Elements of a Personal Budget

Elements of a Personal Budget

4th Grade

20 Qs

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Elements of a Personal Budget

Elements of a Personal Budget

Assessment

Quiz

Social Studies

4th Grade

Practice Problem

Medium

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It's your birthday! Your grandparents gave you $25 to buy something you want. Is this considered income or an expense?

expense

opportunity cost

income

need

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The goal of a budget is to _____.

spend more than you make.

spend less than you make.

create a list of things you want to buy.

donate to a charity.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money set aside to use in the future is called _________.

income

expenses

benefits

savings

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You sold your bike to a friend for $100. What is this called?

budget

income

expense

opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You are really hungry today. You went through the Wendy's and bought $12.95 worth of food. This is an example of what?

a want

an opportunity cost

income

expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You did yard work all summer for your neighbors and earned $300. You want to be a large screen TV for your basement. Instead you bought a new lawn mower. What is the opportunity cost of your decision?

Lawn Mower

Large Screen TV

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is money spent to buy something?

expenditure

income

opportunity cost

benefit

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