- 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) health
C) happiness
D) spending
- 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) Implement the Plan
B) Analyze Information
C) Monitor & Modify the Plan
D) Set SMART Goals
E) Create a Plan
- 5. What is step #5 in the financial planning cycle?
A) Set SMART Goals
B) Analyze Information
C) Create a Plan
D) Monitor & Modify the Plan
E) Implement the Plan
- 6. A plan for managing your money is called a(n) ________.
A) SMART Goal
B) credit report
C) budget
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) fixed expense
B) periodic expense
C) variable expense
D) budget expense
- 9. An expense that you do not have to pay every month is called a(n)...
A) fixed expense
B) variable expense
C) budget expense
D) periodic expense
- 10. Money set aside for short term goals is called...
A) an investment
B) cash
C) checking account
D) savings
- 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) income
B) inflation
C) interest
D) taxes
- 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) collectibles
B) stocks
C) savings bonds
D) real estate
- 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) over spending
C) convenience
D) build credit
- 21. Which of the following is REWARD of using credit
A) over spending
B) special offers & bonuses
C) debt
D) identity theft
- 22. The amount you pay for an insurance policy is called a(n)...
A) premium
B) deductible
C) payment
D) loan
- 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) property insurance
C) liability insurance
D) disability 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) deductible
B) payment
C) premium
D) insurance
- 26. This type of insurance pays medical bills when you or your family become sick or injured:
A) life insurance
B) property insurance
C) liability insurance
D) disability insurance
E) health insurance
- 27. This type of insurance protects your possessions such as clothes, furniture, and electronics:
A) health insurance
B) property insurance
C) car insurance
D) liability insurance
E) life insurance
- 28. Which of the following is a way to get credit?
A) buy a gift card
B) apply for a loan
C) go shopping
D) open a savings account
- 29. TRUE or FALSE? Getting a credit card and not using it can affect your credit score.
A) TRUE
B) FALSE
- 30. TRUE or FALSE? It is best to only pay the required monthly payment on a credit card.
A) TRUE
B) FALSE
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