Budget Quiz

What is a budget?

• money saved in the bank or in cash

• record of fixed expenses every month

• record of the money that flows in and out of your household every month

• an annual record of all the taxes

Living (Variable) expenses includes the following: (check all that applies)

• food

• rent

• insurance

• utilities

• groceries

Fixed expenses includes- (check all that applies)

• food

• rent

• insurance

• groceries

• phone

A _____________ income is the money a person has after their taxes (net pay).

• disposable

• discretionary

• fixed

• variable

The money you have left over after you have paid your bills is called a _____________________.

• disposable income

• discretionary income

• savings

• emergency fund

Why is budgeting necessary?

• To avoid spending money unnecessarily

• To buy whatever I want

• To get discounts in buying groceries

• To earn extra income

Tony Michael budgeted $4,550 to buy a used car for his son, Trey. He spent $6,788. How much more or less is the amount spent than the amount budgeted?

• $2,238 less

• $2,338 more

• $2,238 more

• $2,338 less

Fixed expenses change from month to month.

• True

• False

Good recordkeeping requires that you keep an accurate record of how you spend your money.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.8.5

To budget for the unexpected, you should include an emergency fund.

• True

• False

Tags

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.8.5