Budgeting Unit Assessment - Consumer Math

What is the main purpose of a budget?

• To track only wants

• To plan and control income and expenses

• To increase debt

• To spend more money

Which of the following is a benefit of budgeting?

• Less financial stress

• Increased impulse spending

• Unlimited income

• Elimination of taxes

A budget helps you…

• Spend without limits

• Reach financial goals

• Avoid saving

• Eliminate all needs

Which of the following is a consequence of not budgeting?

• More financial security

• Easier to save money

• Increased risk of overspending and debt

• Automatic savings growth

Which of the following describes a balanced budget?

• Income is equal to expenses and savings combined

• Income is less than expenses

• Expenses are more than savings

• Wants are equal to needs

Tags

CCSS.6.NS.C.5

In a 50/30/20 budget, 50% of income goes toward:

• Wants

• Savings

• Needs

• Debt only

Tags

CCSS.6.RP.A.3C

In a 50/30/20 budget, 30% of income goes toward:

• Needs

• Wants

• Savings

• Taxes

Tags

CCSS.6.RP.A.3C

In a 50/30/20 budget, 20% of income goes toward:

• Shopping

• Wants

• Savings/Debt Repayment

• Entertainment

Tags

CCSS.6.RP.A.3C

Kylie earns $1,500 per month. According to the 50/30/20 budget, how much should she save each month?

• $750

• $450

• $600

• $300

Tags

CCSS.6.RP.A.3B

Travis earns $63,000 per year (about $5,250 per month). Using the 50/30/20 budget, how much should he spend on needs each month?

• $2,625

• $1,575

• $1,050

• $3,150

Tags

CCSS.6.RP.A.3B