Budget and Income Quiz

Money received from completing a job is called ________.

• budget

• inheritance

• income

• investment

Why is it important to have a budget?

• Budgets help individuals manage their limited income.

• Budgets provide employers with an individual's worth.

• Budgets help the government calculate how much citizens owe in taxes.

• Budgets encourage employers to pay their employees more.

Why is income always limited?

• All resources are scarce.

• To prevent everyone from being wealthy.

• To justify everyone having a 40-hour work week.

• Employers do not have enough money to pay everyone

Anna was recently hired to be a lifeguard at the local pool. She will be making $20/hour. How can she decide how much money to spend and save this summer?

• By realizing her income is limited and saving all of it.

• By asking her friends.

• Developing a budget to identify how much she can afford to spend and save.

• Asking for a higher salary, so she does not have to worry about saving or spending