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5th Grade Personal Finance Review Flashcards | StudBud
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5th Grade Personal Finance Review
5th Grade Personal Finance Review
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5th grade financial literacy
Flashcards
24 cards
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Questions
24
Answers
1
Income is
the amount of money you spend
the amount of money you save
the amount of money you earn
the amount of money you lend
2
When creating a budget, what area can you reduce to save money?
Retirement Savings
Fixed Expenses
Income
Variable Expenses
3
How do banks make money?
They take money from your savings.
They are paid by the government for providing loans.
They take money from your checking account.
They charge interest on loans.
4
What do U.S. tax dollars contribute to?
Unlimited resources
Public Services such as building roads, garbage removal, etc.
Private businesses use the tax money for goods.
5
Savings or Checking: Spending money at the grocery store.
Checking
Savings
6
An entrepreneur is defined as:
A private business started by a risk taker
A large business such as Walmart, Target, Kroger
Someone who works for a bank
A government worker
7
Which of the following is NOT an example of a government worker?
Police Officer
Teacher
Walmart Employee
FBI agent
8
Why is it important to save money?
College
Future Wants and Needs
All of the above
Emergencies
9
An example of a variable expense would be...
Rent
Phone Bill
Money for the movies
All of the above
10
Mia works at a frozen yogurt store and earns ________ in exchange for labor each week.
Government Services
Income
Loans
Tax
11
Savings or Checking: Putting money back for a new video game.
Checking
Savings
12
To employ someone means to...
Be an entrepreneur
Provide money to them in exchange for labor
Buy goods and services from them
Work for someone
13
Which sector of the U.S. Economy provides services for the good of the public?
Private Business
Households
Government
Banks
14
Which of the following services does the bank NOT provide?
Checking Account
Savings Account
Loans
Taxes
15
Which of the following is NOT a way businesses compete with eachother?
High Prices
Advertisements
Low Prices
Quality Products
16
A withdrawal is taking money out of your bank account. When you put money in, you make a
budget
debit
credit
deposit
17
Which part of a personal budget records the amount of money a person spends?
Income
Loans
Savings
Expenses
18
Which of the following is a good budgeting practice?
Spending all of your savings and checking
All of the above
Spending more money than you save
Saving a certain percentage of your income each month
19
Select all that apply. Some characteristics of an entrepreneur include...
Hard Working
Risk Taking
Creative
Lazy
20
A plan for how income will be spent
debit
deposit
credit
budget
21
True or False: The role a business plays in the U.S. Economy is to produce goods and services.
False
True
22
A household plays which of the following roles in the economy?
Collect Tax
Produce Goods
Consume Goods and Services
Produce Services
23
What does a "living wage" mean?
Earnings/Income that is less than the cost of living
Earnings/Income that is more than the cost of living
24
A variable expense is an amount you owe that stays the same, month after month.
True
False
