Budget Quiz

Your Monthly Budget Should Include....

• Only discretionary expenses

• Only fixed expenses

• Unexpected expenses

• Only savings

Which of the following is NOT a good way to save money

• Using coupons

• Cutting unnecessary expenses

• Skipping bill payments

• Setting aside savings each month

When we budget or buy things what do we need to know?

• How much you will get paid next week.

• How much money you have

• Weekend plans

A balanced budget is when expenses are greater than income.

• True

• False

Which of the following is an example of income?

• Charging a lunch you will pay tomorrow

• Buying an ice cream at lunch today

• Money you get for working a job

• Trading supplies with a friend

The cost of borrowed money, usually expressed as a percentage.

• interest
• savings plan
• scarce
• purchase

This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.

• compound interest
• emergency fund
• APR
• debt

The first step of financial freedom;
$500 for teens; $1,000 for adults

• mutual fund
• emergency fund
• sinking fund

Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 

• Savings
• Profit
• Budgeting
• Credit

What is variable expense?

• The amount of money you spend

• The amount of money you save

• An expense that costs different amounts every month

• The variable in math