WorksheetsUNIT 2 TEST (Chapters 3, 8, 12)
Total questions: 32
Worksheet time: 11mins
Avery, Ava, and Zoe went to buy their favorite snacks at the store. When they paid, they noticed an extra charge added to their bill. This extra amount is an example of which type of tax?
Gift tax
Property tax
Sales tax
Wealth tax
Grace just received her paycheck and is excited to see how much she actually gets to take home. The amount of money Grace takes home in her paycheck is called (a) .
Budget
Cash-flow statement
Gross income
Net income
Noah, Mia, and Aiden are learning about finances. Which one of the following is an example of an asset that they might own?
Car loan for your personal vehicle
Computer equipment that you own
Credit card to your favorite store
Rent that you pay every month
James is reviewing his monthly budget and notices that his rent always stays the same. He realizes this is a(n) (a) . Can you help James figure it out?
Fixed Cost
Variable Cost
Total Cost
Opportunity Cost
Aiden and Ethan are planning a road trip! As they budget for their adventure, they realize the cost of gas and groceries is an example of a(n) (a) . What type of expense is this?
Discretionary expense
Fixed expense
Intermittent expense
Variable expense
Avery and Mia are planning their monthly expenses. To budget with a(n) (a) , they decide to prioritize their expenses from the most to the least important so that all of their top priorities are covered first. What type of income are they working with?
Gross income
Irregular income
Net income
Salary
Luna, Benjamin, and Charlotte are trying to manage their money better. What will tracking their expenses help them do?
Catch errors
Make adjustments
Stick to a budget
All of the above
Aria, Evelyn, and Benjamin are learning about the Four Walls. Which one of these is NOT considered one of the Four Walls?
Food
Schooling
Shelter
Utilities
Noah and Avery are planning a school project that will take ten months to complete. The goal they set for this project is considered a (a) . Can you help them figure out what type of goal it is?
Short-term goal
Long-term goal
Lily and Luna are chatting about money habits. Lily says, "Whether you're a saver or a spender, it doesn't affect how you act when shopping!" Do you agree with Lily?
True
False
Hannah just started her first job and wants to make sure the right amount of income tax is taken out of her paycheck. Which form does she need to give her employer?
Form W-2
Form W-4
Form 1098
Form 1099
Nora wants to buy a new bike, but she needs to borrow some money from the bank. The bank tells her there will be a special fee added for using their money. What is this extra cost called?
Interest
Discount
Dividend
Commission
Abigail just got her first job! ________ is the money you make from working at your job, just like Abigail does.
Earned income
Passive income
Portfolio income
Withholdings
Mia and Aiden are helping their school accountant organize records. They learn that the 12-month period used for reporting financial activity is called the (a) . Can you help them remember the term?
Audit
Deficit spending
Fiscal year
Tax day
Aiden, David, and Ava are creating their own budgets. How many categories should they include to make sure their budgets work best for them?
5
10
20
As many as you need
Hannah, Harper, and Jackson are helping their friend John figure out his net worth for a fun financial challenge! John has a savings account worth $1,400, a car worth $11,000 with a loan on it of $7,500, student loans totaling $12,000, a retirement account worth $9,000, a credit card with a total of $5,000, medical bills totaling $1,800, and antiques worth $1,200. What is John's net worth?
-$3,700
$3,700
$1,700
-$3,100
Rachel is helping her friends Daniel and Maya with their Zero-Based Budgets! She wants to buy new shoes for $40. Should Rachel put this under Income or Expense?
Income
Expense
Arjun and Grace want to become future millionaires! What two elements do they need to build wealth through compound growth?
Money invested and time
Money Market accounts and Stocks
An inheritance and a lawyer
A wealthy relative and a good CD account
Michael and Abigail are comparing their savings accounts. Michael's account lets him take out money anytime, while Abigail's is less flexible. The more liquid your money is in a savings account, the (a) interest you will earn. Who will likely earn more interest?
less
more
Samuel, Arjun, and Anika are talking about why it's important to save money. What are the main reasons they should save?
Emergencies, large purchases, and wealth building
Paying for your dream home, buying your dream car, and going on your dream vacation
Buying gifts, donating to charities, and building up a college fund for your kids
Investing, indulging, and influencing
Noah is driving to school when suddenly his car tire blows out! Which of the following would be considered an emergency fund expense for Noah?
shoe sale
blown car tire
buying Christmas presents
discounted concert tickets
Elijah just bought a cool gadget, but now he's wishing he hadn't spent the money. What is Elijah experiencing?
Impulsiveness
Time value
Buyer's remorse
Selfishness
Anika, Ava, and Charlotte are comparing different bank services to see who can earn the most interest on their savings. Which bank service would typically offer the highest interest rate?
Basic savings accounts
Certificates of deposit
Checking accounts
Money market accounts
Scarlett, Evelyn, and Mia are all learning about managing their money. No matter how you choose to track your transactions (income and expenses), you are responsible to (a) your account, just like they do!
Overdraft
Protect
Reconcile
Underbank
Noah just opened a savings account at his local bank. He notices that his money is growing over time! Why does Noah's savings account earn interest?
Because you deposit money, adding to your principal each month
Because the bank pays you to use your money
Because of inflation
Because those accounts always have great interest rates
Mia, Oliver, and Nora are discussing their future savings. Which of the following is NOT considered a true retirement plan?
401K
403B
IRA
SIP
Emma and Rohan are planning for their retirement. They want an investment account where their withdrawals will be tax-free because their contributions were already taxed. Which account should they choose?
401K
457
Roth IRA
Standard IRA
Aria and Liam are discussing investments. Aria says, "Investments that have low risk usually have a (a) return." What do you think?
low
high
medium
variable
Scarlett and Arjun are thinking about investing in a mutual fund. They wonder what happens to their money. When investing in a mutual fund, (a) .
All of your money is invested into one stock
Your money is spread out amongst different stocks
Your money can only be invested once and can not be changed
Olivia and Mason are comparing credit unions and retail banks. Olivia says credit unions usually require you to be a member based on certain criteria. Is Olivia correct?
True
False
Henry, Arjun, and Nora are discussing ways to handle money troubles. Some people, like them, might think about using payday loans or other alternate financial services. But did you know these services can actually make you lose more money in the end?
True
False
A family of four wants to take a trip during the kids' summer break. They plan to save $1,800 total, and summer break is in nine months. How much will they need to save each month?
$200
$150
$250
$100
