Budgeting Unit Test

Front

Which one these is an example of a "FINANCIAL GOAL"? Options: Graduating from college, Becoming a teacher, Learning to play an instrument, Purchasing a new home

Back

Purchasing a new home

Front

Which of the following is NOT a good way to track your spending? In your head, Notebook and pencil, Envelope method, Online software or app

Back

In your head

Front

Creating a budget can make you feel powerful! Why?

Back

A budget puts you in control of your spending and saving, so you make good decisions and feel more confident.

Front

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT: Cell phone plan, Rent, Clothing, Electricity bill

Back

Clothing

Front

The two main portions of a budget are...

Back

the money coming in (income) and the money you're spending (expenses)

Front

Why is it important to be able to decide if an item is a NEED or a WANT?

Back

When you budget, you should make sure all your needs are met first, then you can decide to spend on wants.

Front

Which of the following is an example of buying something you NEED? Options: "I want to replace something that is no longer working." , "I want to impress someone/ change how they feel about me." , "I'm feeling down, and I need to boost my spirits." , "I don't want to miss out on these deals during the sale!"

Back

"I want to replace something that is no longer working."

Front

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT... Cell phone plan, Rent, Electricity bill

Back

Clothing

Front

Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan? He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online.

Back

He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online.

Front

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful? Will something bad happen if I don’t have this item? Do any of my friends have this item? How happy will this item make me? Will my teachers be excited if I buy this item, or will they be disappointed?

Back

Will something bad happen if I don’t have this item?