Budget Basics & Money Skills

Open Ended

How can learning practical money management skills impact your confidence and opportunities in life?

Open Ended

When you hear the word "budget," what comes to mind? Is it restrictive, like rules you have to follow? Or is it empowering, like a map that helps you reach your goals?

Multiple Choice

Which of the following is NOT a benefit of budgeting mentioned in the lesson?

• Helps you avoid running out of money

• Prepares you for emergencies

• Allows you to spend without limits

• Reduces stress and helps you focus on goals

Open Ended

Explain how balancing income and expenses can lead to successful budgeting. Use examples from the lesson to support your answer.

Multiple Choice

Which of the following are considered 'needs' according to the lesson?

• Food and housing

• Video games and concerts

• Streaming services and snacks

• New shoes and hobbies

Fill in the Blanks

According to the 50/30/20 rule, what percentage of your money should be set aside for savings?

Open Ended

What is 'opportunity cost' in the context of budgeting, and why is it important to consider when making financial decisions?

Open Ended

How can managing your money well impact your mental, social, and physical health? Give at least two examples from the lesson.

Open Ended

Why might learning to budget help someone stay happier or healthier?

Open Ended

How can understanding and managing a budget impact your daily life and overall well-being?

Multiple Choice

Which of the following is NOT one of the three budget categories in the 50/30/20 rule?

• Needs

• Wants

• Savings

• Investments