Budgeting Quiz

Budgeting Quiz

12th Grade

6 Qs

quiz-placeholder

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Budgeting Quiz

Budgeting Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Patrick Herrera

Used 1+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to track expenses and income?

There are no benefits to tracking expenses and income

Tracking expenses and income only adds unnecessary stress

It is not important to track expenses and income

It is important to track expenses and income in order to have a clear understanding of financial health, make informed decisions, and plan for the future.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some common categories to include in a personal budget?

Some common categories to include in a personal budget are: housing, transportation, food, utilities, insurance, debt payments, savings, and entertainment.

Travel, dining out, and hobbies

Pet care, gardening, and home decor

Jewelry, electronics, and luxury items

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can setting financial goals help with budgeting?

Setting financial goals has no impact on budgeting

Budgeting is easier without any financial goals

Setting financial goals helps prioritize spending and saving, which in turn helps with budgeting.

Financial goals only create unnecessary stress and anxiety

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should you review and adjust your budget?

You should review and adjust your budget only when you have a major life event

You should review and adjust your budget every 5 years

You should review and adjust your budget on a regular basis, such as monthly or quarterly, to ensure it aligns with your financial goals and current expenses.

You should review and adjust your budget once a year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between fixed and variable expenses?

Fixed expenses are only paid once a year, while variable expenses are paid monthly

Variable expenses are only for luxury items, while fixed expenses are for necessities

Fixed expenses are always higher than variable expenses

Fixed expenses remain constant, while variable expenses can change from month to month.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you increase your income to meet financial goals?

Borrowing money from friends and family

Winning the lottery

Spending less money

Increase your income through career advancement, skill acquisition, investments, or starting a side business.

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