Week 26 -Budgeting Quiz

What is a budget?

• A) A plan for how much money you want to save.

• B) A list of monthly bills to be paid.

• C) A record of past expenses.

• D) A document for tracking work hours.

What does planning a budget usually begin with?

• A) Deciding what you want to buy.

• B) Calculating how much money you owe.

• C) Determining how much money you earn.

• D) Setting short-term and long-term goals.

Money you owe is money you have to pay back for something you have already __________.

• A) planned to buy.

• B) saved.

• C) received.

• D) donated.

What should a good budget balance?

• A) The money you earn and the money you spend.

• B) The number of items you buy and sell.

• C) The amount of money you borrow and lend.

• D) The cost of food and entertainment.

Why do people set goals when they create a budget?

• A) To track their work hours.

• B) To make good decisions about money.

• C) To calculate their taxes.

• D) To list their monthly bills.

What can cause our budgets to change?

• A) Changes in the stock market.

• B) Changes in our needs and wants.

• C) Changes in the weather.

• D) Changes in the number of hours we work.

What is the first step in creating a budget according to the text?

• Decide what you are saving for

• Write down how much money you receive

• Allocate money to important items

• Pay for music lessons or other expenses

What should you do after paying for the important things according to the budgeting advice given?

• Allocate money for other things you can want

• Save money for a new bike

• Donate money to charity

• Calculate the money remaining

This is an example of spending our time wisely

• Creating time to complete homework and projects

• Spend all weekend playing video games

What can you do with the money you save each month towards your goals?

• Buy a new car

• Go on a vacation

• Purchase a computer or even a special hobby like water skiing

• All of the above