Budgeting Vocabulary

Budgeting Vocabulary

11th Grade

20 Qs

quiz-placeholder

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Budgeting Vocabulary

Budgeting Vocabulary

Assessment

Quiz

Financial Education

11th Grade

Medium

Created by

Nyshia Morris

Used 11+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the 50/30/20 Budget method?

A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment

A budgeting method that allocates 30% to needs, 50% to wants, and 20% to savings and debt repayment

A budgeting method that allocates 20% to needs, 30% to wants, and 50% to savings and debt repayment

A budgeting method that allocates 40% to needs, 30% to wants, and 30% to savings and debt repayment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Cash Envelope Budget?

A budgeting method where money is saved in a bank account

A budgeting method where money is placed in labeled envelopes according to budget categories

A budgeting method where money is invested in stocks

A budgeting method where money is spent without any categorization

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Deficit' mean in budgeting terms?

When your income exceeds your expenses

When your expenses exceed your income

When your savings exceed your expenses

When your income equals your expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Down Payment?

A portion of the total cost of an item paid at the time of purchase

The full cost of an item paid over time

A loan taken to cover the cost of an item

A refund received after purchasing an item

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Fixed Expense?

A cost that varies each month

A cost that can be expected at regular intervals and remains the same amount

A cost that is paid only once

A cost that decreases over time

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Gross Pay?

Total earnings before any deductions are taken

Total earnings after payroll taxes and other deductions

Money received from investments

The lowest income necessary for a worker

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Income?

Money received from work, investments, business, etc.

Total earnings before any deductions are taken

The lowest income necessary for a worker

Expenses that are essential for living

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