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7th/8th Money Management Flashcards | StudBud
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7th/8th Money Management
7th/8th Money Management
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Questions
28
Answers
1
What does it mean "to mint" a coin?
To create
To keep
To duplicate
2
Budgets are important because they help you keep track of where your money is going.
True
False
3
The amount of money made through a period of time is called...
Expense
Income
Paycheck
Interest
4
Looking for sales on items and using coupons are a good tip for sticking to your budget.
False
True
5
Going to eat at a fancy restaurant is an example of...
Discretionary Expense
Flexible Expense
Fixed Expense
6
Buying items on impulse ( without thinking first) can keep you from sticking to your budget.
False
True
7
Deposit means to...
Put money in an account
Take money out of an account
8
The amount of money a person is able to make from their work is called...
Earning Power
Income
Interest
Expense
9
Using an app like Mint-Budgeting Made Easy can help you find out where your money is going.
False
True
10
A.T.M stands for Automated Teller Machine
False
True
11
What is the benefit of keeping money in a savings account?
Keeping your money safe
Keeping a budget
Earning Interest on your money
12
Which of the following is an example of a fixed expense?
Going to eat at a restaurant
Paying back a friend
Rent
Buying necessities (example: shampoo/conditioner)
13
Whenever you write a check, use a debit card, or use an ATM you should record it.
False
True
14
Banks EARN money on YOUR money when borrowers repay their loans with interest.
True
False
15
An expense is when you are...
Keeping money in an account
Paying for something.
Receiving money for work
16
How can you earn interest?
By taking out a loan
By opening a checking account
By keeping your money in a savings account
17
Which are the steps to opening an account at the bank?
Bring your ID
Bring a parent/guardian with an ID
Bring your money
18
Taking money out of your account is called...
an expense
an income
a deposit
a withdrawal
19
After budgeting your money you should always have enough left over for...
Food
Unexpected Expenses
Rent
20
Which are example/s of earning power?
Bringing coworkers lunch
Higher Education/College
Being able to speak difference languages
Staying updated in technology
21
Which of the following is considered a flexible expense?
Entertainment Money
Saving for College
Rent
Cell Phone Bill
22
Which of the following is not a quality of a good budget?
Allow for extra money at the end
Include Savings for big items (like college/a car)
Expenses are less than your income
Only budgeting for things you need
23
When you keep money at a bank you must pay back interest.
False
True
24
What is something you would want to take a loan out for?
A new pet
House
New Clothes
Groceries
25
P.I.N. stands for?
Personal Interest Number
Personal Identification Number
Personal Income Number
26
Which of the following is NOT one of the places money travels through?
Treasury/Bank
People
Businesses
All are correct
27
When would you have to pay interest to the bank?
When you borrow money/take out a loan
When you keep money in an account.
28
People use banks to keep their money safe.
False
True
