Mastering Personal Finance Basics

Front

Which of the following is an example of a fixed expense in a budget? Movie tickets, Monthly rent, Eating out, Buying a new video game

Back

Monthly rent

Front

What does it mean to "save" money?

Back

To keep money for future use

Front

Which of the following is considered a "need"?
Options:
Designer shoes,
Cell phone games,
Healthy food,
Concert tickets

Back

Healthy food

Front

What is credit?

Back

Money you borrow and promise to pay back

Front

Which of the following is an example of a financial goal?
Options: Watching TV after school, Saving $50 to buy a new backpack, Playing video games with friends, Eating lunch at school

Back

Saving $50 to buy a new backpack

Front

What is a budget?

Back

A plan for how to spend and save your money

Front

What does the term "interest" mean in personal finance?

Back

The extra money you earn or pay when saving or borrowing money

Front

Which of the following best describes the word "investing"? Spending money on snacks, Putting money into something to try to make more money, Giving money away to friends, Hiding money under your bed

Back

Putting money into something to try to make more money

Front

Which of the following best describes the difference between a need and a want? Needs are things you would like to have; wants are things you must have, Needs are things you must have; wants are things you would like to have, Needs and wants are the same, Needs are always more expensive than wants

Back

Needs are things you must have; wants are things you would like to have

Front

Which of the following is an example of a variable expense? Monthly rent, Grocery shopping, Car payment, Internet bill

Back

Grocery shopping