Budgeting and Financial Literacy Quiz

What is a budget?

• A plan for unexpected expenses

• A written plan for giving, saving, and spending money

• A summary of income and expenses

• Money received from investments

Tags

CCSS.W.8.2D

What is income?

• Money spent on groceries

• Money received for work, as a gift, or through investments

• Money saved in a bank

• Money used for entertainment

What is a fixed expense?

• An expense that changes every month

• An expense that remains the same from month to month

• An unexpected expense

• An expense for luxury items

What is a variable expense?

• An expense that remains the same every month

• An expense that changes month to month but you can expect a bill each month

• An expense that occurs once a year

• An expense for emergency situations

Tags

CCSS.L.8.4A

CCSS.W.8.2D

What is an intermittent expense?

• An expense that happens at various times in the year and tends to be a large amount

• An expense that occurs monthly

• An expense that is always the same

• An expense for daily needs

Tags

CCSS.L.8.4A

CCSS.RI.8.4

What is a discretionary expense?

• An expense for essential items

• An expense for things we do not need

• An expense that is unavoidable

• An expense for monthly bills

Tags

CCSS.W.8.2D

What is a zero-based budget?

• A budget with no savings

• A plan that assigns each dollar of your income to a location

• A budget that only tracks expenses

• A budget that ignores income

What is net income?

• All the money someone earns before taxes and deductions

• What a person brings home in their paycheck after deductions

• Money received from investments

• Total income before any expenses

What is a cash-flow statement?

• A record that summarizes all the income and expenses over time

• A list of all debts

• A summary of only expenses

• A record of only income

Tags

CCSS.RI.8.4

CCSS.W.8.2D

What is commission?

• Income from a fixed salary

• Income from the % of a sale

• Income from hourly wages

• Income from a gift

Tags

CCSS.6.RP.A.3C