Personal Finance Quiz

What is income?

• a plan to manage your money

• money you earn from a job

• cost that change each month

What are three things you can do with your income?

• spend, save, and keep

• spend, save, and share

• spend, share, give away

What is the difference between a need and a want?

• A need is something you must have to survive and a want is something you also need to survive

• A need is something you you must have, and a want is something you don’t really need

• A need is something you want, and a want is something you need

What is a budget?

• a plan for saving your money in the bank

• a plan for spending your money on things you need

• a plan for managing your money

What are expenses?

• anything you spend money on

• is a bank account

• is a savings account

What is one example of a fixed expense?

• cell phone bell

• power bill

• gym membership

What is one example of a variable expense?

• gym membership

• Amazon prime

• cell phone bill

Going to Zaxby's for lunch is an example of what type of expense?

• fixed

• variable

• non-essential

What is debt?

• You saved money each month

• You spend more than you earned

• You have money to buy a new house

Why is it important to stick to your budget each month?

• So you can save money

• So you do not go into debt and face bankruptcy

• So you can go on vacation