7th Grade Financial Literacy Unit 2

Question 1

You should include your social security number on checks.

Accepted Answer

false

Question 2

An outstanding check is a check that has been written, but has not yet cleared the bank.

Accepted Answer

true

Question 3

A budget is a plan for how you want to spend your money.

Accepted Answer

true

Question 4

A service charge on your bank statement will result in:

Accepted Answer

a lower balance

Question 5

Rent is considered a fixed expense.

Accepted Answer

true

Question 6

An example of a fixed expense is:

Accepted Answer

auto insurance

Question 7

______ is commonly considered a flexible expense.

Accepted Answer

entertainment

Question 8

Obtaining cash from an ATM is similar to:

Accepted Answer

going to the bank and taking money from your account.

Question 9

A debit card and check both take money out of your checking account.

Accepted Answer

true

Question 10

Flexible expenses stay about the same each month.

Accepted Answer

false

Question 11

The final phase of the budgeting process is to:

Accepted Answer

compare your budget to what you have actually spent

Question 12

A _________ is used to add funds to a bank account.

Accepted Answer

deposit

Questions 12