Budgeting Basics Quiz

What is a budget?

• A plan for spending and saving money

• A list of only your wants

• A savings account

• A bank loan

Why is budgeting important?

• It makes money grow automatically

• It helps you track income and expenses

• It guarantees becoming rich

• It eliminates taxes

Which of the following is a need?

• Netflix subscription

• Rent payment

• Vacation trip

• Concert ticket

Which of the following is a want?

• Groceries

• Gas for car

• Fast food

• Electricity bill

According to the 50-30-20 rule, what percent should go to savings and debt repayment?

• 10%

• 20%

• 30%

• 50%

Tags

CCSS.6.RP.A.3C

If you spend too much on wants, which category will most likely suffer?

• Needs

• Savings/Debt

• Investments

• Both b and c

Which is the first step in creating a budget?

• Buy what you like

• Write down your monthly income

• Guess your expenses

• Borrow money

Which of these is considered savings?

• Emergency fund

• New shoes

• Phone bill

• Gasoline

The main idea of the 50-30-20 rule is:

• 50% wants, 30% needs, 20% savings

• 30% needs, 20% wants, 50% savings

• 50% needs, 30% wants, 20% savings

• 20% needs, 50% wants, 30% savings

Tags

CCSS.6.RP.A.3C

What does “pay yourself first” mean?

• Spend on wants before bills

• Put money into savings before spending on other things

• Buy yourself gifts every payday

• Pay debts before savings

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5