RWF - Budgeting Quiz

Included in a budget is....

• income

• Savings

• expenses

• All of the above

A variable expenses is

• an expense that is always the same amount

• changes from month to month

• something in your budget that is very expensive

• hard to track

A fixed expense

• Is always the same

• Is more expensive than a variable expense

• Changes from month to month

• Is typically less than a variable expense

Creating a monthly budget

• Allows you to be financially responsible

• Makes you more money

• Takes too much time

• Can hurt you at times

Budgeting means that you should not spend money on things that you enjoy

• True

• False

When creating a budget, which income should you use?

• Gross Income

• Net Income

• Just your savings

• Either Gross or Net Income

Budgeting your money will help you achieve your financial goals

• True

• False

Which of the following is an example of a fixed expense?

• Entertainment

• Rent

• Gas for your car

• Groceries

Which of the following is an example of a variable expense?

• Rent

• Car payment

• Phone bill

• Electricity bill

Which of the following is an example of being responsible with your money?

• Eliminating eating out

• Buying a pair of shoes that you want

• Spending money on non-essential items only once a week

• Buying the more expensive item because of brand