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- 1. Multiple Choice
Which of the following BEST describes income?
Money received from a parent to pay for ice cream at lunch.
Money spent on a pair of new Nike Shoes.
Money donated to a charity.
Money received for completing your weekly chores.
- 2. Multiple Choice
Which of the following is a benefit of having a personal savings plan?
Personal savings plans let people spend more time doing activities they enjoy.
People who save money are able to spend more money in the future and pay for unexpected expenses.
People who save money are able to spend a lot of money right now.
Personal savings plans help people have an unbalanced budget.
- 3. Multiple Choice
A budget helps people make responsible economic decisions.
True
False
- 4. Multiple Choice
Check all statements that are true about a balanced budget.
A balanced budget is when you have more expense than income.
A balanced budget is when you have the same number of ten dollar bills as one dollar bills.
A balanced budget is when income is equal to or greater than expenses.
A balanced budget helps you make responsible spending and saving decisions.
- 5. Multiple Choice
Which of the following should Sally consider when planning her monthly personal budget?
How many pencils she will trade with another student.
How many beads she will buy at the craft store.
How many books she will read at the public library.
How much tv she will watch this week
- 6. Multiple Choice
A balanced budget is when expenses are greater than income.
True
False
- 7. Multiple Choice
A balanced budget is when income is equal to or greater than expenses.
True
False
- 8. Multiple Choice
Which of the following is an example of income?
Charging a lunch you will pay tomorrow
Buying an ice cream at lunch today
Money you get for working a job
Trading supplies with a friend
- 9. Multiple Choice
James wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen?
How he plans to save money over a long period of time.
How many Pokemon cards he will trade with friends.
How he plans to increase his expenditures this coming year.
How he plans to spend money on himself and others.
- 10. Multiple Choice
What is the difference between income and expense (expenditures)?
An expenditure is money that is saved; an income is money that is spent
An expenditure is money that is earned; an income is money that is received
An income is money that is given to another person; an expenditure is money that is received by another person
An income is money that is received; an expenditure is money that is spent
- 11. Multiple Choice
Which of the following is the MOST financially responsible decision?
Kate sold her old bike helmet for $10 to a friend. She gave the $10 to her favorite charity.
Jared gets $50 for his birthday from his grandma. He spends $75 on XBox games.
Sue was paid $25 for helping her neighbor in the yard. She spent $20 on a t-shirt and $5 on ice cream at the mall.
Jerry earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.
- 12. Multiple Choice
What elements should be included on a budget? Check all that apply.
A list of chores you complete.
How much money you earned on chores.
A list of all the things you want to buy.
How much money you plan to spend to buy different items.
- 13. Multiple Choice
Which of the following is an expenditure?
Buying an ice cream at lunch
Selling an old game to a friend
Getting paid for helping your neighbor
Allowance from your parents
- 14. Multiple Choice
What is an opportunity cost?
The think you choose when you make a decison.
The cost of going to a movie.
The thing you give up when you make a choice
An opportunity to spend money.
- 15. Multiple Choice
Tameka went to the store. She wanted to buy a new dress and a pair of shoes. She only had enough money for one item. She decided to buy the dress. What is her opportunity cost?
the dress
the money
the shoes
saving the money
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