
Budgeting for Unexpected Expenses Quiz
Quiz
•
Financial Education
•
Professional Development
•
Hard

Adrienne McIntire Earle
FREE Resource
11 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
You receive an unexpected medical bill of $500. According to the 50/30/20 rule, how should you adjust your budget to accommodate this expense without disrupting your essential payments?
Use the 30% allocated for wants to cover the bill.
Use the 20% allocated for savings and debt repayment to cover the bill.
Use the 50% allocated for needs to cover the bill.
Ignore the bill and hope it goes away.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Your car breaks down, and the repair costs $800. You have an emergency fund. How should you handle this situation using the 50/30/20 rule?
Use the emergency fund to cover the repair cost.
Use the 30% allocated for wants to cover the repair cost.
Use the 50% allocated for needs to cover the repair cost.
Use a credit card to pay for the repair.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You want to build an emergency fund. According to the 50/30/20 rule, how much of your income should you allocate to savings, including your emergency fund?
50%
30%
20%
10%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you need to adjust your monthly expenses to accommodate an unexpected bill, which category should you consider reducing first according to the 50/30/20 rule?
Needs
Wants
Savings
Debt repayment
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You have an unexpected medical bill and limited funds. Which payment should you prioritize according to the 50/30/20 rule?
Entertainment subscriptions
Credit card minimum payment
Dining out expenses
Savings contribution
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You have $2000 in credit card debt with a high interest rate. How should you manage this debt using the 50/30/20 rule?
Pay the minimum amount and use the rest for wants.
Allocate part of the 20% savings to pay more than the minimum.
Use the 50% needs budget to pay off the debt.
Ignore the debt and focus on savings.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you have to cut back on expenses to handle an unexpected bill, which of the following is the least essential according to the 50/30/20 rule?
Rent or mortgage
Groceries
Dining out
Utilities
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