utility expense?
a)
Water
b)
Electricity
c)
Gas
d)
Internet
16.
What is equal billing in terms of utilities?
a)
Paying different amounts each month
b)
Paying the same amount monthly with annual adjustment
c)
Paying utilities quarterly
d)
Paying only when using services
17.
How do digital wallets enhance security?
a)
By storing physical cards
b)
By using multi-factor authentication
c)
By requiring cash backup
d)
By working offline
18.
What is the primary advantage of salary pay versus hourly pay?
a)
Always earning overtime
b)
Consistent paycheck amount
c)
Unlimited time off
d)
Higher total earnings
19.
Which budgeting app feature is most beneficial for new graduates?
a)
Social media integration
b)
Educational resources and financial guidance
c)
Cryptocurrency trading
d)
International transfers
20.
What is the recommended percentage for savings in the 50/30/20 rule?
a)
30%
b)
50%
c)
20%
d)
10%
21.
List at least 3 payment to payment apps?
4 lines
22.
If you wanted to buy a house 5 years after graduating high school, what would you do? (Minimum 3 sentences)
4 lines
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