- 1. A "need" is something that is required for...
A) health
B) happiness
C) survival
D) spending
- 2. A "want" is something that is required for...
A) survival
B) spending
C) health
D) happiness
- 3. Which of the following is NOT a characteristic of a SMART goal:
A) realistic
B) specific
C) terrific
D) attainable
- 4. What is step #2 in the financial planning cycle?
A) Implement the Plan
B) Set SMART Goals
C) Analyze Information
D) Create a Plan
E) Monitor & Modify the Plan
- 5. What is step #5 in the financial planning cycle?
A) Analyze Information
B) Monitor & Modify the Plan
C) Create a Plan
D) Implement the Plan
E) Set SMART Goals
- 6. A plan for managing your money is called a(n) ________.
A) budget
B) credit report
C) SMART Goal
D) loan
 - 7. Fees that are paid on income, property, or goods are called ________.
- 8. An expense that you pay the same amount for every month is called a(n)...
A) budget expense
B) periodic expense
C) fixed expense
D) variable expense
- 9. An expense that you do not have to pay every month is called a(n)...
A) periodic expense
B) fixed expense
C) budget expense
D) variable expense
- 10. Money set aside for short term goals is called...
A) checking account
B) cash
C) savings
D) an investment
- 11. Money set aside for future income or long term goals is called...
A) an investment
B) savings
C) checking account
D) cash
- 12. A payment you receive for allowing someone to use your money is called...
A) interest
B) income
C) taxes
D) inflation
- 13. The chance that an investment will decrease in value is called ________.
- 14. An investment where you are buying ownership in a company is called ________.
- 15. A document that shows all wages, taxes, and earnings for a full year is called a ...
A) W-2
B) pay stub
C) W-4
D) budget
- 16. Items that are rare in value such as artwork, coins, and antiques are called...
A) savings bonds
B) real estate
C) collectibles
D) stocks
- 17. When someone loans you money with the expectation that you will pay it back, they are giving you ________.
- 18. The total amount of money you may owe to lenders is called...
A) debt
B) credit
C) taxes
D) interest
- 19. A number that reflects your credit worthiness is your credit _________.
- 20. Which of the following is a RISK of using credit:
A) protection
B) convenience
C) build credit
D) over spending
- 21. Which of the following is REWARD of using credit
A) identity theft
B) over spending
C) special offers & bonuses
D) debt
- 22. The amount you pay for an insurance policy is called a(n)...
A) payment
B) loan
C) premium
D) deductible
- 23. Financial protection against various risks is called ________.
- 24. This type of insurance pays you an income if you are sick or injured and cannot work:
A) health insurance
B) life insurance
C) liability insurance
D) disability insurance
E) property insurance
- 25. An amount of money you pay out of pocket before the insurance company will pay is called a(n)...
A) premium
B) insurance
C) deductible
D) payment
- 26. This type of insurance pays medical bills when you or your family become sick or injured:
A) life insurance
B) disability insurance
C) liability insurance
D) health insurance
E) property insurance
- 27. This type of insurance protects your possessions such as clothes, furniture, and electronics:
A) property insurance
B) car insurance
C) life insurance
D) liability insurance
E) health insurance
- 28. Which of the following is a way to get credit?
A) buy a gift card
B) go shopping
C) apply for a loan
D) open a savings account
- 29. TRUE or FALSE? Getting a credit card and not using it can affect your credit score.
A) FALSE
B) TRUE
- 30. TRUE or FALSE? It is best to only pay the required monthly payment on a credit card.
A) FALSE
B) TRUE
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