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Budget Quiz

Total questions: 47

Worksheet time: 49mins

Name
Class
Date
1.
The term ______________ is used to explain a person's income that does not vary with each period could include wages, salary, student allowance, benefit
a)
Fixed Income
b)
Variable Income
2.
_____________ is an income that can vary each time the person receives it. Could include tax rebates, overtime
a)
Fixed Income
b)
Variable Income
3.
A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing
a)
Need 
b)
Want
4.
A ______ is something that is desired e.g. computer, holiday, car, cell phone
a)
Need 
b)
Want
5.
Your monthly budget should include:
a)
Variable expenses
b)
Discretionary Expenses
c)
Fixed Expenses
d)
All of the above
6.
Rent is a:
a)
Fixed expense
b)
Discretionary Expense
c)
Variable expense
d)
Intermittent expense
7.
Groceries are a:
a)
Fixed expense
b)
Variable expense
c)
Intermittent expense
d)
Discretionary expense
8.

If we decide to go to the movie theater over Spring Break, it would be considered a __________.

a)

Variable Expense

b)

Fixed Expense

c)

Discretionary Expense

d)

Income

9.
To have a __________ at the end of the month, I have to make sure I don't spend more than I earn and have some money to save at the end of the month.
a)
Income
b)
Expense
c)
Balanced Budget
d)
Savings
10.

When getting a loan for a car, the ____ is an additional fee you will have to pay back in addition to the value of the loan.

a)

Fixed Expense

b)

Discretionary Expense

c)

Inflation

d)

Interest

11.
Similar to compromising, exchanging one thing for another; usually for about the same value.
a)
Income
b)
Discretionary Income
c)
Trade Offs
d)
Variable Expenses
12.
Tax advantaged investment vehicle in the US designed to encourage saving for future higher education expenses of a designated beneficiary.
a)
PYF
b)
Student Loan
c)
Scholarship
d)
529 plan
13.
The loss of potential gain from other alternatives when one alternative is chosen
a)
Opportunity Cost
b)
Deficit
c)
Budget
d)
Surplus
14.
A balance achieved between two desirable but incomparable features; a compromise. 
a)
Deficit
b)
Trade off
c)
Opportunity Cost
d)
Budget
15.
An amount by which something , especially money, is too small. 
a)
Surplus
b)
Deficit
c)
Budget
d)
Opportunity Cost
16.
An estimate of income and expenditure for a set period of time. 
a)
Budget
b)
Surplus
c)
Deficit
d)
Trade off
17.
An amount of something left over when requirements have been met. 
a)
Deficit
b)
Surplus
c)
Opportunity Cost
d)
Trade Off
18.
My family is going on vacation this summer, so we are sticking to a ______ to save money.
a)
Income
b)
Savings
c)
Budget
d)
Expenses
19.
When you are making payments on a car and/or house you have a _____.
a)
Withdraw
b)
Bankruptcy
c)
Debt
d)
Overdraw
20.
You should keep track of your spending because if you spend more money than you have in your bank account it is considered a _______ and usually will cause a fee.
a)
Balance
b)
Withdraw
c)
Bankruptcy
d)
Overdraw
21.
When I need to ______ money from my checking account, I can use my debit card at an ATM.
a)
Overdraw
b)
Inflation
c)
Balance
d)
Withdraw
22.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
23.
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
24.
Short-term goals...
a)
can be accomplished tomorrow
b)
take 3-12 months to reach
c)
are categorized by needs and wants
d)
are for adults only
25.
Long-term goals...
a)
have a lot of words in them
b)
are for big things you want to buy
c)
are plans that take more than a year to accomplish
d)
are a way to budget
26.
Your take-home pay is...
a)
Gross monthly income
b)
Net monthly income
c)
Gross annual income
d)
Net annual income
27.
When you see something you weren't planning on buying, but you buy it right then anyway, that is an example of...
a)
Impulse buy
b)
a need
c)
your lucky day
28.
The amount to which the required minimum falls short.
a)
Surplus
b)
Deficit
c)
Wants
d)
Needs
29.

Choose the word that best completes the sentence below. A _________ is an aim or purpose.

a)

goal setting

b)

goal

c)

short-term goal

d)

mid-term goal

30.

What does the S in SMART stand for?

a)

Sarcastic - a goal must say one thing and mean another.

b)

Simple - a goal must be easy.

c)

Sample - a goal must be typical.

d)

Specific - a goal must be focused.

31.

What does the M in SMART stand for?

a)

Maximum - there are no limits for goals

b)

Memorable - a goal must be easily remembered

c)

Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.

d)

Mental - you have to be able to think about the goal.

32.

What does the A in SMART stand for?

a)

Attainable - a goal must be reachable; you CAN do it.

b)

Admirable - a goal must impress people.

c)

Artistic - a goal must be creative.

d)

Academic - a goal must be scholarly and oriented towards learning.

33.

What does the R in SMART stand for?

a)

Responsible -a goal must allow you to take charge.

b)

Realistic - a goal must be realistic in how long it will take and the steps taken to achieve it.

c)

Respectful - a goal must allow you to be kind and polite.

d)

Repeatable - you must be able to do the goal over and over again.

34.

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.

35.

What does PYF stand for?

a)

Prepare your Future

b)

Pay Your Friends

c)

Pay Yourself First

d)

Pay Your Finances

36.

Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and

Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.

He selected the Ford because he liked the interior a little better. What was his opportunity

cost?

a)

Ford

b)

Chevrolet

c)

Toyota

d)

Ram

37.

A general rise in overall prices is called:

a)

Deflation

b)

Inflation

c)

Consumer Price Index

d)

Federal Reserve

38.

In bankruptcy, what does the term liquidation mean?

a)

Liquidation is the process of getting bankruptcy approved

b)

Liquidation is the process of ice turning into water

c)

Liquidation is when a company sells products to make a profit

d)

Liquidation is when a business sells all of its assets and uses the money to pay some or all of its debts

39.
A method of saving that requires money to stay in the account for a specific period of time is called...
a)
CD
b)
stock
c)
savings account
d)
checking account
40.
Money you can spend after taxes is called...
a)
gross income
b)
gross pay
c)
disposable income
d)
discretionary income
41.
What is a Certificate of Deposit?
a)
An Account that pays interest on a lump sum
b)
The price of money
c)
Giving up one thing for another
42.
What is a Money Market account?
a)
An account that pays higher interest than a savings account
b)
A strategy to help you save money
c)
Something you hope to accomplish
43.
What is Pay Yourself First?
a)
The amount of money earned or lost 
b)
A strategy to help you save money
c)
The portion of money not used on current expenses
44.
What is savings?
a)
A portion of income not spent on current expenditures
b)
Giving up one thing for another
c)
Money lost or earned on a credit card or account
45.
What is a savings account?  
a)
Giving up one thing for another
b)
Something you want to accomplish
c)
An account that holds money you can use for emergencies
46.
What is a trade-off?  
a)
A strategy to help you save money
b)
Giving up one thing for another
c)
Money lost or earned
47.
How much money should you save to be considered financially secure?
a)
At least 6 months' worth of expenses
b)
At least 3 month's worth of expenses
c)
None

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