personal finance test

Master personal finance basics! Learn budgeting, saving, and spending wisely with our easy worksheet.

Vocabulary Matching debt money owed income money gained fixed expenditures bills that are the same amount each month variable expenditures bills where the amount changes monthly budget a plan for using money 6. What is one way a person could change their budget if they wanted to save money? They could stop paying bills. They could stop taking showers. They could starve and not eat so much. They could avoid any extra expenses in order to save more money. Fixed or Variable Expenditures? Fixed expenditure car payment rent payment Variable expenditure electrical bill movie tickets eating outc 12. What is the difference between expenditures and income? Expenditures are money being saved, income is money going out. Expenditures are money used, income is money earned. Expenditures are money going out, income is money saved. Expenditures are money coming in, income is money used. Income or Expenditure? Income getting paid for walking a neighbor’s dog babysitting for a neighbor receiving birthday money doing extra chores for some extra money Expenditure getting a new DVD buying ice cream on Wednesday and Friday purchasing a book at the Book Fair 20. Which of the following is a want (not a need)? Purchasing a new coat because last year’s coat is too small Paying the rent on time Purchasing a new tire on the family car after a flat tire Purchasing new sneakers even though you have two pairs already What are two reasons why it is important for someone to save money? To have an emergency fund available or to spend it on buying more fashionable clothes To save for a new iPhone and iPad because who wouldn't want them To have an emergency fund or to buy something more expensive when you have enough money for it To buy something more expensive when you want it or to have a big party 22. Why does a person need to monitor (keep track of) his spending? So he does not go into debt So he can pay his bills So he can save for his future All of the above