
Budgeting
Authored by Erica Randolph
Business
6th - 8th Grade
Used 9+ times

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22 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Budgeting is crucial to your financial success.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If an expense can NOT be removed from your budget to save money, it is considered a _____.
Income
Want
Need
Savings
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When making a budget, a person’s needs should come before their wants.
True
False
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If an expense can be cut from your budget to save money, it is considered a ______.
want
need
income
savings
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Of all the choices, which one should you budget for first?
Groceries
Entertainment
Cell Phone Bill
New Car
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a need?
Something you must have
Something you'd like to have
Something you would like to do
All of the above
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Why is it important to be able to decide if an item is a NEED or a WANT?
You cannot create a budget that has both needs and wants included -- you need them each in a separate budget
Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them
Needs are worth spending money on, but you should never spend on a want
When you budget, you should make sure all your needs are met first, then you can decide to spend on wants
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