Budget

Budget

6th - 8th Grade

10 Qs

quiz-placeholder

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Budget

Budget

Assessment

Quiz

Other

6th - 8th Grade

Practice Problem

Medium

Created by

Jennifer Worley

Used 9+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Why is it important to keep a budget?

Budgets make sure you do not spend more money than you can afford.

Budgets can help you save for large purchases.

Budgets show you how much money you get and spend.

All of the above.

2.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

The goal of a budget is to SPEND less than you EARN.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What are Costs

Money received from the sale of the product or service

money left over after all the expenses are paid

the amount spent to make a product

money received from the sale of the product or service

4.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What is Revenue?

The amount spent to make a product

Money received from the sale of the product or service

Money left over after all the expenses are paid

The cost of raw materials used in production

5.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What is Profit?

Money received from the sale of the product or service

The cost of raw materials used in production

Money left over after all the expenses are paid

The amount spent to make a product

6.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What is the meaning of Expenses?

Money left over after all the expenses are paid

The amount spent to make a product

Money received from the sale of the product or service

The cost of raw materials used in production

7.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What is the definition of Operating Expenses?

Money received from the sale of the product or service

The cost of raw materials used in production

The costs associated with the day-to-day operations of a business

Money left over after all the expenses are paid

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