grade 11 entrepreneurshipquiz

Grade 11 ENTREPRENEURSHIP (BDI3C1) Budgeting Quiz

Name:

Part 1: Multiple Choice Directions: Circle the BEST POSSIBLE ANSWER. Only circle ONE answer.

1

The frst step to !"#etin# is$

A B C %

creatin# a !"#et assess sessiin# yo! yo!r pe person sonal an an" fna fnanc ncia iall sit sit! !ation tion settin# yo!r #oals #oin# to the an&

'

A well(written #oal S)O*L%+

A B C % E

e realistic e st state" in in sp specifc an an" ,e ,eas!rale te ter,s ha-e a ti,e ra,e state the action to e ta&en all o the ao-e

/

A f0e" e0pense is$

A B C %

an e0pen 0pense se or cost cost that that "oes "oesn ntt cha chan# n#e e on on a ,ont ,onthl hly y as asis is so,ethin# that yo! pai" ,oney to f0 easy to chan#e none o the ao-e

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2

A -ariale e0pense is$

A B C %

not -ery -ery co,, o,,on in ,os ,ostt !s !sin ines ess s set setti tin n#s to" to"a ay an e0 e0pens pense e or or cos costt th that ca can ch chan#e n#e on on a ,on ,onthly thly as asis typi typica callly easier sier to cha chan n#e th than a f0e" f0e" e0pen 0pens se oth B an" C

3

The The 4A 4A5 in in th the acr acron ony y, S6 S6ART ART 7oa 7oals ls stan tan"s or or$ $

A B C %

A""ressale A !"#et Attainale None o the ao-e

8

6r. 6r. 9al 9alle ley ys s a-e a-era ra#e #e ,ont ,onthl hly y inc inco, o,e e is is :/; :/;<< <<<. <. )is )is ,on ,onth thly ly e0p e0pen ense ses s are :';'<<. Which o the ollowin# is the ,ost e0pensi-e ite, that he will he e ale to a=or" i he sa-es 3<> o his Net Cash ?low@

A B C %

'<<2 76C Sierra o= o iii :D;<<< 835 L7 S,art T9 :3;<<< New 6acBoo& :/;<<< All o the ao-e

D

In the the -i" -i"eo eo 4)ow )ow to to ,a& ,a&e e :'3 :'3<& <&Fy Fyea ear5; r5; we lear learne ne" " tha thatt the the e-er e-ery" y"ay ay costs we ace are increasin# at an alar,in# rate !p to al,ost 13>Fyear. Accor"in# to an in"e0 st!"y in A!stralia; the a-era#e wo,ans hairc!t was :G in 1H31. In '<1'; an a-era#e wo,ans hairc!t was :8/. That is an increase o$ NOTE+ Ro!n" to the nearest percent

A B C

G> 33> 8/G>





G

*sin *sin# # yo! yo!rr ans answe werr r ro, the the J!e J!est stio ion n ao ao-e -e;; cal calc! c!la late te the the inc incrrease ease in price as a percenta#e per year.

NOTE+ Ro!n" to the nearest percent

A B C %

1/>Fyr 1<>Fyr 1>Fyr 1'>Fyr

H

?inancial Literacy$

A "ecisions B C %

is the the &no &nowl wle" e"#e #e that that is nece necess ssar ary y to to ,a& ,a&e e fna fnanc ncia iall res respo pons nsi ile le is only only i,po i,port rtan antt to to ent entrrepr eprene! ene!rs rs an" an" acco acco!n !nta tant nts s incl incl! !"es "es the the !n" !n"er ers stan tan"in# in# o o how how to a-oi" oi" "e "ett oth A an" C

1<

An e0 e0a,ple o o a -ariale co cost is is$

A B C %

Rent ent or or the the !i !il" l"in in# # the the entr entrep eprrene! ene!rr r!n r!ns s his his or her her !s !sin ines ess s r ro, The co cost o o oK oKce a",inistration The The cos costt o o the the lan" lan" or prop proper erty ty the the !s !sin ines ess s is is loc locat ate" e" on The The cos costt o o ,at ,ater eria ials ls that that are are nee nee"e "e" " to to pro" pro"!c !ce e the the pr pro"!c o"!ctt

11

I yo!r yo!r !til !tiliti ities es or the ,onth ,onth f0 f0e" e" cost cost are are 2G< 2G< "ollar "ollars; s; how ,!ch ,!ch is is this cost per "ay. Ass!,e /< "ays in a ,onth$

A B C %

1G 13 12 18

1'

At

t

 "

t





B

,oni ,onito torr yo! yo!rr spe spen" n"in in# # an" an" co,p co,par are e yo! yo!rr !" !"#e #ett to what what yo! yo! haha-e e

C %

set personal an" fnancial #oals All o the ao-e

spent

Part 2: True and False Directions: ?or each o the ollowin# state,ents; state whether it is tr!e or alse. Write yo!r answer in the lan& space pro-i"e" on the lan& sheet. *se either 4T5 or tr!e or 4?5 or alse.

1/. Less than 3> o the pop!lation act!ally ta&es ti,e to physically write "own their #oals.

12. The 4S5 an" 465 in the acrony, S6ART 7oals stan" or 4Specifc5 an" 46eas!reale5.

13. The cost o li-in# is #oin# "own.

18. A -ariale e0pense will #o !p e-ery ,onth.

1D. The top three in"!stries to #o into i yo! want to ,a&e :'3<;<<< per year are are ,e"icine "octor; ,oney real estate; an" co,p!ters sotware pro#ra,,in#.

1G. I yo! are c!rrently spen"in# ,ore ,oney than yo! ,a&e; yo! will ne-er e ale to create a !"#et or sa-e ,oney.





'<. 4I want to e rich5 is a S6ART S6ART 7oal.

Part 3: Short Answer Directions: Choose ONE 1 o the ollowin# short answer J!estions. NOTE that each J!estions is worth ?I9E 3 ,ar&s. Write yo!r answer in the lan& space elow. A. E0plain the i,portance o fnancial literacy in yo!r own wor"s. Note that yo! can !se e0a,ples ro, class -i"eos; articles; han"o!ts; etc. o! o! ,ay choose to relate it to a person; a !siness; or oth. . O!tline the !"#etin# process 8 steps o !"#etin#. C. 7i-e an e0a,ple o a S6ART 7oal an" e0plain e0actly why it is a S6ART 7oal.





Answer Answe r ey+ ey+ !uestion:

1

B

'

E

/

A

2

%

3

C

8

C

D

%

G

A

H

%

1<

%

B*%7ET M!i Answer







1/

T

12

T

13

?

18

?

1D

T

1G

?

1H

?

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T

grade 11 entrepreneurshipquiz

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