Which of the following is an effective strategy for personal saving?

Save a certain percentage of each paycheck and deposit it directly into a savings account

Wait until the end of the month and save whatever is left in your checking account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

Which represents the best time to start saving for your retirement?

As soon as you graduate and have your first full-time job

Right after you pay off your student loans

Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

At age 45, so you have exactly 20 years until retirement

Your sister Annhas her paycheck direct deposited into her checking and savings accounts each pay period. She asks you how she should split her paycheck between the two accounts. What is the best advice you could offer her to encourage her savings habit?

Add at least 10-20% of her paycheck to her savings account and the remaining 80-90% to her checking account

Direct deposit the full amount of the check each month into her checking account and then decide later how much to put into savings

Add at least 95% of her paycheck to her checking account and 5% to her savings account because you know that saving is hard for her

Do not have her paycheck direct deposited since it is NOT a secure way to transfer money

What is a good strategy to help you save?

Pay yourself first - set aside money for savings each month

1st, spend money on all expenses; put the rest into saving

Tap into your savings on a regular basis to purchase small items, like snacks

Keep your spending and saving money together in 1 account

What is a reason for why so many Americans live paycheck-to-paycheck?

Many people are paying themselves first and then spending

Many people only buy what they NEED, not what they WANT

Many people spend within their budget

How is compound interest different than simple interest?

It is simple interest + interest earned on that interest

It is simple interest - interest earned on that interest

It is double the simple interest earned on an investment

It's not different; they are one and the same

What might you need to open a savings account? (hint: choose 2 correct answers)

Your previous year's tax returns (or your parents')

The routing number to a checking account

1. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

Dining out at local restaurants

Postponing a purchase for a big-screen TV

3. If you are trying to substantially reduce the amount you spend on food, you should try...

Cooking your own food at home for as many meals as possible

Dining at restaurants more often so you don't waste water doing dishes

Eating more snacks on the go and way fewer meals at home

Drinking more coffee and soda so you are not as hungry for food

Savings Unit 2

Quiz

•

Mathematics, Life Skills, Business, Social Studies

•

5th - 8th Grade

•

Practice Problem

•

Hard

•

CCSS

7.RP.A.3, 7.EE.B.3, 6.RP.A.3B

+30

Standards-aligned

Monique Hart

Used 2+ times

FREE Resource

31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following represents the 50/20/30 Rule for budgeting?

20% Needs, 50% Wants, 30% Savings

50% Savings, 30% Needs, 20% Wants

30% Wants, 50% Savings, 20% Needs

50% Needs, 30% Wants, 20% Savings

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Things you would like to have but are not necessary.

Bills

Savings

Wants

Needs

Tags

CCSS.K.MD.B.3

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you get money each week from your parents, possibly for doing chores, this is called what?

An Allowance

Wants

Savings

Net Pay

Tags

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.RI.5.4

CCSS.W.6.2D

CCSS.W.9-10.2D

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rent, electricity, gas, phone, groceries are examples of costs which are called what?

Income

Expenses

Taxes

Wants

Tags

CCSS.6.EE.B.8

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total amount of money you receive in a paycheck before anything is taken out is called what?

Net Pay/Income

Savings

Income Taxes

Gross Pay/Income

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A physical or electronic document that provides details about money earned on a job and deductions made.

Budget

Allowance

Pay Stub

Income

Tags

CCSS.7.RP.A.3

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that is deducted from a person's income or a company's profits for federal or state purposes.

Income Taxes

Expenses

Bills

Net Pay

Tags

CCSS.6.RP.A.3B

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Savings Unit 2

31 questions

Which of the following represents the 50/20/30 Rule for budgeting?

Things you would like to have but are not necessary.

If you get money each week from your parents, possibly for doing chores, this is called what?

Rent, electricity, gas, phone, groceries are examples of costs which are called what?

The total amount of money you receive in a paycheck before anything is taken out is called what?

A physical or electronic document that provides details about money earned on a job and deductions made.

Money that is deducted from a person's income or a company's profits for federal or state purposes.

Money that is set aside for future short or long term goals or emergencies is called what?

A debt you owe for goods (ex. food, games or clothes) and services (ex. hair cut).

A plan for spending and saving income during a set period of time.

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