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WorksheetsBudgets
Total questions: 21
Worksheet time: 15mins
Name
Class
Date
1.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
2.
The idea of a budget is to spend exactly as much as you spend.
a)
True
b)
False
3.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
4.
Which of the following is a true statement about saving receipts?
a)
Saving receipts allows you to keep an accurate record of your spending.
b)
The more receipts you save, the more money you can save.
5.
Variable expenses may not be the same every month.
a)
True
b)
False
6.
When you set a budget, you should never revisit or adjust it.
a)
True
b)
False
7.
This occurs when money is withdrawn from a bank account and the available balance goes below zero.
a)
overdraft
b)
reconcile
c)
balanced
d)
budgeting
8.
This is a series of envelopes that are divided into categories(food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses
a)
a written budget
b)
a written cash flow statement
c)
an impulse purchase
d)
an envelope system
9.
You match your bank statement with your checkbook balance in order to balance or __________ your account.
a)
reconcile
b)
budget
c)
overdraw
d)
spend
10.
Expenses that stay the same every month are _________ expenses. Rent would be an example.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
11.
An expense that only occurs because you are choosing to spend money like eating out or buying clothes is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
12.
You have to eat so you need to buy groceries. This is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
13.
Car repairs are a fact of life and should be budgeted. This is a(n)_________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
14.
What percentage of Americans live paycheck to paycheck?
a)
70
b)
25
c)
50
d)
10
15.
Which of the following account records would have the most current balance?
a)
account balance statement from the ATM
b)
your own checkbook register
c)
your monthly bank statement
d)
all of these records will have accurate account balances
16.
The mortgage payment and the car payment are examples of which of the following?
a)
variable expenses
b)
assets
c)
zero-based budgeting
d)
fixed expenses
17.
Which of the following is an example of a variable expense?
a)
car payment
b)
gas for your car
c)
student loan for college
d)
insurance
18.
An estimate of income and expenditure for a set period of time
a)
budget
b)
anticipated income
c)
unanticipated income
d)
discretionary income
19.
An example of a SMART Goal requiring a budget.
a)
Wanting to earn honor roll
b)
Wanting to buy new furniture next month by saving $50 each check
c)
Wanting to make a sports team
d)
Wanting to wear jeans on Friday
20.
What is potentially one bad thing that could happen if you do not live within your means?
a)
You could have to move back home with your parents
b)
You could increase your credit score
c)
Nothing. Its a trick question.
d)
Collection agencies can come after you and possibly even facing court charges
21.
What does it mean to pay yourself first?
a)
pay your bills first
b)
buy what you want first
c)
put your money in savings first
d)
pay your taxes first
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