Search Header Logo

Mastering Your Personal Budget

Authored by Tutor King

Financial Education

7th Grade

Used 1+ times

Mastering Your Personal Budget
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in creating a personal budget?

Assess your income and expenses.

Create a savings account

Cut all discretionary spending

Invest in stocks

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to track monthly expenses?

It is important to track monthly expenses to manage finances effectively and identify opportunities for savings.

To simplify budgeting processes.

To avoid tracking financial goals.

To increase monthly spending limits.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some common sources of income for students?

Investments in stocks

Selling homemade crafts

Part-time jobs, internships, freelance work, tutoring, scholarships or grants.

Real estate rentals

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can saving money help you achieve future goals?

You can achieve goals without any financial planning.

Saving money is only useful for emergencies.

Saving money is irrelevant to personal development.

Saving money helps you achieve future goals by providing the necessary funds to invest in those goals.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a good rule of thumb for saving a portion of your income?

Invest all your income instead of saving.

Save at least 20% of your income.

Save 5% of your income.

Spend 30% of your income on luxury items.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a budget?

The purpose of a budget is to manage finances by planning income and expenses.

To avoid tracking financial activities.

To ensure all expenses are spontaneous.

To increase spending without limits.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you categorize your expenses?

Categorize expenses by color and size.

Categorize expenses into fixed, variable, discretionary, and periodic.

Sort expenses into categories of likes and dislikes.

Group expenses based on the day of the week.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?