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

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.