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Personal Budgeting Terms

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Budgeting

a)

Process of creating a plan to spend and save money

b)

A method of investing in stocks

c)

A way to calculate taxes owed

d)

A strategy for increasing debt

2.

Money Personalities

a)

Categories in which people can be put based off of their spending and saving habits

b)

Types of currencies used around the world

c)

Different investment strategies for wealth accumulation

d)

Methods of budgeting for personal finance

3.

Spender

a)

Individual who enjoys spending money on himself/herself or others

b)

A person who saves money diligently

c)

Someone who invests in stocks and bonds

d)

A person who avoids financial transactions

4.

Spending Wants

a)

Expenses that are necessary for survival

b)

Expenses which help an individual to live more comfortably

c)

Expenses that are always fixed

d)

Expenses that can be avoided easily

5.

Security Seeker

a)

Individual who plans for the future and is prepared for any type of financial situations

b)

Person who avoids all financial risks

c)

Individual who spends without saving

d)

Someone who relies solely on luck for financial success

6.

Budget

a)

Itemized summary of the expected income and expenses for a defined period of time

b)

A plan for saving and spending money over a period of time

c)

A detailed report of past financial performance

d)

A list of all financial transactions made in a year

7.

Short-Term Goals

a)

Goals set to be achieved in less than a year of time

b)

Goals that take more than a year to achieve

c)

Goals that are never achieved

d)

Goals that are set for a lifetime

8.

Assets

a)

Individual’s belongings which have value

b)

Items that are worthless

c)

Things that cannot be owned

d)

Temporary possessions without value

9.

Creating a Personal Budget

a)

The process of planning how to spend and save money

b)

A method for investing in stocks

c)

A way to track daily expenses

d)

A strategy for reducing debt

10.

Spending Needs

a)

Expenditures which are essential for an individual to live and function

b)

Optional expenses that enhance quality of life

c)

Savings set aside for future investments

d)

Discretionary spending on luxury items

11.

Flyer

a)

Individual who prioritizes financial stability above all else

b)

Individual who is indifferent to money and its importance

c)

Individual who actively seeks wealth and material possessions

d)

Individual who believes money is the root of all evil

12.

Intermediate-Term Goals

a)

Goals set to be achieved in about five to 10 years

b)

Goals set to be achieved in less than a year

c)

Goals set to be achieved in 10 to 20 years

d)

Goals set to be achieved in more than 20 years

13.

Saver

a)

Individual who likes to save money rather than spend money

b)

Person who spends money freely

c)

Someone who invests all their money

d)

A person who avoids financial planning

14.

Long-Term Goals

a)

Goals set to be achieved in about 10 or more years

b)

Goals that can be achieved within a few months

c)

Goals that are set for the next year

d)

Goals that are not measurable

15.

Risk Taker

a)

Individual who enjoys investing money into high-risk ventures

b)

Person who avoids any form of investment

c)

Someone who only invests in government bonds

d)

A person who prefers saving over spending