Budget Quiz Review

A budget

• helps you keep track of your income and expenses

• helps you keep track of savings and interest

• helps you keep track of income and savings only

A budget is ___________.

• a list of what to buy at a store

• a plan for managing your money. It compares how much you earn (make) to how much you spend

• is things you shouldn't do

The goal of a budget is _________________.

• to spend more than you make

• to spend less than you make

The income of an adult is the money they get for working. The income of a child could be ____________. Check all that apply.

• an allowance (money your parents give you weekly or for chores)

• the money your friends or family give you as gifts

• fake monopoly money (toy)

There are two types of expenses. They are ____________ and _______________. Choose two.

• Essential Expenses (things that you need)

• iReady expenses

• Non-Essential Expenses (things you don't need but spend money on anyways)

Leon listed some expenses from last month on this table. Which of the following is a fixed expense?

• Gifts for friends

• Sodas

• Car payment

• Sports tickets

Which of the following is an example of a need for most people?

• A place to live
• A nice car
• Designer jeans

It's important to spend money on things you need before spending money on things you want.

• True
• False

Which of the following is an example of a want for most people?

• A warm jacket
• Transportation
• Ice cream

What's the best way to know if you are getting a good deal on what you're buying?

• Return policy
• Compare prices
• Ask Friends