Check your everyday money foundations.

1 Budgeting

What is a budget?

A A plan for expected income, spending, saving, and obligations B A guarantee of high income C A list of purchases already made only D A type of loan

2 Income

What is net pay?

A Pay remaining after applicable deductions B The salary before any deductions C Only overtime pay D The employers total revenue

3 Spending

What is a unit price useful for?

A Comparing the cost of different package sizes B Calculating a password C Setting an interest rate D Measuring travel time

4 Saving

What is the purpose of an emergency fund?

A Covering unexpected essential expenses without relying entirely on new debt B Paying only for entertainment C Replacing all insurance D Guaranteeing investment returns

5 Borrowing

What does APR help describe?

A The annualized cost of borrowing, subject to its stated terms B Only the monthly payment date C The lenders office hours D The borrowers income

6 Interest

What is compound interest?

A Interest calculated on principal and previously accumulated interest B A one-time shop discount C A fixed account password D A tax receipt

7 Insurance

What is an insurance deductible or excess?

A The amount the policyholder must cover before or alongside a covered claim B The guaranteed claim payment C The monthly income of the insurer D A reward for every purchase

8 Records

Why review bank and card statements regularly?

A To identify errors, unexpected charges, and spending patterns B To increase every fee C To remove transaction dates D To avoid knowing the balance

9 Scams

A caller demands immediate payment through gift cards. What is the safest response?

A Stop, verify independently, and do not use the demanded payment method B Read out the card codes C Install remote-access software D Keep the caller secret

10 Subscriptions

Why audit recurring subscriptions?

A Small recurring costs can persist after their value has ended B Subscriptions never renew C Only cash purchases affect a budget D Cancellation always increases cost

11 Tradeoffs

When comparing a low monthly payment with a shorter loan, what else matters?

A Total repayment, rate, fees, term, and flexibility B Only the advertisement color C The number of form pages D Whether the first payment is round

12 Advice boundaries

What should you do before acting on high-stakes financial guidance?

A Check regulated, qualified, and situation-appropriate sources B Rely on one anonymous comment C Hide relevant debts and goals D Assume every country has identical rules