Budgeting Quiz

A(n) ____________ is what people can use to make sure they live within their means.

• appointment

• schedule

• budget

• register

The full amount of our salary is also known as our:

• Entire pay

• Take home pay

• Gross pay

• None of these

Ed wants to reduce his fixed expenses. His best move would be to:

• Get a part-time job

• Buy less clothes each month

• Find a place with lower rent

• Stop using his credit card to buy things

What do we call the separate fund that people should have just in case a situation arises where they need access to a substantial sum of money?

• Rainy day fund

• Emergency fund

• Super fund

• Overage fund

A family spends $500 more than it planned. The most likely result will be that the family will:

• Wait to make the home loan payment

• Wait to make the car payment

• Wait to pay the electric bill

• Cut $500 from its planned savings

The computer software that can most effectively help us plan our income and spending is:

• PowerPoint

• Google Sheets

• Acrobat

• Word

When the actual amount we spent was in excess of the amount we planned to spend, we are:

• Over budget

• Under budget

• On budget

• None of these

When creating a budget, you should make sure to “PYF” which stands for:

• Prevent Yesterday’s Fraud

• Pay Yourself First

• Pen Your Finances

• Put Your Finances in Check

The 50/20/30 rule suggests that you should use:

• 50% of your income for necessities, 20% for long term savings and 30% to lifestyle choices

• 50% of your income for wants, 20% for needs and 30% to lifestyle choices

• 50% of your income for long term savings, 20% for needs and 30% to fun choices

• 50% of your income for fun choices, 20% for long term savings and 30% to housing

A goal is best defined as:

• The end result of something a person intends to acquire, achieve, do, reach, or accomplish

• Something thought to be a necessity or essential items required for life

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• Something unnecessary but desired or items which increase the quality of living