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Budgeting Basics Quiz

Authored by Christina Velazquez

Other

12th Grade

Used 26+ times

Budgeting Basics Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a budget?

A rigid spending plan that restricts spending

A plan for allocating income based on income and expenses

A map showing the way to reach short-term and long-term financial goals

A formal statement of estimated income and expenses based on future plans and goals

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a budget?

To allocate income to reach personal financial goals

To track income and expenses

To restrict spending and save money

To accumulate debt and reach financial goals

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a spending plan?

A plan for allocating income based on income and expenses

A plan for accumulating debt and reaching financial goals

A less rigid version of a budget

A map showing the way to reach short-term and long-term financial goals

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the 50, 30, 20 rule?

50% of income for needs, 30% for wants, and 20% for savings and debt repayment

50% of income for wants, 30% for needs, and 20% for savings and debt repayment

50% of income for savings and debt repayment, 30% for needs, and 20% for wants

50% of income for savings and debt repayment, 30% for wants, and 20% for needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to recognize the expenses that fall into different categories?

To restrict spending and save money

To track income and expenses

To allocate income to reach personal financial goals

To create a budget based on personal situation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do budgets help people see?

How they spend their money and reach financial goals

How to restrict spending and save money

How to accumulate debt and reach financial goals

How to spend money wisely and avoid debt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two components of a budget?

Expenses and savings

Income and expenses

Expenses and debt

Income and savings

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