Personal Finance

Sally is making a personal budget. What should she consider?

• How many hours of video games she plays a week

• How many hours she plays outdoors per week

• How many times she goes to the movies with her friends

• How many pencils she trades with friends

What is the purpose of a budget?

• To help people drive safer

• To lead a healthier life and become rich

• To help people work more productively

• To help people plan their spending and saving decisions

Which of the following is the most financially responsible decision?

• Macy earned $40 washing cars. She donates it all to save the turtles.

• Jana earns $10 for doing chores. She gets one toy at the dollar store and saves the other $9.

• Jackson receives $20 for his birthday. He spends $30 at target.

• Brendyn earns $50 selling his video games. He spends $50 on new video games.

Which of the following is an expenditure?

• allowance from your parents

• buying an ice cream at lunch

• Selling an old game to a friend

• Getting paid for helping your neighbor

Which of the following is an example of income?

• Going to the movies

• buying an ice cream at lunch

• Selling an old game to a friend

• Paying your sister to help you with your chores

Donald wants to become a millionaire. What should be included in his plan to become a millionaire?

• How much money he spends on suits

• How he plans to spend money on himself

• The amount of money he plans to donate to charity

• His plan for saving money over a long period of time

Which is an example of income?

• Money you get for raking leaves

• Money you give to charity

• Money you spend on ice cream

• Money you waste on bubble gum

You haven't finished your homework, but you decide to go to the movies anyway. What is this an example of?

• This is an example of an expense.

• This is an example of an opportunity cost.

• This is an example of savings.

• This is an example of income.

Jed said he has balanced his budget. What does Jed mean?

• His income is less than his expenses.

• His donations to charity are included in his expenditures.

• His income is greater than his donations to charity.

• His income is equal to or more than his expenditures.

Why is it important to prepare and follow a budget?

• A budget increases a persons income.

• A budget helps people make responsible economic decisions.

• Budgets help people stick to a health plan.

• Budgets help determine the best educational plan for a student.