Lesson 10.1/10.2 Budgeting Quiz

Which of the following is the definition of a 50/20/30 Budget?

• Separate your budget into 50% to needs

  20% to savings

  30% to wants

• Separate your budget into 50% to wants

  20% to needs

  30% to savings

• Every single dollar of your income is assigned to a specific expense

• Separate your budget into 50% to Savings

  20% to needs

  30% to wants

Tags

CCSS.6.RP.A.3C

Which of the following is the definition of a Zero- Based Budget?

• Separate your budget into 50% to needs

  20% to savings

  30% to wants

• transfer a pre determined amount into savings at the beginning of the month.

• Every single dollar of your income is assigned to a specific expense

Which of the following is the definition of a Pay Yourself First Budget?

• Separate your budget into 50% to needs

  20% to savings

  30% to wants

• transfer a pre determined amount into savings at the beginning of the month.

• Every single dollar of your income is assigned to a specific expense

• Put specific amounts of your money into specific envelopes. When money runs out there is no more to spend.

The primary purpose of a budget is to ​ (a)   of your money to help you achieve ​ (b)   goals.

*Note that there is a specific answer from the article.

• take control
• short and long term
• spend
• spending 
• categorize

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Groceries, health insurance, water and electricity and house rent is an example of _________.

• wants

• savings

• needs

• wants and savings

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

If your monthly income is $5000, how much should you allocate to savings and debt repayment according to the 50 30 20 rule?

• $2000

• $1000

• $3000

• $4000

Tags

CCSS.7.RP.A.3

If your monthly income is $6000, how much should you allocate to wants according to the 50 30 20 rule?

• $1800

• $1200

• $2000

• $3000

Tags

CCSS.6.RP.A.3B

What would the 50/20/20 budget not work?

• Lack of motivation to follow the rule

• Not having enough money to cover expenses

• Difficulty in understanding the percentages

• because Ms. Leonard says so.

Tags

CCSS.7.RP.A.3

You have a monthly income of $2,700. You’ve decided to follow the 50/30/20 budgeting rule.

If your needs include rent ($800), utilities ($200), and groceries ($300), how much more can you spend on needs without exceeding the 50% guideline?

Mathematical Equivalence

ON

Tags

CCSS.6.RP.A.3C

John is a recent graduate and has a monthly income of $2,600. He needs to create a budget for the month. His planned expenses are as follows:

• - Rent (Need): $1,300

• - Utilities (electricity, water, etc.) (Need): $300

• - Groceries (Need): $250

• - Car Insurance (Need): $100

• - Entertainment (Want): $300

• - Savings: $100

Question:

What percentage of John’s income is going toward "needs" (rent, utilities, groceries, car insurance)?

*Just put the whole number

Mathematical Equivalence

ON

Tags

CCSS.6.RP.A.3C