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Understanding Basic Budgeting Quick Quiz

Authored by Bryce Phillips

Life Skills

7th Grade

Used 5+ times

Understanding Basic Budgeting Quick Quiz
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10 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 3 pts

Which of the following are advantages of creating a budget? (Select all answers that apply)

Budget can provide peace of mind

Budgets can give you control over your money

Budgets can help you avoid impulse buying

Budgets take time

Budgets are fun!

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Using the attached scenario and budget, choose any answer below that would be a piece of advice that helps Lianna save more money each month.

Ride the bus to school

Hang out with her friends more

Eat the meals her parents make at home instead of going to restaurants with her friends,

Use her car more

3.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Which of these are examples of a fixed expense? (Select all that apply)

Monthly Car Payment

Groceries

Entertainment Costs

Mortgage or rent

Gas for your car

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term means spending money on non-necessities or "wants"?

variable expense

fixed expense

impulse buying

discretionary spending

5.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Which of these are example of a variable expense? (Select all that apply)

Rent

Groceries

Car Payment

Gas for your car

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which is a benefit of developing a budget and sticking with it? (select all that apply)

You can't buy what you want

You are likely to miss bill payments

You are more likely to pay off debts and save money

None of the above

All of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are unplanned, spontaneous purchases sometimes triggered by emotions?

fixed expenses

impulse buying

prioritizing

all of the above

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