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Unit 1 Personal Finance Quiz Review

Quiz by Sydney Masih

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8 questions
Show answers
  • Q1

    What is the RELATIONSHIP between income and spending? 

    Spending more money each month will increase income 

    Spending more money than income each month will NOT create problems 

    Income and Spending should be balanced (taken seriously) in creating a budget 

    Income should always be spent each month 

    60s
  • Q2

    What is an ADVANTAGE of SAVING money each month? 

    Better interest rate on your credit card 

    Increase your credit score 

    Increase your monthly work income 

    Having money for an unexpected expense (Ex: broken car) 

    30s
  • Q3

    Why should someone Invest their money? 

    To build wealth 

    To build credit (pay off debts) 

    To save for education 

    To create an emergency fund 

    30s
  • Q4

    Sara works at a grocery store. Every week she receives a paycheck from her job, what does that paycheck represent? 

    Credit (Debt) 

    Interest 

    Income 

    Taxes 

    30s
  • Q5

    Money is a ____________________ Resource 

    Unlimited (you have an endless amount) 

    Limited (you only have a certain amount) 

    30s
  • Q6

    What is the difference between BUDGET and SAVING 

    Budgeting is for planning your money to pay for multiple things (rent, car, food)

    Saving is for a future goal (travel, education, emergency) 

    Budgeting is for a future goal (travel, education, emergency)

    Saving is for planning your money to pay for multiple things (rent, car, food) 

    60s
  • Q7

    When some BORROWS money for something and pays for it later, that is an example of: 

    Gaining Income 

    Saving Money

    Using Credit 

    Using a Debit Card 

    30s
  • Q8

    Which of the following is REASONABLE expense to use a loan for? 

    Designer Shoes 

    A Luxury Vacation 

    A Parking Ticket 

    A New Car 

    30s

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