Budgeting 4.1-4.7 Review

Which statement best summarizes how income and expenses are used in a budget?

• Each income line has one expense line attached to it in a budget

• The total income plus the total expenses forms the budget

• The total income minus the total expenses forms the budget

• Income and expenses mean basically the same thing in a budget

Tags

CCSS.HSA-SSE.A.1A

Which statement best classifies needs versus wants in their family?

• Everyone in this family likely has different needs and wants

• Everyone in the family has different needs but the same wants

• Everyone in the family has the exact same needs and wants

• Actually, everyone on the planet has the same needs and wants

Tags

CCSS.RL.11-12.9

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

If you work in the gig economy and have uneven earnings throughout the year, which option is best for managing your budget?

• Only pay your bills in months where you’ve earned above your typical amount

• Each month, invest your earnings in the stock market to try to double your money

• On months where you earn more than average, save the extra rather than spending it

• Be sure you spend the exact same amount every month, regardless of how much income you had

Alyssa is labeling envelopes so she can start using the cash envelope system of budgeting on a monthly basis. Which envelope is probably NOT worth her making?

• An envelope for her cell phone online bill pay of $64

• An envelope for the $100/month she’s budgeting for clothes, shoes, and accessories at the mall with her friends

• An envelope for the $28/month she’s limiting herself to at her favorite coffeeshop

• An envelope for the $15/month she’ll use to thrift shop at the flea market each third Saturday with her grandma

Tags

CCSS.6.RP.A.3B

If you are following a 50/30/20 Budget, what two items fall into the 20 category?

• Wants & needs

• Saving & debt repayment

Tags

CCSS.6.RP.A.3B

What is the difference between wealth and income?

• Wealth is a measure of what you earn while income measures assets minus debts

• Wealth is a measure of assets minus debts while income measures what you earn

• Wealth is a measure of what you earn while income measures debts minus assets

• Wealth is a measure of debts minus assets while income measures what you earn

The single biggest expense for most households is...

• Transportation

• Food

• Housing

• Travel

Which accurately describes the characteristics of fixed costs?

• Fixed costs are easy to change but generally result in small savings

• Fixed costs are easy to change but generally result in large savings

• Fixed costs are difficult to change and generally result in small savings

• Fixed costs are difficult to change but generally result in large savings

Tags

CCSS.4.OA.A.1

Which of the following is a variable expense?

• $18 TV streaming subscription

• $23 dinner at a restaurant

• $40 monthly gym membership

• $850 rent payment

Tags

CCSS.HSF-LE.A.1B

All of the following are needs that should be included in the transportation budget for your car, EXCEPT...

• Car payment

• Average gas expenses

• New paint job

• Routine maintenance