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Duplicate of Money Management-Budgeting Review 7th Grade Review Flashcards | StudBud
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Duplicate of Money Management-Budgeting Review 7th Grade Review
Duplicate of Money Management-Budgeting Review 7th Grade Review
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Vault/Budgeting
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A home is an example of a______
need
want
2
What is it called when you have to give something up in order to get something else?
Opportunity Cost
An Investment
Lost Opportunity
Lost Need
3
Because this man likes to bake, his job reflects his______________.
time
money
interest
skill
4
This is place that you can put your money so it can earn interest and stay protected.
piggy bank
envelopes
checking account
savings account
5
Why is it important to save money?
it can help you reach your financial goals
it helps you to afford the things you might want or need later
it is a safety net for a rainy day
all answers are correct
6
If you borrow money and
have
to pay it back it's called?
expenses
cash
salary
debt
7
A cell phone is an example of a ________
want
need
8
This image depicts what?
Envelope Donating
Playing Monopoly
Envelope Saving
Envelope Budgeting
9
When you have "limited means" it means that
you have lots of money
you can have whatever you want
you have no money
your resources are limited so you can't have everything
10
What two things need to be included when creating a budget?
variable expenses and income
discretionary expenses and income
All income and all expenses
income and fixed expenses
11
What is one major rule for a quality budget?
your expenses should be equal to your income
your expenses should be more than your income
expenses and income are not part of a budget
your expenses should be less than you income
12
A plan for your money is called
a savings account
a budget
a speadsheet
a schedule
13
What happens if you pay your
minimum payment
for your credit card but
don't fully pay the bill
each month?
nothing
you will get a late fee
you will have to pay interest, adding more debt
they will take your credit card away
14
Why is it important for teens to learn proper money management skills?
studies show that they will spend less money
studies show that they will have more money
studies show that they will make more money
studies show that they will most likely take those skills into adulthood
15
This woman is great with kids and technology, her career reflects her _____________
interest
time
money
skill
16
This image would be considered a _________________ expense.
discretionary expense
important expense
fixed expense
variable expense
17
Your family monthly food bill is an example of what kind of expense?
Discretionary Expense
Variable/Flexible Expense
Fixed Expense
Fun Expense
18
A monthly car payment is an example of what kind of expense?
discretionary expense
variable expense
fixed expense
extra expense
19
Something you do to earn money is called?
a salary
a career
a job
a hobby
20
What would an example of a money making opportunity be for someone your age?
working at a restaurant
working in a doctor's office
working at GameStop
walking your neighbor's dog
