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2.1 Budgeting Terms Quiz

Total questions: 30

Worksheet time: 17mins

Name
Class
Date
1.

The length of a person’s life, from birth to death. Fill in the blank: ________

a)

Life span

b)

Childhood

c)

Adulthood

d)

Generation

2.

A plan for how to use your money (what comes in and what goes out). Fill in the blank: ________

a)

Budget

b)

Receipt

c)

Invoice

d)

Deposit

3.

A computer tool for organizing numbers and money plans. Fill in the blank: ________

a)

Spreadsheet

b)

Browser

c)

Antivirus

d)

Word Processor

4.

Money you earn or receive. Fill in the blank: ________

a)

Income

b)

Expense

c)

Debt

d)

Loan

5.

Money you spend. Fill in the blank: ________

a)

Expense

b)

Income

c)

Saving

d)

Loan

6.

Costs that stay the same each month (like rent or a car payment). Fill in the blank: ________

a)

Fixed expense

b)

Variable expense

c)

Irregular income

d)

Discretionary spending

7.

Costs that change each month (like groceries or gas). Fill in the blank: ________

a)

Variable expense

b)

Fixed expense

c)

Net income

d)

Gross pay

8.

Extra spending on wants, not needs (like movies or eating out). Fill in the blank: ________

a)

Discretionary expense

b)

Fixed expense

c)

Essential expense

d)

Mandatory expense

9.

Money set aside for unexpected expenses. Fill in the blank: ________

a)

Emergency fund

b)

Savings account

c)

Retirement fund

d)

Travel fund

10.

Giving money, goods, or time to help others. Fill in the blank: ________

a)

Charity

b)

Competition

c)

Selfishness

d)

Ignorance

11.

Acting in ways that help society and the community. Fill in the blank: ________

a)

Social responsibility

b)

Personal gain

c)

Financial profit

d)

Self-interest

12.

Looking at information (like numbers) to find patterns and make decisions. Fill in the blank: ________

a)

Data analysis

b)

Story writing

c)

Painting

d)

Singing

13.

Money left over after paying for needs and bills. Fill in the blank: ________

a)

Discretionary income

b)

Gross income

c)

Net worth

d)

Fixed expenses

14.

A list showing all money coming in (income) and going out (expenses). Fill in the blank: ________

a)

Cash flow statement

b)

Balance sheet

c)

Profit and loss account

d)

Trial balance

15.

The value of all you own, after subtracting what you owe. Fill in the blank: ________

a)

Net worth

b)

Gross income

c)

Cash flow

d)

Credit score

16.

Something you own that has value (like a car, house, or savings). Fill in the blank: ________

a)

Asset

b)

Debt

c)

Expense

d)

Liability

17.

Something you owe (like loans or credit card debt). Fill in the blank: ________

a)

Liability

b)

Asset

c)

Income

d)

Equity

18.

A document showing your assets, liabilities, and net worth. Fill in the blank: ________

a)

Net worth statement

b)

Income statement

c)

Balance sheet

d)

Cash flow statement

19.

How quickly you can turn something you own into cash. Fill in the blank: ________

a)

Liquidity

b)

Solvency

c)

Profitability

d)

Leverage

20.

Saving and organizing important financial papers and information. Fill in the blank: ________

a)

Recordkeeping

b)

Budgeting

c)

Investing

d)

Auditing

21.

An official paper that can be used in court (like a contract or will). Fill in the blank: ________

a)

Legal document

b)

Newspaper article

c)

Personal letter

d)

Shopping list

22.

Computer programs or apps that help track money. Fill in the blank: ________

a)

Money management software

b)

Photo editing software

c)

Word processing software

d)

Video streaming service

23.

Expense – Money you ________.

a)

spend

b)

save

c)

find

d)

borrow

24.

Match the following.

a)

50%

1.

Needs

b)

30%

2.

Wants

c)

20%

3.

Save/Invest

25.

The S in SMART goal stands for:

a)
specific
b)

Species

c)

Special

26.

The M in SMART goal stands for

a)

Measurable

b)

Musical

c)

Mechanical

d)

Mintable

27.

The A in SMART goal stands for:

a)

Ambitious

b)

Actual

c)

Artistic

28.

The R in SMART goal stands for:

a)

realistic

b)

relevant

29.

The T in SMART goal stands for:

a)

Timely

b)

Tested

c)

Term

30.

Reorder the following components of financial literacy:

a)

Income

b)

budget

c)

savings

d)

invest

e)

debt

1)
2)
3)
4)
5)