What does a budget show you?

How much money you plan to come in and go out during the month

How much money you need to earn

How much money you spent last month

Why is tracking your expenses throughout the month important?

It gives you insight into whether you're sticking to the budget you set.

It allows you to delete categories you don't like.

It helps you pull money from your savings to spend in other categories.

It really isn't that important in the long run.

What is a way to stay accountable to reaching your financial goals?

Finding a person you trust to help keep you on track with your money goals

Hiring a financial advisor to make your decisions about money for you

Looking at the budget you set at the end of the month

Creating specific categories in your budget

What kind of money counts as income?

All money that you receive, including money from your job and gifts like birthday money

Only the money you make at your job

Only money deposited into your bank account

A common misconception is that budgeting will keep you from having fun, when in reality a budget . . .

Means there are no rules—you are free to use your money however you want

When is the right time to start creating and living by a budget?

Right now - it's never too early!

When you start researching colleges and the costs that come along with it

Once you have a job with an income

When you decide it's time to buy a car

What should you do if you overspend in one category of your budget?

Adjust your budget by removing money from other spending categories.

Just leave it. It will probably work out fine.

Take money from the Giving category. You're giving to yourself!

Ask a friend for the money you overspent.

What is a good way to make sure you're creating a budget that's realistic?

Check your calendar so you can plan for upcoming monthly expenses.

Make sure you create a budget every single day.

Make sure your budget is perfect before starting. If it isn't just right, don't use it.

Make sure you have enough money in your savings account to pull from if you overspend.

The best way to budget is...

The way that works best for you

What is the envelope system?

It's a method of budgeting that uses envelopes labeled with specific budget categories for your cash.

It's a systematic approach to budgeting with a digital app that organizes categories based on qualitative amounts.

It's a way to budget that involves putting a credit card in each envelope to use for that category.

It's a system that involves writing your entire budget on an envelope.

Why is budgeting so important?

It gives you control of your money and sets you up for financial success in the future.

It's a good way to make sure all your money is spent by the end of the month.

It helps you figure out the best way to justify purchases that maybe aren't necessary.

It helps you brush up on your math skills.

List the Four Walls. What priority are those in your budget?

Transportation, food, shelter and utilities. Should come after giving and saving, but before all other categories in your budget.

. Explain the difference between a fixed expense and a variable expense, and include an example of each.

Fixed expense is an expense that is the same amount each month (rent). Variable expense is one that fluctuates every month (Gas)

What are some key components of successful budgeting?

Creating a budget, tracking my spending, finding a system that works for me, adjusting my budget depending on how the month went, sticking to my budget.

Describe irregular income and give examples.

Fluctuates month to month. It isn't a fixed amount every two weeks or month. (Commission based jobs, seasonal retail jobs, grass cutting business.

What makes a budget a zero-based budget?

When my income minus my expenses (giving, saving, and spending) equals zero.

Chapter 2, Personal Finance

Quiz

•

Other

•

9th Grade

•

Practice Problem

•

Medium

Tabitha Burton

Used 44+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Although the majority of Americans think budgeting is important, about of Americans actually use a budget.

75%

23%

50%

35%

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a component of a budget?

Credit Score

Savings

Giving

Income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Online budgeting apps are more effective than budgeting with pen and paper.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the Four Walls?

Utilities, college fund, restaurants, and car insurance

Cell phone bill, car insurance, shelter, and money for the movies

Food, utilities, transportation, and college fund

Food, utilities, shelter, and transportation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many categories should you have in your budget?

15 or more

No limit; use as many as you need to keep your budget accurate!

No more than 10 At least 3

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should you create a budget?

Daily

Weekly

Monthly

Yearly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you get married, only one person is responsible for budgeting.

True

False

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Chapter 2, Personal Finance

35 questions

Although the majority of Americans think budgeting is important, about of Americans actually use a budget.

Which of the following is NOT a component of a budget?

Online budgeting apps are more effective than budgeting with pen and paper.

What are the Four Walls?

How many categories should you have in your budget?

How often should you create a budget?

If you get married, only one person is responsible for budgeting.

What does a budget show you?

Detailed categories on your budget will help you make better spending decisions.

A budget says what will happen with your money, while a cash-flow statement shows what already happened

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