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Financial Literacy: Session 3 Quiz

Authored by Sheen Gupta

Life Skills

6th - 11th Grade

Used 1+ times

Financial Literacy: Session 3 Quiz
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is budgeting?

Having money left over at the end of the month

A plan made in advance regarding the expenditure of money based on available income

The ability to pay your bills on time

Having enough money to go out to eat

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Why do we need to have a budget? (Select all applicable)

To prepare for unpredictable events

To become rich

To have control over our finances

To be prepared for the future

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic principle of good budgeting?

Income > Expenses

Expenses > Income

Expenses = Income

None

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a deficit budget...

Revenues are equal to expenses

Revenues exceed expenses

Expenses exceed revenues

There is no relationship between revenues and expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should one's income be distributed according to the 50/30/20 budget rule?

50% on wants, 30% on necessities, 20% on savings

50% on savings, 30% on savings, 20% on necessities

50% on necessities, 30% on savings, 20% on wants

50% on necessities, 30% on wants, 20% on savings

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If an individual has a net income of Rs. 8000, how much should they ideally budget for their wants?

8000

4000

1600

2400

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you base your budget on?

Income

Deductions

Net income

Expenses

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