Personal Finance: Budgeting Quiz

Creating a budget can make you feel powerful! Why?

• People who budget earn more money, so they can live a better life

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

• You can't really budget unless you have an important job, which means that other people look up to you

• Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things

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...

• rent

• cell phone plan

• clothing

• car insurance

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?

What was Hope’s gross pay during this pay period?

• $600

• $284.79

• $78.30

• $2836.89

The spending personality called "The Thinker" is someone who

• spends money without thinking about consequences

• chooses not to spend any extra money on wants

• cares a lot about others and often feels guilty about having more money than others

• avoids thinking about money at all

Who has to pay taxes to the US government?

• Every citizen, regardless of their age or working status

• Every person or company that earns income in the US

• Anyone who owns a home or attends a public school

• No one has to - taxes are a voluntary program

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

• $450

• $250

• $50

• $0

Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan?

• He loves watching movies, and he's already paid for all the streaming services, so now he needs the data

• Unlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video games

• He has so many social media accounts, and he needs to be able to check them throughout the day, even while in school

• 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

What is an example of a monthly variable cost?

• groceries

• car payment

• gym membership

• student loan payment

Check the following that are reasons why it is helpful to think about your goals and future. Select all that apply.

• You can break your goals into smaller goals and celebrate each win.

• You can reach out to people who are where you want to be for advice.

• You can plan out every detail of your life.

• You can use your time wisely and figure out what's important to you.