Personal Budget Quiz

Which of the following is income in a personal budget?

• Money used to fix a car.

• Money spent on clothes.

• Money earned from a job.

• Money given away to the animal shelter.

Which of the following expenditures should Alex plan for in his budget?

• How much tv he will watch this week.

• How many books he will read at school.

• How much ice cream he will buy at school.

• How many pencils he will trade with another student.

Which of the following is an expenditure in a personal budget?

• buying a new shirt for school

• selling an old game to a friend

• getting paid for helping your neighbor

• receiving an allowance from your parents

What is the purpose of a personal budget?

• to help people drive more safely

• to help people train for their jobs

• to help people find their way around their town

• to help people plan their spending and saving decisions

What does it mean to save money?

• buy snacks every day

• spend money on toys

• give money to friends

• put money aside for later

Use the information to answer the question. Jim and Pam’s monthly budget includes money they donate to their church. What does it mean to donate money?

• keep money safe from others

• earn money by helping others

• give money away to help others

• take money from others to help them

You got $20 for your birthday. What would that be called in your personal budget?

• a donation

• an expense

• income

• taxes

In a personal budget, your income should always be greater than your _________.

• job

• savings

• services

• expenses

What does it mean to have a balanced budget?

• expenditures are all the same

• income is less than the expenditures

• income is the same or more than expenditures

• donations to charity are included in the income

Why is it important to prepare and follow a budget?

• A budget helps people find jobs for income.

• A budget helps people get to the bus on time.

• A budget helps people to check our library books.

• A budget helps people make responsible economic decisions.