WorksheetsMoF Ch 9 Budgeting
Total questions: 20
Worksheet time: 2hrs 40mins
Name
Class
Date
1.
What is a budget
a)
A plan to manage income and expenses
b)
average monthly income
c)
average yearly income
d)
a plan that poor people need to use
2.
What is an average?
a)
biweekly income
b)
the sum of a list of numbers divided by the number of numbers in the list. In mathematics and statistics, this would be called the arithmetic mean
c)
the highest number in a set
d)
the sum of all numbers in a set
3.
What is a deficit?
a)
an amount of money that is too big
b)
living below your means
c)
a type of deduction
d)
an excess of expenditure over income in a given period
4.
What is an example of an expense?
a)
Income
b)
Health insurance
c)
Gifts you've received
d)
A budget
5.
Bradford spend $140 on lunches this month. He earns $2000 a month. What percent of his income did he spend on lunches?
a)
14%
b)
28%
c)
7%
d)
70%
6.
What would NOT fit into the category of "housing expenses"?
a)
Rent
b)
Electricity
c)
Sewage/trash
d)
Gifts
7.
True or False? "Balancing a budget" is to determine whether there is money remaining or a debt.
a)
True
b)
False
8.
What is net income?
a)
gross pay
b)
take-home pay (taxes and deductions have been subtracted)
c)
deductions
d)
income before taxes are taken out
9.
"Biweekly" means....
a)
Twice a week
b)
Every two weeks
c)
24 pay periods in a year
d)
once a week
10.
Buying designer clothes/shoes is....
a)
an essential expense
b)
not an essential expense
11.
Food is.....
a)
an essential expense
b)
not an essential expense
12.
Eating out at a restaurant is....
a)
an essential expense
b)
not an essential expense
13.
Commission is a form of ___________.
a)
Tax
b)
Expenses
c)
Income
d)
A gift
14.
How do you write 20% as a decimal?
a)
.2
b)
.02
c)
.002
d)
.0002
15.
How do you write 0.5% as a decimal?
a)
.5
b)
.50
c)
.05
d)
.005
16.
What is 20% of $140?
a)
$14
b)
$7
c)
$28
d)
28%
17.
Which budget category would prescription medicine fall into?
a)
Housing
b)
Clothing
c)
Food
d)
Health
18.
Semimonthly means......
a)
twice a month
b)
every 2 months
c)
every 2 weeks
d)
26 pay periods in a year
19.
If Joe gets paid weekly, then how many times does he get paid a year?
a)
26
b)
12
c)
52
d)
24
20.
The entire circle of a circle graph is worth ____.
a)
$100
b)
100%
c)
1000%
d)
$1000
100 %
