Budgeting Basics

Budgeting Basics

11th Grade

52 Qs

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Budgeting Basics

Budgeting Basics

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Wayground Content

Used 1+ times

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52 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the first step in creating a personal budget plan?

Estimating monthly expenses

Setting financial goals

Tracking past spending

Differentiating between needs and wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a need rather than a want?

A new smartphone

Dining out at restaurants

Rent or mortgage payments

A gym membership

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the purpose of setting financial goals when budgeting?

To ensure you spend all your income each month

To guide your spending and saving decisions

To differentiate between needs and wants

To track your expenses more accurately

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a benefit of tracking your expenses and income?

It allows you to spend more freely.

It helps identify areas where you can save.

It eliminates the need for a budget.

It increases your expenses.

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

How often should you review and adjust your budget?

Once a year

Every month

Every week

Only when your financial situation changes

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is a realistic financial goal?

Buying a new car with cash in one month

Saving 10% of your income each month

Doubling your income in six months

Eliminating all wants from your spending

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Why is it important to differentiate between needs and wants when budgeting?

To spend more on wants

To prioritize spending on needs

To eliminate all wants

Wants are more important than needs

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