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3/20 Review

Quiz by Mike Thomson

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18 questions
Show answers
  • Q1
    What is income?
    Rent Payment
    The money a person earns from work or investments
    The money a person spends on goods and services
    The money a person borrows from a bank
    30s
  • Q2
    What is a paycheck?
    A document that shows how much money an employee owes to their employer
    A document that shows how much money an employee has spent
    A physical or electronic document that shows how much money an employee has earned
    A document that shows how much money an employee has saved
    30s
  • Q3
    What is gross income?
    The total amount of money a person spends
    The amount of money a person earns from investments
    The total amount of money a person earns after deductions
    The total amount of money a person earns before deductions
    30s
  • Q4
    What is the formula to calculate wealth?
    Assets + Liabilities = Wealth
    Assets - debt = Wealth
    Savings - Expenses = Wealth
    Income + Expenses = Wealth
    30s
  • Q5
    What is the difference between gross income and net income?
    Gross income is the money earned from investments, while net income is the money earned from work.
    Gross income is the total amount earned before deductions, while net income is the amount left after deductions.
    Gross income includes only wages, while net income includes all sources of income.
    Gross income is the amount left after deductions, while net income is the total amount earned before deductions.
    30s
  • Q6
    What are assets?
    Expenses incurred by a person or company
    Liabilities that a person or company owes
    Things of value someone owns.
    Incomes earned by a person or company
    30s
  • Q7
    What is debt?
    Money that is saved
    Money that is invested
    Money that is earned
    Money that is owed
    30s
  • Q8
    What is a budget?
    A plan for how to spend and manage money
    A plan for how to earn money
    A plan for how to invest money
    A plan for how to save money
    30s
  • Q9
    What is a budget equation?
    net income+ expenses = net gain/net loss
    gross income- expenses= net gain/net loss
    net income-expenses= net gain/net loss
    expenses- net income= net gain/net loss
    30s
  • Q10
    How much of your income should be allocated for needs according to the 50/30/20 rule?
    10%
    30%
    20%
    50%
    30s
  • Q11
    What does the '30' represent in the 50/30/20 rule?
    Savings
    Wants
    Debts
    Needs
    30s
  • Q12
    What is the purpose of the 50/30/20 rule?
    To manage time effectively
    To organize household tasks
    To budget personal finances
    To set academic goals
    30s
  • Q13
    What does the '20' represent in the 50/30/20 rule?
    Debts
    Needs
    Savings
    Wants
    30s
  • Q14
    Why is it important to save money?
    To be prepared for emergencies or to save for short/long term goals
    To spend it all on wants
    To impress friends with expensive things
    To donate it all to charity
    30s
  • Q15
    What is the difference between needs and wants?
    Needs and wants are interchangeable
    Needs are optional but desirable, while wants are essential for survival
    Needs are only applicable to certain individuals, while wants are universal
    Needs are essential for survival, while wants are not necessary but desirable
    30s

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