Saving and Budgeting Quiz

What is the primary reason for creating a personal budget?

• To increase debt

• To limit income

• To plan and control spending

• To avoid paying taxes

Which of the following best describes “saving”?

• Spending less than you earn and setting money aside

• Earning more money

• Buying items on sale

• Borrowing money for future use

Which is the first step in creating a budget?

• Estimate future expenses

• Identify sources of income

• Buy a notebook

• Save money

What percentage of income is typically recommended to be saved?

• 5%

• 10–20%

• 30%

• 50%

Which Filipino term refers to saving for the future?

• Pag-utang

• Pagkakakitaan

• Pagtitipid

• Paghahanap

A fixed expense is:

• An unpredictable cost

• A one-time payment

• An expense that stays the same monthly

• An emergency cost

A student wants to buy a new phone. What should be their first step financially?

• Borrow money from friends

• Use a credit card

• Include it as a goal in their savings plan

• Sell old gadgets

“Pay yourself first” means:

• Spend on needs before wants

• Save a portion of income before spending

• Pay bills immediately

• Buy necessities first

Which of the following is an example of a variable expense?

• Monthly rent

• Tuition fee

• Electricity bill

• Loan amortization

The main purpose of budgeting in entrepreneurship is to:

• Make more friends

• Monitor business competitors

• Manage business cash flows efficiently

• Increase business liabilities