Life Scenarios
What is the name of the document that comes with your paycheck and shows you what you were paid and how much was taken for taxes?
A) Paystub.
B) Payline.
C) Pay Report.
D) Pay Sheet.
A) paystub
There are many costs associated with owning a car. Which of these is not something you’ll need to pay for?
A) Maintenance.
B) Registration.
C) Inspection.
D) Arbitration.
D) Arbitration.
Choosing whether to purchase a name brand or generic item comes down to:
A) Style and trends
B) Price compromises
C) Quality compromises
D) Personal preference
D) Personal preference
Money borrowed from someone else with the expectation of paying it back
loan
a cost related to running a business
business expense
You decide to stop at the ATM and get money out of your account before going to the store. You’re a making a(n):
A) Claim.
B) Credit.
C) Expense.
D) Withdrawal.
D) withdrawal
Which of the following would you budget for in “Utilities”?
A) Your college savings fund.
B) Your electric and heating bills.
C) Your grocery budget
D) Your car repairs
B) Your electric and heating bills.
Which statement about quality and quantity is true?
A) Quality is subjective, quantity is objective.
B) Quality is objective, quantity is subjective.
C) Increased quality comes with decreased quantity.
D) Increased quantity leads to increased quality.
A) Quality is subjective, quantity is objective.
Money owed to something or someone
debt
a notice that tells you how much you owe for something you already bought or used
bill
What happens if you go into debt?
A) You’ll need to pay back a minimum amount every month.
B) You’ll likely pay more than you borrowed due to interest.
C) Your net worth will be negatively affected.
D) All of the above.
D) All of the above
You got $200 from your grandma for your birthday. What should you do first?
A) Record it as income in your budget.
B) Stick it under your bed for safekeeping.
C) Deposit it all straight into your savings account.
D) Spend it.
A) Record it as income in your budget.
When shopping online, it’s a good idea to…..
A) Read every review so you really know what you’re getting.
B) Look at reviews that focus on product features that matter to you.
C) Search online then find the same product in a physical store so you can see it in person and purchase it there.
D) Buy the least expensive product to minimize risk
B) Look at reviews that focus on product features that matter to you.
an official for that tells a financial institute to give a certain amount of money from someone's account to someone else
checks
payouts based on profit
dividends
What's the difference between net pay and gross pay?
A) Gross pay is your total paycheck and net pay is what you take home after taxes.
B) Net pay is your total paycheck and gross pay is what you take home after taxes.
C) Gross pay is what you get from a full time job and net pay is what you get from a part time job.
D) Net pay is what you deposit into an account and gross pay is what you cash.
A) Gross pay is your total paycheck and net pay is what you take home after taxes.
If you pay off only the amount owed on your credit card each month, but don’t pay it off completely, what’s that called?
A) Making your minimum payment.
B) Paying your balance.
C) Making your interest-avoidance payment.
D) Paying your dues.
A) Making your minimum payment.
Because influencers are sometimes paid to promote products, it’s a best practice to:
A) Never follow an influencer’s purchase recommendations.
B) Only purchase recommendations that are also available in physical stores so it’s easier to return.
C) Do your own research into product recommendations before purchasing.
D) Only take recommendations from influencers you trust.
C) Do your own research into product recommendations before purchasing.
brand reputation
the price per item or measurement, such as pound or ounce. It can be used to compare the same type of goods sold in varying weight and amounts
unit price
What is double-entry accounting?
A) A budgeting method where you plan for double every expected expense to ensure that you never budget less than you need.
B) A budgeting method where you record your earnings twice: once to track where your money is going, and once to decide what it is for.
C) A department at most companies that handles all the money and tracks receipts.
D) A way to double-check your expenses where you go through all of your receipts twice each month.
B) A budgeting method where you record your earnings twice: once to track where your money is going, and once to decide what it is for.
Your new health insurance has a $4,000 deductible. What does that mean?
A) You’ll pay the insurance company $4,000 a year to cover all of your medical expenses.
B) Your insurance will cover up to $4,000 of your medical expenses each year and then you’ll have to cover the rest.
C) You’ll need to pay $4,000 on medical expenses each year before your insurance will kick in.
D) Your insurance will pay up to $4,000 for each medical visit you have.
C) You’ll need to pay $4,000 on medical expenses each year before your insurance will kick in.
Which of the following statements is true about subscription services?
A) Annual billing is always cheaper than monthly billing.
B) Annual billing is always more expensive than monthly billing.
C) Subscriptions may come with hidden fees and automatic renewal.
D) Subscriptions don’t require contracts, so you can cancel anytime.
C) Subscriptions may come with hidden fees and automatic renewal.
the time it takes for money to move from one account to another, what is it called
clear
when you turn your money over to a financial institution for safekeeping
deposit