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- 1. Multiple Choice
Which of the following would be considered a want rather than a need for most people?
Warm clothes in the winter
A place to live
A smartphone
Nutritious food
- 2. Multiple Choice
Select the answer that best describes what an opportunity cost is:
The amount of money you put into savings each year
The trade-off of making one choice and giving up a different choice
The amount of money a business makes every year from sales
The benefit you gain by choosing one option versus another
- 3. Multiple Choice
You are creating a budget for your new business. What should you include?
All income and expenses
Fixed expenses but not income
Income but not variable expenses
Fixed and variable expenses but not taxes
- 4. Multiple Choice
Which of the following is a variable expense for many adults?
Their monthly cost of eating out at restaurants
Their monthly rent payment
The monthly payment on their car loan
Their monthly payment for health insurance
- 5. Multiple Choice
Your friend’s parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need?
Rent payment
Car insurance
Cable service
Groceries
- 6. Multiple Choice
If you know the unit prices of two different brands of an item, you are better able to:
Compare the prices of the two brands
Estimate how much of the item you will need
Determine which of the two brands is higher quality
Figure out the discount during a sale on the two items
- 7. Multiple Choice
Which of the following is NOT a successful budgeting strategy?
Keep some extra money in your budget for emergencies
Pay with a credit card if you have a hard time sticking to a budget
Think about which items are your most important needs
Revisit your budget regularly and make adjustments
- 8. Multiple Choice
Which of the following is NOT true of a budget? [note capitalization of “NOT”]
Budgets help you plan how to spend money you earn or receive
Once a budget is set, it should not be revisited
A budget can include charitable giving
Budgets include both income and expenses
- 9. Multiple Choice
A ________________ is usually paid on a biweekly or monthly basis for professional employment.
Salary
Stipend
Wage
Benefit
- 10. Multiple Choice
What is the best strategy to avoid paying interest on your credit cards?
Pay the minimum balance each month
Pay the full balance each month
Have credit cards from two different banks
Make payments online
- 11. Multiple Choice
Which of the following is not a source of income?
Your annual salary for doing your job
Your monthly student loan payment
The stipend you receive for doing an internship
The wages you receive after a work shift
- 12. Multiple Choice
Which of the following statements is TRUE about payday loans?
They are harder to pay back because of low fees and high interest rates
They are harder to pay back because of high fees and high interest rates
They are easier to pay back because of lower fees and higher interest rates
They are easier to pay back because of lower fees and lower interest rates
- 13. Multiple Choice
Amy's new summer job at the pool will pay her $9 per hour. Which term describes this type of hourly income?
Salary
Stipend
Wage
Benefit
- 14. Multiple Choice
Ashley wants to make a purchase using the money in her checking account. What method of payment should she use to access these funds immediately and directly?
Credit card
Debit card
Direct Deposit
Prepaid Card
- 15. Multiple Choice
What is the problem with paying only your minimum credit card balance each month?
It lowers your credit score
You have to pay interest
The bank will cancel your credit card
You can't get other credit cards this way.
- 16. Multiple Choice
Which of the following is NOT an example of a job skill?
Attending work every day
Working well in groups
Being good with computers
Being creative
- 17. Multiple Choice
Revenue is:
The amount of money a company pays its employees
The amount of money a company has left over after paying bills
The amount of money a company makes from sales
The amount of taxes a company has to pay
- 18. Multiple Choice
Why would you put money into a savings account?
To make frequent withdrawals at ATM’s
To earn interest on your money
To access the money from this account with personal checks
To easily access money from this account with a debit card
- 19. Multiple Choice
A loss is when:
Revenue is greater than expenses
Revenue is less than expenses
Revenue is equal to expenses
None of these
- 20. Multiple Choice
In addition to paying $100 per month for health insurance, Janine is responsible for paying her first $500 medical bills every year before her insurance covers any costs. The $500 Janine must pay is called the:
Premium
Deductible
Copay
Annual out-of-pocket maximum
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