Budgeting for Unexpected Expenses Quiz

Budgeting for Unexpected Expenses Quiz

Professional Development

11 Qs

quiz-placeholder

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Budgeting for Unexpected Expenses Quiz

Budgeting for Unexpected Expenses Quiz

Assessment

Quiz

Financial Education

Professional Development

Hard

Created by

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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