- 1. A "need" is something that is required for...
A) health B) survival C) happiness D) spending
- 2. A "want" is something that is required for...
A) survival B) spending C) happiness D) health
- 3. Which of the following is NOT a characteristic of a SMART goal:
A) specific B) realistic C) terrific D) attainable
- 4. What is step #2 in the financial planning cycle?
A) Analyze Information B) Set SMART Goals C) Monitor & Modify the Plan D) Implement the Plan E) Create a Plan
- 5. What is step #5 in the financial planning cycle?
A) Create a Plan B) Analyze Information C) Set SMART Goals D) Implement the Plan E) Monitor & Modify the Plan
- 6. A plan for managing your money is called a(n) ________.
A) budget B) loan C) credit report D) SMART Goal
- 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) variable expense B) budget expense C) fixed expense D) periodic expense
- 9. An expense that you do not have to pay every month is called a(n)...
A) fixed expense B) budget expense C) variable expense D) periodic expense
- 10. Money set aside for short term goals is called...
A) checking account B) savings C) an investment D) cash
- 11. Money set aside for future income or long term goals is called...
A) checking account B) an investment C) savings D) cash
- 12. A payment you receive for allowing someone to use your money is called...
A) income B) interest 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-4 B) budget C) pay stub D) W-2
- 16. Items that are rare in value such as artwork, coins, and antiques are called...
A) collectibles B) real estate C) stocks D) savings bonds
- 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) credit B) interest C) debt D) taxes
- 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) build credit C) convenience D) over spending
- 21. Which of the following is REWARD of using credit
A) identity theft B) debt C) special offers & bonuses D) over spending
- 22. The amount you pay for an insurance policy is called a(n)...
A) loan B) premium C) deductible D) payment
- 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) life insurance B) disability insurance C) property insurance D) liability insurance E) health insurance
- 25. An amount of money you pay out of pocket before the insurance company will pay is called a(n)...
A) insurance B) payment C) premium D) deductible
- 26. This type of insurance pays medical bills when you or your family become sick or injured:
A) liability insurance B) property insurance C) disability insurance D) health insurance E) life insurance
- 27. This type of insurance protects your possessions such as clothes, furniture, and electronics:
A) life insurance B) car insurance C) health insurance D) property insurance E) liability 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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