Finances Test - Modified

It is important to create a __________ for your expenses.

• Loan

• Savings Account

• Budget

What is a popular budget to use?

• 50/30/20 Budget

• Smith's Budget

• The CEO's Budget

In the 50/30/20 Budget, What does the 50 represent?

• Needs

• Wants

• Savings

In the 50/30/20 Budget, what does the 30 represent?

• Savings

• Wants

• Needs

In the 50/30/20 Budget, what does the 20 represent?

• Needs

• Wants

• Savings

Your phone is working well. The new iPhone just came out. Which part of your budget would the phone come out of?

• Needs

• Wants

You just got a job at Target! You don't have any plain red shirts or khakis at home. What part of your budget would your uniform come out of?

• Needs

• Wants

One of the tires on your car goes flat. There isn't a bus route that gets you from home to work. You have enough money in emergency savings to fix the tire. What should you do?

• Get a loan from your bank to fix the car

• Use your emergency fund to fix the tire

• Wait until the next paycheck to fix the car

This year you want to plan ahead for Christmas. Christmas is in 5 months. You decide to put 10 dollars aside each month for gifts. Which account should you put the money in?

• Checking

• Savings

Your financial helper thinks you should start building credit so you can get a place to live on your own. What would you use to build credit?

• Hammer and nails

• Credit Card

• Adopt a pet