Budget Mastery Quiz

This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?

• Increase expenses and decrease income

• Decrease expenses and decrease income

• Decrease expenses and increase income

• Increase expenses and increase income

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Ms. Vonn’s monthly budget is shown in the chart. She receives two paychecks per month. Ms. Vonn’s budget is balanced every month. How much is Ms. Vonn’s monthly car payment?

• $2,400

• $300

• $500

• $2,100

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Jane takes home $3,500 every month from her job. She uses $1,800 of that money to pay for her rent and her car payment, $300 for her credit card payment and $100 for her savings account. In order to make sure that she keeps her budget balanced for her month, what is the most amount of money that she can spend for the rest of the month?

• $1,100

• $1,300

• $800

• $1,200

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As part of his budget, a business owner puts aside $3,000 every week for employee salaries. He currently has 10 employees and pays them each $400 per week. What does he need to do to help keep the salaries he pays each week at a total of $3,000?

• He needs to increase the total amount of money he pays each employee by $100 per week.

• He needs to increase the total amount of money he pays each employee by $50 per week.

• He needs to decrease the total amount of money he pays each employee by $50 per week.

• He needs to decrease the total amount of money he pays each employee by $100 per week.

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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

Martina’s checks for last month are shown in this table. At the end of the month, Martina was $15 overdrawn at the bank. Which action would BEST help Martina avoid being overdrawn again next month?

• Do not use any electricity for one month.

• Do not wash clothes in order to save water.

• Do not pay for home insurance until next month.

• Switch to a less expensive phone plan.

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Arturo earned $100 last month from his afternoon babysitting job. The table shows Arturo’s budget. Which is a true statement about Arturo’s budget?

• Arturo’s budget is not balanced because his expenses exceed his income.

• Arturo will have a surplus because he plans to spend less than he earned.

• Arturo’s budget is not balanced because he will spend all of his money.

• Arturo’s budget is balanced because his expenses equal his income.

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Morgan used the ledger below to track her income and expenses for September.

Which is a true statement about Morgan’s income and expenses for September?

• Morgan spent $10 more than she earned.

• Morgan’s income and expenses were equal.

• Morgan earned $10 more than she spent.

• Morgan’s total income was $10.

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Tina earned $15 doing laundry and $9 washing the car last month. She created a balanced budget for her earnings. Which table could show Tina’s budget?

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Which type of expenses are these, rent, car payment?

• Crazy bills
• Variable expense
• Fixed expense