1) A(n) ____ is a financial plan over a set amount of time meant to display income and expenses in order to assist in accomplishing goals a) Paystub b) Budget c) Asset d) Credit Report e) Investments 2) Which of the following is NOT a need? a) Cell phone b) Water c) Oxygen d) Food e) Shelter 3) What is "financial aid" and what is the name of form you have to fill out?  a) Helps students pay for college; W-2 b) A report for your credit-worthiness; COA c) The ability of a customer to obtain goods and services; W-4 d) Helps students pay for college; FAFSA 4) Which is best when budgeting? a) Budget Surplus b) Balanced Budget c) Budget Shortage 5) TRUE or FALSE: It is illegal to drive in South Carolina without car insurance. a) TRUE b) FALSE 6) TRUE or FALSE: Things are expensive and consumers have no control of the expenses in their budget a) TRUE b) FALSE 7) TRUE or FALSE: The only way to earn good money is by having a college degree. a) TRUE b) FALSE 8) ___ income is money left over after taxes and needs have been paid for.  a) Gross b) Net c) Disposable d) Discretionary 9) This type of legal tender immediately withdraws money from your bank account a) Check b) Credit c) Debit 10) After failing to pay back her student loan, Jamia is now in ____ a) debt b) default c) jail 11) Which of the following is NOT an example of a fixed expense? a) Gasoline b) Mortgage c) Spotify Subscription d) Planet Fitness Membership Fee e) Car Insurance f) Day care 12) Which of the following is NOT an example of a variable expense? a) Groceries b) Electricity c) Water d) Gifts e) Netflix f) Starbucks coffee 13) In order to afford a new car, Mr. Maddox used $2,500 from his savings and took out a loan for $5,000. He will be making payments to the loan lender for 48 months. At the end of 48 months, he will have paid $5,650. What is his principle amount? a) $5,650 b) $5,000 c) $48 months d) $2,500 e) $650 14) In order to afford a new car, Mr. Maddox used $2,500 from his savings and took out a loan for $5,000. He will be making payments to the loan lender for 48 months. At the end of 48 months, he will have paid $5,650. How much will he have paid in interest? a) $5,650 b) $5,000 c) 48 month d) $2,500 e) $650 15) Jeremiah earns $7,000 a month but nets $6,000 a month. Based on the recommended income to mortgage ratio, what is the maximum amount that he should pay for his home monthly? a) $1,000 b) $2,000 c) $2,333 d) $3,000 e) $3,333 f) $4,000

Personal Finance- Vocab Practice

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