Personal Finance: Budgeting Questions

Budgeting is crucial to your financial success.

• True
• False

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Savings

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Medical care is an example of a ______

• Need 
• Want

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

Which two things does a budget compare?

• Savings and interest

• Income and expenses

• Income and investments

Which of the following is a true statement about budgets?

• They encourage people to spend as much money as possible.

• Setting up a budget will allow you to earn more money

• They allow people to track how and where their money is spent

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

• Healthcare

• Clothing

• Transportation

• Housing

What is a budget?

• A calendar used to plan out your activities for the month

• A plan for spending and saving your money

• A plan to manage your time for the day

• A type of savings account

Total monthly income

• Income from only one source

• Total income of your parents and siblings added to your income.

• Income from all possible sources.

• A spending plan of expenses

Tags

CCSS.8.F.B.4

CCSS.HSF.IF.B.6

A budget is a way to track and manage your

• income and expenses

• math skills

• communication skills

If you are spending too much, what part of your budget should you look to try to save money

• housing

• insurance

• entertainment

Tags

CCSS.7.RP.A.3