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Budgeting Quiz

Authored by Durriyah Bey

Business

11th Grade

Budgeting Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the 50-30-20 budgeting rule?

50% to savings, 30% to needs, 20% to wants

50% to needs, 30% to wants, 20% to savings

50% to wants, 30% to savings, 20% to needs

50% to needs, 30% to savings, 20% to wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

How can you determine your average monthly income if your income varies each month?

By taking the highest income month and using that as the average

By adding up your income for three months and dividing by three

By estimating based on your expenses

By using the income from the previous year

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is a method to increase your income?

Reducing your work hours

Selling some of your old stuff

Ignoring your expenses

Taking a long vacation

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

How often is it recommended to review your budget?

Once a year

Once a month

Every six months

Every week

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the first step in creating a budget according to the document?

Set financial goals

Record your income

List your expenses

Save money

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is considered a fixed expense?

Groceries

Eating out

Rent

Entertainment

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What should you do after totaling up your income and expenses?

Spend more money

Ignore your budget

Set realistic financial goals

Increase your expenses

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