Personal Budget Quiz

Which of the following BEST describes income?

• Money given to a charity that helps others.

• Money received for completing a chore or task.

• Money received from a parent to pay for lunch.

• Money spent on new clothes and shoes for school.

Which of the following should Alex consider when planning his monthly personal budget?

• How much tv he will watch this week.

• How many pencils he will trade with another student.

• How many books he will read at school.

• How much ice cream he will buy at school.

What is the difference between an income and an expenditure?

• An expenditure is money that is earned; an income is money that is received

• An income is money that is given to another person; an expenditure is money that is received by another person

• An expenditure is money that is saved; an income is money that is spent

• An income is money that is received; an expenditure is money that is spent

What is the purpose of a budget?

• To help people determine how to train for their jobs

• To help people improve their education and skills

• To help people plan their spending and saving decisions

• To help people live healthier lives and exercise more

Which of the following is the MOST financially responsible decision?

• Jamal earned $100 lifeguarding. He spent $5 on lunch and saved the other $95.

• Tommy got $50 for his birthday from his grandma. He spent $75 on XBox games.

• Katrina gave away her new bike helmet for free when she could have sold it for $75.

• Stacy was paid $25 for helping her neighbor in the yard. She spent $20 on a T-shirt and $5 on ice cream at the mall.

Which of the following is an expenditure?

• Buying an ice cream at lunch

• Receiving an allowance from your parents

• Selling an old game to a friend

• Getting paid for helping your neighbor

Jamar wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen?

• How he plans to save money over a long period of time.

• How he plans to spend money on himself and others.

• How he plans to spend all of the money he earns on other people.

• How he plans to increase his expenditures this coming year.

Which of the following is an example of income?

• Charging a lunch you will pay tomorrow

• Earning money for working a job

• Trading supplies with a friend.

• Buying an ice cream at lunch today

What does it mean to have a balanced budget?

• Income is the same or more than expenditures.

• Expenditures are the same throughout the budget.

• Income that is earned is less than the expenditures.

• Donations to charity are included in the expenditures.