Personal Budgeting Quiz

Amari sets a budget for all his needs, savings, and spends the rest on his other needs. Jay spends his entire pay check on clothes, and saves what is left over. Who has developed the MOST responsible personal budget?

• Jay

• Amari

Mark wants to make sure she uses her money wisely each month. What should she consider when creating her personal budget?

• credit and loans

• spending and saving

• interest and debt

• income and taxes

Maria is organizing her monthly spending plan. Which TWO of the following categories should she include under " Need Costs"?

• utilities

• entertainment

• clothing

• insurance

• gifts

Which of the following is the BEST example of saving?

• Putting part of your allowance into a bank account

• Spending all your money on new clothes

• Borrowing money from a friend

• Making a list of things you want to buy

What would be the BEST way to balance a budget?

• earn a lot more money

• lower some expenses

• borrow more money

• spend more money

One benefit of saving money is that it allows people to

• spend more on luxury items.

• prepare for financial emergencies.

• increase their daily expenses.

• avoid earning an income.

Maria is a teacher and receives a fixed amount from her school every month. What is this amount called?

• her expenses

• her savings

• her income

• her loan

True or False: A high skilled person with a part time job has a higher income then a high skill person with a full time job.

• True

• False

In which scenario would having a savings account be MOST beneficial?

• Maria wants to avoid paying sales tax on her purchases.

• Jared wants to spend more money on entertainment each month.

• Olivia wants to purchase a new phone without using a credit card.

• Ben wants to increase the amount he spends on groceries.

Linda started a bakery and now has 15 employees. Mark is one of the bakers working there. Who is the entrepreneur who took the initial risk?

• Linda

• Mark

• the suppliers

• all the bakers