Personal Budget

Which of the following is the MOST financially responsible decision?

• Tommy gets $50 for his birthday from his grandma. He spends $75 on XBox games.

• Katrina sold her old bike helmet for $10 to a friend. She gave $10 to her favorite charity.

• Jamal earns $100 lifeguarding. He spent $5 on lunch and put the other $95 in the bank.

• 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.

What should Lucy include in her budget to show her mom that she needs an increased allowance?

• Lucy should make a list of all of the chores she has done.

• Lucy should make a list of her allowance and how much she spends.

• Lucy should make a list of how she spent her allowance in the past year.

• Lucy should make a list of everything she wants to buy with her savings.

Why is it important to prepare and follow a budget?

• A budget helps people find jobs for income.

• A budget helps people to determine educational decisions.

• A budget helps people choose the best doctor for the family.

• A budget helps people make responsible economic decisions.

Which of the following is an expenditure?

• allowance from your parents

• buying an ice cream at lunch

• Selling an old game to a friend

• Getting paid for helping your neighbor

Which of the following is a true statement about budgets?

• They encourage you to spend as much money as you can.

• It helps you to earn more money.

• It allows you to track how and where you spend money.

• It helps you to spend exactly what you earn.

When you create your budget with items should you include?

• Varied Expenses

• Fixed Expenses

• Savings

• All of the Above

What is a reason a budget might fail?

• You wrote it in pencil, not pen

• You aren't rich

• You didn't have money set aside for unexpected expenses

• Your budget was written online, not on paper

Which of the following is a benefit of having a personal budget?

• A) It guarantees financial success.

• B) It helps track income and expenses.

• C) It eliminates all financial risks.

• D) It increases your monthly income.

What is the primary purpose of a personal budget?

• A) To increase spending on luxury items.

• B) To plan for future financial goals.

• C) To avoid paying taxes.

• D) To ensure you spend all your income.

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

• A) Monthly rent payment

• B) Grocery shopping

• C) Entertainment expenses

• D) Dining out