WorksheetsPersonal Finance Spiral
Total questions: 32
Worksheet time: 16mins
Darius wants to buy a new car. He has a well-paying job, but knows that he must save his money for a while before he can afford the car. What should Darius do first?
sell his old car
create a budget
get a different job
apply for a credit card
What is a reasonable expense to cover using a loan from a bank?
a new car
a parking fee
a concert ticket
a restaurant bill
Use the table describing the personal monthly budgets of four people to answer the question. Who has developed the MOST responsible personal budget?
Jay
Piper
Amari
Marvin
To help him start a business, Cameron took out a $10,000 loan from a bank. The loan has an annual interest rate of 5%. What expectation should Cameron have?
to repay the bank the full amount, minus interest
to repay the bank the full amount, plus interest
to have the loan forgiven if his business fails
to have the interest waived if his business fails
Fatima is preparing a personal budget to help better manage her income. What must Fatima balance when preparing her budget?
interest and credit
interest and saving
spending and credit
spending and saving
What will making a personal budget help a person do?
lower his or her tax rate
earn a promotion at work
plan for emergency expenses
reduce his or her monthly bills
What would be the BEST way to balance this budget?
earn a lot more money
lower some expenses
borrow more money
spend more money
What is the purpose of an emergency fund?
to pay monthly expenses
to pay for unexpected costs
to make a down payment on a vehicle
to take a family vacation in the summer
Who likely earns the greatest amount of income each month?
Darius
Armando
Mallory
Annika
Julius earns $1,000 a month and wants to develop a budget to help him better manage his income. He has $700 in bills that are due each month. Which budget is MOST responsible?
Expenses: $200, Savings: $700, Entertainment: $100
Expenses: $700, Savings: $200, Entertainment: $100
Expenses: $700, Savings: $0, Entertainment: $300
Expenses: $200, Savings: $800, Entertainment: $0
Which individual would be BEST prepared for an unexpected expense?
Dante is most prepared because he has the highest income.
Bob is most prepared because he has the lowest monthly expenses.
Dante is most prepared because he has the highest monthly expenses.
Sally is most prepared because she is saving more money each month.
Dominick accepts a full-time position at a record store in his hometown. What expectations should Dominick have for this new job?
He should expect to earn income in exchange for working around 20 hours per week.
He should expect to earn interest in exchange for working around 20 hours per week.
He should expect to earn income in exchange for working around 40 hours per week.
He should expect to earn interest in exchange for working around 40 hours per week.
Why is it important to save money? Select all that apply.
Savings help people earn more income at their jobs.
Savings help people avoid having to establish a budget.
Savings help people balance their income and expenses.
Savings help people prepare for unexpected emergencies.
Savings help people avoid accumulating unnecessary debt.
Sasha is a bank manager. Every two weeks she receives a paycheck from the bank. What do Sasha’s paychecks represent?
The taxes received from work.
The credit received from work.
The income received from work.
The interest received from work.
Who would MOST likely provide innovation and creativity to an economy?
entrepreneurs
the legislature
factory workers
the prime minister
Using credit is very similar to
taking out a loan.
cashing a paycheck.
saving personal income.
opening a checking account.
Which of the following is an advantage of saving money each month?
Savings allow an individual to pay for an unexpected expense without going into debt.
Savings are a quick way to increase your monthly work income.
Savings ensure a better interest rate on credit card purchases.
Savings create the opportunity to build your credit score.
What is a risk of using credit cards?
reducing income earned each month
earning less on investments
falling into unnecessary debt
increasing the amount of taxes owed
What is the term for giving up one thing to get something else, like spending money on video games instead of saving for a new bike?
Tradeoff
Saving
Investing
Budget
What is the term for using someone else's money (like a bank) with a promise to pay it back later, often with extra money called interest?
Income
Borrowing
Spending
Debit
What is the term for using money to try to make more money, like buying stocks or real estate?
Investing
Credit
Needs
Expenses
What is the ability to borrow money and pay it back later, often with interest?
Credit
Income
Saving
Wants
What is the term for money taken out of your bank account when you buy something using a debit card?
Debit
Budget
Tradeoff
Entrepreneurship
What is the term for putting money aside for later?
Saving
Spending
Debt
Income
What is the term for things you would like to have but don't need to survive?
Wants
Needs
Expenses
Budget
What is the term for starting your own business to make money by selling goods or services?
Entrepreneurship
Borrowing
Credit
Investing
What is the term for things you must have to live, like food, clothes, shelter?
Needs
Wants
Income
Tradeoff
What is the term for the things you spend money on, like food, clothes or bills?
Expenses
Saving
Budget
Investing
What is the term for money you earn or receive, like a job or gift?
Income
Debt
Credit
Borrowing
What is the term for a plan for how to spend and save your money?
Budget
Tradeoff
Wants
Needs
What is the term for using money to buy things or pay for services?
Spending
Saving
Investing
Borrowing
What is the term for money that you owe to someone, usually because you borrowed it?
Debt
Income
Credit
Expenses
