Budget Test

1.

5 points

A written plan for spending your money wisely.

Flexible Expenses

Budget

Income

Expenses

2.

5 points

The money you earn.

Fixed Expenses

Schedule

Income

Procrastination

3.

5 points

The way you spend your money.

Credit

Impulse Buying

Expenses

Income

4.

5 points

A written plan for reaching your goals within a certain period of time.

Consumer

Interest

Schedule

5.

5 points

Putting off difficult or unpleasant tasks until later.

Consumer

Procrastination

Comparison Shopping

Budget

6.

5 points

Regular expenses that cannot be avoided, such as the cost of club dues.

Flexible Expenses

Schedule

Fixed Expenses

Procrastination

7.

5 points

Costs of items such as clothing that vary in price and are not purchased regularly.

Flexible Expenses

Income

Fixed Expenses

Credit

8.

5 points

An amount of money paid by a bank or savings and loan for the use of a person's money.

Credit

Consumer

Interest

Debit

9.

5 points

Funds given to a person to make a purchase now with the promise to pay later.

Credit

Flexible Expenses

Expenses

Interest

10.

5 points

A person who buys or uses goods and services.

Schedule

Consumer

Credit

11.

5 points

A paid public announcement about goods, services, or ideas for sale.

Budget

Schedule

Comparison Shopping

12.

5 points

Looking at several brands and models of a product in several stores before making a purchase

Fixed Expenses

Credit

Procrastination

Comparison Shopping

13.

5 points

An unplanned or spur-of-the moment purchase

Budget

Credit

Comparison Shopping

Impulse Buying

14.

5 points

Credit means to subtract from your account.

True

False

15.

5 points

Debit means to add to your account.

True

False

16.

5 points

Check Writing Scenario:

You bring your new puppy to the vet, Dr. Edmond Klotz, for shots and
a check-up. The bill comes to $35.00. Fill out check number 1 using today’s date.

Choose this answer

1

2

3

17.

5 points

Check Writing Scenario:

On the way home, you stop at Country Feed Store and purchase three
bags of grain for your horses. The total comes to $19.72. Fill out check number 2.

Choose this answer

2

3

1

18.

5 points

Check Writing Scenario:

Now you need to get some gardening supplies, so you go to Nell’s
Nursery to purchase those. The total here comes to $42.06. Fill out check number 3.

Choose this answer

2

1

3

19.

5 points

Check Writing Scenario:

After you get home, you realize that your cable TV bill is due. The
amount of the bill is $38.97. Your cable TV account number is 675993. Write check number 4 to the Cable Company.

Choose this answer

2

1

3

20.

5 points

Use your written checks to balance your checkbook on your check register.

Your beginning balance is: $282.17

How much money is left in you checking account?

217.14

146.42

35.47

147.28