Budget and Taxes Quiz

Why is creating a budget important?

• To track income and expenses

• To buy new clothes

• To go grocery shopping

• To get haircuts

Which of these would be a monthly bill?

• Car insurance

• Clothes

• Groceries

• Haircuts

Hours x Pay =

• Gross pay

• Net Pay

• Income and outcome

• Income and expenses

Why should you know what your wants and needs are?

• To prioritize your spending

• To calculate gross pay

• To pay taxes

• To save money

What is the pay that you actually take home called?

• Gross Pay

• Net Pay

• Income and outcome

• Income and expenses

Financial Experts say you should follow the rule:

_____% Needs

______% Wants

______% Savings

(a)  

Which of the following is not a need?

• Water Bill

• Team Dues

• Groceries

• Rent

What are the two main parts of a budget?

• Income and Outcome

• Pay and Spending

• Income and Expenses

• Taxes and Expenses

What is this person's net pay?

(a)  

Why should you know what your wants and needs are?

• You can prioritize needs and savings then spend on wants

• You can prioritize wants

• You know how much you are spending on everything

• You can get all the coolest new items