50/30/20

50/30/20

Assessment

Flashcard

Mathematics

8th - 12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the 50/30/20 budget rule?

Back

A budgeting guideline that suggests allocating 50% of income to Needs, 30% to Wants, and 20% to Savings.

2.

FLASHCARD QUESTION

Front

What does the 50% in the 50/30/20 budget rule represent?

Back

Needs, which are essential expenses like housing, food, and utilities.

3.

FLASHCARD QUESTION

Front

What does the 30% in the 50/30/20 budget rule represent?

Back

Wants, which are non-essential expenses like entertainment, dining out, and hobbies.

4.

FLASHCARD QUESTION

Front

What does the 20% in the 50/30/20 budget rule represent?

Back

Savings, which includes savings accounts, investments, and debt repayment.

5.

FLASHCARD QUESTION

Front

Give an example of a 'Need' in the 50/30/20 budget rule.

Back

Food, housing, healthcare.

6.

FLASHCARD QUESTION

Front

Give an example of a 'Want' in the 50/30/20 budget rule.

Back

Dining out, vacations, luxury items.

7.

FLASHCARD QUESTION

Front

What is a common expense categorized as a 'Bill'?

Back

Electricity bill, water bill, rent.

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