Budgeting Quiz

Question 1: What are the key components of a monthly budget plan?

• Salary, rent, groceries, and retirement

• Income, expenses, debt, and investments

• Income, expenses, savings, and financial goals

• Savings, entertainment, travel, and shopping

Question 4: List three different sources of income that can contribute to your budget.

• Gifts

• Allowance

• Salary/wages, investment income, rental income

• Selling organs

Question 5: How can part-time jobs be a source of income for budgeting?

• Part-time jobs provide a decrease in income for budgeting.

• Part-time jobs provide free meals for budgeting.

• Part-time jobs provide additional income for budgeting.

• Part-time jobs offer unlimited vacation days for budgeting.

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Question 7: Provide an example of a need and a want in terms of budgeting.

• An example of a need in budgeting is designer clothing

• An example of a want in budgeting is a mortgage payment

• An example of a need in budgeting is a luxury car

• An example of a need in budgeting is food, while an example of a want is a vacation.

Question 8: Why is it important to differentiate between needs and wants when creating a budget?

• To make the budget more complicated

• To spend all the money on non-essential items

• To ignore essential expenses and focus only on non-essential items

• To prioritize essential expenses and avoid overspending on non-essential items.