Budgeting Quiz

What is a budget?

• A balance between income and expenses

• A plan for how money will be used

• A list of expected income and expenses

• A list of unexpected income and expenses

According to your notes, what percentage of your income should be spent on housing?

• 10%

• 15%

• 25%

• 35%

What is the average income of an Ontarian?

• $13,247.50

• $17,706.15

• $50,589

• None of the above.

How much should you be spending on housing if you are making the average income of an Ontarian?

• $36,000

• $13,247.50

• $17,706.15

• $28,000

What is the recommended percentage of income to be spent on transportation?

• 35%

• 15%

• 25%

• 10%

According to the text, what is the key to financial stability?

• Side job pay

• Social benefits

• Managing your money

• Investment income

What is the quote by Dave Ramsey about budgeting?

• Do not save what is left after spending, but spend what is left after saving.

• A budget is telling your money where to go instead of wondering where it went.

• It's not your salary that makes you rich, it's your spending habits.

• A budget tells us what we can't afford, but it doesn't keep us from buying it.

What percentage of your income should be allocated to savings according to financial experts?

• 5%

• 10%

• 20%

• 30%

What is the recommended percentage of income to be spent on LIFE, like food and groceries?

• 10%

• 15%

• 20%

• 25%

What is the quote by Warren Buffet about savings?

• Do not save what is left after spending, but spend what is left after saving.

• A budget is telling your money where to go instead of wondering where it went.

• It's not your salary that makes you rich, it's your spending habits.

• A budget tells us what we can't afford, but it doesn't keep us from buying it.