Personal Budget

Mrs. Wilson earned $500 dollars this week. Her light bill was $300. How much money does she have remaining?

• $200

• $500

• $100

• $20

A plan on how to use your income to keep track of your money is called __________.

• personal savings

• income

• expenditure

• personal budget

The goal of a budget is to _____.

• spend more than you make.

• spend less than you make.

• create a list of things you want to buy.

• donate to a charity.

Before making decisions to purchase something, you should look at the __________ and ____________.

• income and expenditure

• need and want

• benefits and costs

• savings and budget

When a person makes a plan on when to save and spend their money, they are making a....?

• Economy

• Personal Budget

• Market

• Competition

Which of the following is the MOST financially responsible decision?

• Jamal earned $100 lifeguarding. He spent $5 on lunch and saved the other $95.

• Tommy got $50 for his birthday from his grandma. He spent $75 on XBox games.

• Katrina gave away her new bike helmet for free when she could have sold it for $75.

• Stacy was paid $25 for helping her neighbor in the yard. She spent $20 on a T-shirt and $5 on ice cream at the mall.

Jamar wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen?

• How he plans to save money over a long period of time.

• How he plans to spend money on himself and others.

• How he plans to spend all of the money he earns on other people.

• How he plans to increase his expenditures this coming year.

What is the primary purpose of creating a personal budget?

• To track expenses and income

• To increase spending

• To avoid paying taxes

• To eliminate all debts

Which of the following is a fixed expense in a personal budget?

• Rent

• Groceries

• Entertainment

• Clothing

If Sarah earns $2000 a month and spends $1500, how much does she save?

• $500

• $1500

• $2000

• $2500