WorksheetsUnit 3 Day 1
Total questions: 15
Worksheet time: 8mins
What is a financial decision?
Any choice involving money or resources
Any choice involving only food
Any choice involving only travel
Any choice involving only sports
If someone buys a $5 coffee every weekday, how much could they spend in a year?
$6,250
$500
$1,000
$2,500
Which of the following is NOT an example of a financial decision mentioned in the material?
Choosing whether to save money or spend it
Saving money for a house, car, or college
Deciding what to eat for lunch
Buying clothes, shoes, or groceries
Why is it important to know how much money you spend each month when planning your finances?
It helps you identify areas where you can save or reduce expenses
It allows you to ignore your debts
It makes you spend more money
It is not important for financial planning
Which of the following best describes a short-term goal?
A goal that takes less than 1 year to achieve
A goal that takes 2 years to achieve
A goal that takes 3 years or more to achieve
A goal that cannot be measured
How long does it typically take to achieve a long-term goal?
Less than 1 year
2 years
3 years or more
6 months
Why is it important to set financial goals as part of financial planning?
To have something to achieve in the future
To spend money faster
To avoid making a budget
To increase daily expenses
What is one way to decrease spending according to the financial planning strategies?
Get a job
Eat out less
Buy more subscriptions
Spend weekly
Which of the following is NOT listed as a strategy to reach a financial goal?
Cancel subscriptions
Save weekly
Get a job
Buy luxury items
Why might someone choose to cancel subscriptions as part of their financial planning?
To increase their income
To decrease their spending
To spend more on entertainment
To ignore their financial goals
Why should financial plans be reviewed?
Because life changes, goals change, and income changes
Because the weather changes
Because technology improves
Because holidays are coming
If your income increases significantly, what should you do with your financial plan?
Review and revise it
Ignore it
Throw it away
Keep it the same forever
What is a financial risk?
The possibility that something will negatively affect or harm your finances.
The chance of winning a lottery.
The opportunity to earn more money.
The certainty of financial gain.
Which of the following is an example of personal risk?
Prices rising over time
Unexpected events such as illness, accidents, or emergencies
Rates rising or falling
Income increasing
A person is worried that interest rates might change and affect their loan payments. Which type of financial risk does this represent?
Inflation risk
Income risk
Interest rate risk
Personal risk
