Keeping Track
Writing down all the money you earn and all the money you spend is called:
a) Making a wish list
b) Tracking your money or expenses
c) Counting your change
d) Hiding your money
b) Tracking your money or expenses
Things like food, a place to live, and clothes to wear are things you:
a) Want
b) Sometimes need
c) Need
d) Can probably live without
c) Need
A plan for how you will spend and save your money is called:
a) A loan
b) A budget
c) A bill
d) A donation
b) A budget
The total amount of money you earn from your job or allowance before any money is taken out is called:
a) Net income
b) Gross income
c) Savings
d) Profit
b) Gross income
Putting money aside now so you can use it later is called:
a) Spending
b) Borrowing
c) Saving
d) Donating
c) Saving
You can use a notebook or an app on your phone to do this:
a) Ignoring your spending
b) Tracking your money
c) Borrowing money
d) Lending money
b) Tracking your money
Buying a new video game or going to the movies are usually considered things you:
a) Need
b) Have to have
c) Want
d) Are essential
c) Want
One way to plan your money is to decide how much you want to spend on different things, like snacks or entertainment, each week. This is called:
a) Ignoring your spending
b) Spending all your money at once
c) Setting spending limits
d) Borrowing from friends
c) Setting spending limits
Paying for your phone bill or buying food at the grocery store are examples of:
a) Income
b) Investments
c) Expenses
d) Donations
c) Expenses
Saving money for a new bike or a trip with your family are examples of:
a) Long-term goals
b) Short-term goals
c) Unrealistic goals
d) Unnecessary goals
b) Short-term goals
Looking at your spending records can help you see:
a) How much money your friends have
b) Where your money is going
c) What the most expensive items are in a store
d) How to get a better job
b) Where your money is going
Figuring out the difference between these two helps you make good choices about how to spend your money:
a) Saving and spending
b) Income and expenses
c) Needs and wants
d) Borrowing and lending
c) Needs and wants
This method suggests dividing your money into different areas, like "saving," "fun," and "needs":
a) Spending randomly
b) Spending categories
c) Never spending
d) Only spending on wants
b) Spending categories
The money you have left over after you've paid all your bills and other expenses is called:
a) Debt
b) Profit
c) Leftover money or savings
d) Taxes
c) Leftover money or savings
Saving money for college is an example of this kind of goal:
a) A short-term goal
b) A medium-term goal
c) A long-term goal
d) A daily goal
c) A long-term goal
These phone programs can help you see where your money goes without you having to write everything down yourself:
a) Social media apps
b) Game apps
c) Budgeting apps
d) Weather apps
c) Budgeting apps
While you need transportation to get around, buying a really expensive sports car might be considered:
a) A necessity
b) An investment
c) A want
d) A practical choice
c) A want
Giving every dollar a job means deciding exactly what you will do with all the money you have. This is called what kind of budgeting?
a) Spending spree budgeting
b) Zero-based budgeting
c) Wishful thinking budgeting
d) Secret budgeting
b) Zero-based budgeting
If your parents pay the same amount for rent every month, this is what kind of expense it is:
a) Variable expense
b) Unexpected expense
c) Fixed expense
d) Luxury expense
c) Fixed expense
It's a good idea to have some money saved for unexpected things, like a broken phone or a sudden illness. This is called:
a) A vacation fund
b) An emergency fund
c) A shopping fund
d) A party fund
b) An emergency fund
If you don't do this carefully, you might spend more money than you have:
a) Earning money
b) Saving money
c) Tracking your income and expenses
d) Making a budget
c) Tracking your income and expenses
Sometimes it can be tricky to tell if something is truly needed or just something you really, really want. Thinking carefully helps with:
a) Increasing your income
b) Understanding the difference between a need and a want
c) Avoiding all spending
d) Getting more allowance
b) Understanding the difference between a need and a want
Using different containers or envelopes to keep track of how much money you have for different things is called:
a) The bank system
b) The credit card system
c) The envelope system
d) The digital system
c) The envelope system
Getting paid different amounts each week for babysitting is an example of this kind of income:
a) Consistent income
b) Fixed income
c) Variable or inconsistent income
d) Passive income
c) Variable or inconsistent income
Having goals that are Specific, Measurable, Achievable, Relevant, and Time-bound helps you plan your saving. What is this called?
a) Easy goals
b) Fun goals
c) SMART goals
d) Secret goals
c) SMART goals