Budget Expense Sheet Quiz

Budget Expense Sheet Quiz

12th Grade

10 Qs

quiz-placeholder

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Budget Expense Sheet Quiz

Budget Expense Sheet Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Sandy Miller

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Salary, bills, shopping, and loans

Income, expenses, savings, and financial goals

Rent, groceries, entertainment, and travel

Income, expenses, debt, and investments

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Creating a monthly budget plan: How can you prioritize expenses in a monthly budget plan?

By prioritizing discretionary expenses first

By not considering essential expenses at all

By first covering essential expenses such as housing, utilities, groceries, and transportation, then allocating funds for debt payments, savings, and finally discretionary expenses.

By randomly allocating funds to different expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Creating a monthly budget plan: What are some common budgeting mistakes to avoid when creating a monthly budget plan?

Spending without limits

Setting unrealistic goals

Not tracking expenses, underestimating costs, not setting realistic goals, and not adjusting the budget as needed.

Overestimating costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tracking daily expenses: Why is it important to track daily expenses?

To understand where the money is being spent and for better budgeting and financial planning.

To forget about spending and overspend

To make budgeting more difficult

To have no idea about financial situation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tracking daily expenses: What are some effective methods for tracking daily expenses?

Using a magic wand

Asking a fortune teller

Guessing randomly

Using a budgeting app, keeping a spending journal, using a spreadsheet, or using envelopes for cash budgeting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tracking daily expenses: How can tracking daily expenses help in managing overall budget?

By never reviewing spending habits

By identifying where the money is being spent and allowing for better control over spending habits.

By keeping all expenses in one category

By ignoring expenses and spending freely

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Differentiating between fixed and variable expenses: Provide examples of fixed expenses and variable expenses.

Rent/mortgage payments (fixed), groceries/entertainment (variable)

Eating out (variable)

Car payment (fixed)

Phone bill (variable)

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