Financial Planning and Personal Budgeting
Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard
Karen Lewis
FREE Resource
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11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a budget?
A budget is a type of fruit
A budget is a type of animal
A budget is a type of car
A budget is a financial plan that outlines expected income and expenses over a specific period.
Answer explanation
A budget is a financial plan that outlines expected income and expenses over a specific period.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to have a budget?
It encourages overspending and living beyond one's means.
Having a budget restricts financial freedom and flexibility.
Budgets are only necessary for businesses, not individuals.
It helps track income and expenses, plan for the future, prioritize spending, avoid debt, and achieve financial goals.
Answer explanation
Having a budget helps track income and expenses, plan for the future, prioritize spending, avoid debt, and achieve financial goals.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between fixed and variable expenses?
Fixed expenses are temporary, while variable expenses are permanent
Fixed expenses do not change with production levels, while variable expenses do change with production levels.
Fixed expenses are directly related to revenue, while variable expenses are not
Fixed expenses increase with production levels, while variable expenses do not change
Answer explanation
Fixed expenses do not change with production levels, while variable expenses do change with production levels.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does setting financial goals play in budgeting?
It discourages savings and investment
It provides a roadmap for allocating resources and making financial decisions
It has no impact on budgeting
It only benefits high-income individuals
Answer explanation
Setting financial goals plays a role in budgeting by providing a roadmap for allocating resources and making financial decisions.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the monetary charge for borrowing money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
is the original amount of money that is borrowed, invested, or lent
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