Budgeting Quiz

Define the term "Budget."

• A plan for making and spending money

• Costs that do not change from month to month

• Expenses that vary from month to month

• A method for saving money

What are fixed expenses?

• Costs that do not change from month to month

• Expenses that vary from month to month

• A plan for making and spending money

• Costs that increase annually

What is the difference between a short-term and long-term goal?

• Short-term is within the next couple of years; long-term is five years or more

• Short-term is five years or more; long-term is within the next couple of years

• Short-term is within a month; long-term is within a year

• Short-term is within a week; long-term is within a month

What is the first step in the Rational Decision-Making Process?

• Define the problem or opportunity

• Set goals and identify evaluation criteria

• Identify alternatives

• Choose the best alternative

To be financially savvy, what should always be higher than your expenses?

• Savings

• Income

• Debt

• Taxes

Tags

CCSS.7.RP.A.3

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

• Entertainment

• Car repairs

• Auto insurance

• Doctor bills

What is one of the five things you must consider for budget and cost of living in your life?

• Favorite color

• Number of pets

• Marital status

• Vacation plans

Which of the following is a type of housing option?

• Tent

• House

• Boat

• Treehouse

What is a basic need for all households that requires budgeting?

• Entertainment

• Food

• Travel

• Clothing

Why is it smart to have health insurance?

• To save on groceries

• To protect against illness or accidents

• To get discounts on travel

• To increase your income