Personal Budget Quiz

What is the purpose of making a budget?

• To manage your money by monitoring your income and tracking your expenses

• To save money for a vacation

• To spend money on entertainment

• To borrow money from friends

If prices are too high, consumers WILL BUY. True or false?

• true

• false

Select the 3 variable expenses which are also called WANTS instead of NEEDS.

• Groceries

• clothes

• rent

• eating out

Select the 3 FIXED expenses which are also called NEEDS instead of WANTS.

• Car payment

• clothes

• house payment

• utilities like phone bill

If prices are too low, businesses WILL make a profit. True or false?

• true

• false

My mom and dad own a business. What type of income does the business earn?

• Salary/wages

• Allowance

• Interest from savings accounts

• Profits

My aunt is an employee at Roblox. What type of income does she earn?

• Salary/wages

• Allowance

• Interest from savings accounts

• Profits

I have $500 in a saving accounts at a bank. What type of income does the account earn?

• Salary/wages

• Allowance

• Interest from savings accounts

• Profits

Is the income less than the expenses?

• yes

• no

True or false.

Rent is a fix expense. That means the payment for $560 WILL change monthly.

• True

• False