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WorksheetsBudgeting
Total questions: 23
Worksheet time: 19mins
Name
Class
Date
1.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
2.
Which of the following is an example of a variable expense
a)
Food
b)
Rent
c)
Car payment
d)
Student loan
3.
Your emergency savings fund should have how many months worth of income?
a)
1-2 months
b)
10 months
c)
It doesn't matter
d)
3-6 months
4.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
5.
What is a discretionary Income?
a)
an estimate of income and exponditure for a set period of time.
b)
a corporate expense that varries with production output.
c)
Income remaining after deduction of taxes, other mandatory charges.
d)
cannot avoid or help doing something.
6.
Which of the following is an example of a "life change" that would effect your budget?
a)
marriage
b)
children
c)
change in job
d)
all of these
7.
Why do you want to have savings?
a)
financial emergencies
b)
exciting financial opportunties
c)
financial security
d)
all of these
8.
What percentage is recommended for savings?
a)
5%
b)
10%
c)
20%
d)
15%
9.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
10.
Why is budgeting important?
a)
It's good to live pay check to paycheck
b)
You should always live at your parents house
c)
You might get into a house or other large expense you can’t afford
d)
Always spend more than you can afford
11.
A plan for your estimated income, expenses, and savings.
a)
Credit Rating
b)
Budget
c)
Bankruptcy
d)
Financial Goals
12.
Which SMART Goal component is the following: Austin will save $600.
a)
S
b)
M
c)
A
d)
R
13.
Which SMART Goal component is the following: Austin will save money for the next two years.
a)
M
b)
A
c)
R
d)
T
14.
What does the "M" in SMART stand for?
a)
Mental - you have to be able to think about the goal.
b)
Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.
c)
Memorable - a goal must be easily remembered
d)
Maximum - there are no limits for goals
15.
What does the "S" in SMART stand for?
a)
Simple - a goal must be easy.
b)
Smart- a goal must make sense.
c)
Specific - a goal must be focused.
d)
Sample - a goal must be typical.
16.
What does the "T" in SMART stand for?
a)
Time-bound - the goal must be reached within a specific length of time.
b)
Thoughtful - a goal must take into account the feelings of others.
c)
Transferable - a goal should be able to be shared with other people.
d)
Trust-worthy - a goal should be worthy.
17.
Something that is nice to have but not necessary is a
a)
need
b)
want
c)
value
d)
option
18.
Which one of these is NOT a necessity in order to survive?
a)
Food
b)
Water
c)
Sunglasses
d)
Electricity
19.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Earn less income
b)
Decrease expenses
c)
Increase purchases
d)
Use a credit card more often
20.
What is the ¨S¨ in SMART Goal?
a)
Small
b)
Separate
c)
Specific
d)
Silly
21.
A person's debt ration shows the relationship between debt and net worth (liabilities/assets). The lower the ratio, the
a)
Better off financially the person is
b)
Worse off financially the person is
c)
More cash the person has
d)
Less cash the person has
22.
Which of the following is not part of the Financial Planning process
a)
Set a Goal
b)
Analyze the situation
c)
PYF
d)
Create a budget
23.
Jill decides to drive to work instead of taking the bus. It takes her 90 minutes to get there and the bus ride would have been 40.
What type of analysis does this question represent?
What type of analysis does this question represent?
a)
Opportunity Cost Analysis
b)
Cost-benefit Analysis
c)
Marginal Analysis
d)
Discretionary Analysis
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