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Personal Finance

The document contains multiple-choice questions and scenario-based questions related to personal finance concepts such as budgeting, saving, expenses, and interest. It also includes a vocabulary matching section to define key terms like savings account, expense, income, investment, and debt. Additionally, there are critical thinking questions prompting reflection on saving strategies and the importance of budgeting.

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Ivan Reyes Moreno
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15 views3 pages

Personal Finance

The document contains multiple-choice questions and scenario-based questions related to personal finance concepts such as budgeting, saving, expenses, and interest. It also includes a vocabulary matching section to define key terms like savings account, expense, income, investment, and debt. Additionally, there are critical thinking questions prompting reflection on saving strategies and the importance of budgeting.

Uploaded by

Ivan Reyes Moreno
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Personal Finance

Directions: Read the following multiple-choice questions and choose the correct answer.

1. What is a budget?

a plan for spending and saving money


a type of bank account
a way to earn money quickly
a collection of coins

2. Which of the following is an example of a fixed expense?

groceries
rent
entertainment
clothing

3. What does it mean to “save” money?

to spend all your money on fun activities


to keep money for future use instead of spending it now
to give money away to friends
to hide money under your bed

4. Which of the following is considered a good reason to save money?

buying the latest video game


going to the movies with friends
preparing for emergencies or unexpected expenses
buying snacks every day

5. What is interest?

a fee paid for borrowing money


the amount of money you earn from doing chores
a type of investment
money you spend on hobbies

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Personal Finance

Vocabulary Matching
Directions: Match the term with its correct definition.

savings account a. money earned from work or other sources

expense b. money that you owe to someone


c. a place to keep your money that earns interest
income
d. money spent on goods and services
investment
e. money used to purchase assets with the expectation of
debt earning more money

Scenario-Based Questions

Scenario 1:

Jamie has a part-time job earning $100 a week. She spends $40 on snacks and
entertainment, $30 on clothes, and saves the remaining money. How much does Jamie save
each week?

Scenario 2:

Alex wants to save for a new bike that costs $300. If he saves $50 each month, how many
months will it take for him to buy the bike?

Scenario 3:

Taylor has a monthly allowance of $60. She decides to set aside $10 each week for savings,
$20 for fun activities, and the rest for school supplies. How much does she have for school
supplies each month?

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Critical Thinking
Directions: Read the following questions and record your answers.

1. If you have $200 saved up and want to buy a new game console that costs $350, what
steps can you take to save up the additional amount needed?

2. Imagine you received a gift of $100. How would you decide to spend, save, or invest that
money? Provide a breakdown of your choices.

3. Why is it important to create a budget, and what are some potential consequences of not
having one? Discuss your thoughts.

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