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Understanding Personal Finance Terms

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

 A _ is a plan for how to use money.

a)

Expense

b)

Income

c)

Budget

2.

Money you earn or receive is called what?

a)

Expense

b)

Income

c)

Fixed Expense

3.

 Money you pay out is called what?

a)

Expense

b)

Wants

c)

Variable Expense

4.

 A _ stays the same every month (like rent).

a)

Fixed Expense

b)

Budget

c)

Wants

5.

A _ changes from month to month ( like groceries).

a)

Needs

b)

Fixed Expense

c)

Variable Expense

6.

 Things you must have to live, like food and shelter, are called what?

a)

Wants

b)

Needs

c)

Income

7.

 Things you would like to have, but don’t need, are called what?

a)

Needs

b)

Expenses

c)

Wants

8.

When you keep money for later, you _ it.

a)

Save

b)

Need

c)

Budget

9.

 When you use money to buy something, you _ it.

a)

Deposit

b)

Spend

c)

Cash

10.

A _ is a place where you keep your money safe.

a)

Bank

b)

Safe

c)

Deposit

11.

When you put money into the bank, you make a _

a)

Check

b)

Balance

c)

Deposit

12.

When you take money out of the bank, you _ it.

a)

Check

b)

Cash

c)

Withdraw

13.

The amount of money left in your account is your what?

a)

Balance

b)

Cash

c)

Deposit

14.

Paper money is called what?

a)

Cash

b)

Deposit

c)

Withdraw

15.

A _ is a piece of paper you sign to pay someone.

a)

Cash

b)

Check

c)

Receipt

16.

A _ lets you borrow money now and pay later

a)

Debit Card

b)

Credit Card

c)

Loan

17.

A_ takes money directly from your bank account

a)

Withdraw

b)

Debit Card

c)

Cash

18.

A _ shows what you bought and how much you paid.

a)

Receipt

b)

Balance

c)

Check

19.

Monthly payments you must pay, like electricity or phone, are called what?

a)

Wants

b)

Bills

c)

Needs

20.

A _ is a special account where you keep money to grow

a)

Checking

b)

Joint

c)

Savings