Understanding Personal Finance Basics 51abcd

Quiz
•
Social Studies
•
8th Grade
•
Hard
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the starting point for personal financial management?
Savings
Income
Debt
Investments
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a basic reason for creating a household budget?
To increase debt
To manage income and expenses
To avoid paying taxes
To spend more money
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one benefit of saving money?
It increases your debt
It provides financial security
It reduces your income
It eliminates the need for a budget
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a risk associated with using debt?
Earning interest
Owing more money than you can repay
Increasing savings
Receiving a salary
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A household budget helps you to:
Spend without limits
Track and control your spending
Avoid saving money
Increase your debts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes money received from work, investments, or other sources?
Debt
Income
Budget
Expense
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone create a household budget?
To ignore their financial situation
To plan for future expenses and savings
To increase their debt
To avoid tracking spending
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