Budgeting Quiz

What is a budget?

• A plan to keep track of income and expenses

• A plan to spend money on unnecessary things

• A plan to invest in stocks and bonds

• A plan to save money for retirement

What is the 50 30 20 rule?

• Spend 30% on needs, 50% on wants, and save 20%

• Spend 50% on needs, 30% on wants, and save 20%

• Spend 20% on needs, 50% on wants, and save 30%

• Spend 20% on needs, 30% on wants, and save 50%

Tags

CCSS.6.RP.A.3C

How much should be saved according to the 50 30 20 rule if the monthly income is $2000?

• $200

• $400

• $800

• $600

Tags

CCSS.6.RP.A.3B

What should be considered as needs in a budget?

• House payments, groceries, and medical bills

• Sports equipment and lunch money

• Clothes and a car

• Going out with friends and shopping

What should be considered as wants in a budget?

• Sports equipment and lunch money

• Going out with friends and shopping

• House payments, groceries, and medical bills

• Clothes and a car

What category should you reduce spending on if your budget is out of balance?

• Wants

• Income

• Needs

• Savings

How much money could you save in a year if you spend $3 at the vending machine every day?

• $750

• $1000

• $500

• $365

Tags

CCSS.7.EE.B.3

What is the first step in making a budget?

• Prioritize your spending

• Divide your income into percentages

• Set some goals

• Figure out your income

What is a good motivation to stick to your budget?

• Going on a trip or buying something nice

• Having peace of mind in case of an emergency

• All of the above

• Saving money for retirement

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.1

What is the purpose of a budget?

• To hoard all the money you can get

• To save money for retirement

• To use every dollar wisely and be prepared for the unexpected

• To spend money on unnecessary things