Budgeting for Teens

Which of the following is generally the most expensive category in a person’s budget?

• Healthcare

• Clothing

• Transportation

• Housing

When making a budget, a person’s needs should come before their wants.

• True

• False

Jaxson can budget 1% of his monthly income to gifts. If he makes $1,295 a month, how much money can he put toward his gift category?

• $12.95

• $1.29

• $120.95

• $1.95

Carla’s monthly income is $2,500. She can spend 35% of her monthly income on her housing category, how much money does she have to spend in this category?

• $875

• $110

• $765

• $90

What is 35% of $2,492.

• $872.20

• $474.10

• $903.99

• $765.43

If an expense can be cut from your budget to save money, it is considered a ______.

• want

• need

• income

• savings

Of all the choices, which one should you budget for first?

• Groceries

• Entertainment

• Cell Phone Bill

• New Car

What is a need?

• Something you must have

• Something you'd like to have

• Something you would like to do

• All of the above

8.The money an individual spends regularly for items or services.

• Budget

• Expense

• Checking Account

• Financial Plan

Which of the following is an example of a variable expense

• Food
• Rent
• Car payment
• Student loan