Budgeting

Budgeting

Assessment

Flashcard

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is the 50/30/20 rule in budgeting?

Back

spend 50% on needs, 30% on wants, and save 20%

2.

FLASHCARD QUESTION

Front

What is an emergency fund used for?

Back

covering unexpected expenses like medical bills or car repairs

3.

FLASHCARD QUESTION

Front

Which of the following is an example of discretionary spending? groceries, mortgage payments, gym memberships, electric bills

Back

mortgage payments

4.

FLASHCARD QUESTION

Front

What is the first step in creating a personal budget?

Back

track your income and expenses

5.

FLASHCARD QUESTION

Front

If your expenses consistently exceed your income, what is the best course of action?

Back

reduce discretionary spending or increase your income

6.

FLASHCARD QUESTION

Front

What is the recommended percentage of income to spend on housing?

Back

30%

7.

FLASHCARD QUESTION

Front

Which of the following is a strategy for managing debt effectively?
Options:
pay only the minimum payment each month,
focus on consolidating all debt into one loan, regardless of terms,
avoid making payments until the debt is urgent,
focus on paying off high interest debt first

Back

focus on paying off high interest debt first

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