WorksheetsFinance Chapter 1 Quiz - Budgets
Total questions: 13
Worksheet time: 7mins
Name
Class
Date
1.
A liability is...
a)
Something that goes down over time
b)
Money that you have in your savings account
c)
The debts you owe
d)
Something you own that has value
2.
The value of your assets minus your liabilities is called your...
a)
Wealth
b)
Earnings
c)
Net worth
d)
Income
3.
What percentage of the money you make should you be saving?
a)
100%
b)
10%
c)
50%
d)
75%
4.
____ is the main element to wealth building.
a)
Time
b)
Money
c)
Working
d)
Spending
5.
Why should you save money? (select all that apply)
a)
Emergency Fund ($500 goal)
b)
Purchases (Above your emergency fund)
c)
Wealth building (Planning for the future)
d)
To earn interest (free money)
e)
For big things (College, a Car, or Vacations)
6.
Which allows invested money to grow faster over time?
a)
Compound Interest
b)
Inflation
c)
Simple Interest
d)
Taxes
7.
A plan for spending your money is called...
a)
Account
b)
Budget
c)
Payments
d)
Paycheck
8.
A credit card
a)
Creates debt by allowing you to borrow money and charges interest fee.
b)
Only allows you to use the money you already have in the bank.
9.
A debit card
a)
Creates debt by allowing you to borrow money and charges interest fee.
b)
Only allows you to use the money you already have in the bank.
10.
When talking to family members about money you should... (select all that apply)
a)
Pick the right time and place
b)
Be willing to work
c)
Talk about your money goals
d)
Listen
e)
Be honest
11.
Donating money to a charity can lower your taxable income.
a)
True
b)
False
12.
When you get a tax refund, it means...
a)
You paid too much last year
b)
You get all the taxes you paid back
c)
You get what you donated to charities back
d)
You use your refund to pay the taxes you owe
13.
What are the top 3 "most generous companies"
(Select 3)
a)
Walmart
b)
Crayola
c)Google
d)
Apple
100 %
