Budgeting Basics Quiz

What is the primary purpose of creating a personal budget plan?

• To track your daily activities

• To manage your income and expenses

• To plan your social events

• To monitor your academic progress

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DOK Level 1: Recall

Which of the following is a factor that affects your credit score?

• The number of social media accounts you have

• Your payment history

• The number of books you read

• Your favorite color

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DOK Level 1: Recall

Identify the need from the following options:

• A new smartphone

• Monthly rent

• Designer clothes

• Concert tickets

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DOK Level 1: Recall

Which of the following is an example of a financial goal?

• Buying groceries

• Saving $500 for an emergency fund

• Watching a movie

• Going for a walk

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DOK Level 1: Recall

Why is it important to distinguish between needs and wants when creating a budget?

• To ensure you have enough money for essential expenses

• To impress your friends

• To increase your social media followers

• To spend more on entertainment

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DOK Level 2: Skill/Concept

How can setting financial goals benefit a college freshman?

• It helps in planning for future expenses and savings

• It guarantees a high-paying job after graduation

• It ensures you will never have debt

• It allows you to avoid studying

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DOK Level 2: Skill/Concept

What is one simple procedure to start creating a personal budget plan?

• List all sources of income and expenses

• Buy a new laptop

• Join a gym

• Follow a celebrity on social media

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DOK Level 1: Recall

Explain how understanding your credit score can impact your financial decisions.

• It helps you understand your borrowing power and interest rates

• It makes you more popular among friends

• It allows you to skip classes

• It guarantees you will win a lottery

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DOK Level 2: Skill/Concept

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

• Paying for utilities

• Buying a new video game

• Purchasing textbooks

• Paying for transportation

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DOK Level 1: Recall

Describe a method to track your spending effectively.

• Use a budgeting app to record all transactions

• Ignore your expenses

• Spend without keeping any records

• Only track large purchases

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DOK Level 2: Skill/Concept