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WorksheetsBudgeting for Success Objective Assessment
Total questions: 30
Worksheet time: 3hrs 30mins
What is not a type of Income?
Your allowance
Pay check from a job
Fees paid on a loan
Interest earned
If Michael earns $135 a week from his part-time job, and gets $5 interest a month from the bank, his estimated monthly income should be
465
545
440
If Kim earns $260 a month baby and pet sitting, receives a $20 weekly allowance, and gets $250 for her Sweet Sixteen birthday, her estimated monthly income should be ____.
$515
$215
$300
$340
If Anthony earns $275 a week from his part-time job, and 18% of his paycheck is deducted for taxes, his estimated monthly income should be ____.
$800
$902
$450
$425
The first thing you should do with your income is to set aside a specific amount for each of your goals (aka PYF fund)
True
False
If your expenses are higher than your income, you should adjust your spending plan by
Increasing your debt
Reducing your income
Lowering your variable expenses
Increasing your income
If your income is higher than your expenses, you should adjust your spending plan by
Increasing your expenses
Spending more on variable expenses
Reducing debt obligations
Putting more into PYFs
If the money runs out before the month ends, the only way to balance your budget is to increase your income and/or decrease your expenses.
True
False
All of the following are good strategies to control spending EXCEPT
Think "new" instead of "used"-- it never hurts to spend a little extra on a brand new item. Who wants someone else's junk, anyway?
Plan for success-- decide how much you'll spend before you leave the house.
Limit temptation-- pay with cash rather than debit or credit cards.
Research your bigger purchases to save money and avoid regrets later.
All of the following are good strategies to control spending EXCEPT
Shop when you're on top of the world... or feeling blue-- a little retail therapy never hurt anyone, right?
Look for discounts before you go-- and ask about specials and sales in the store.
Stay home if you've been working too hard to have fun, or otherwise depriving yourself that day-- this prevents impulsive purchases.
You are putting together your first budget after graduating from college. Your take-home or net pay from your job will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $320, car insurance of $175, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $100, cable bill of $75, personal car expenses of $100 and gifts expense of $300. How would you describe your budget after analyzing all of your income and expenses?
You have a deficit of $170
You have a surplus of $175
You have a balanced budget
You have a deficit of $2,675
When putting together your personal budget, you find that your budget has a DEFICIT. Indicate the action that you need to take to balance your budget.
Cut your expenses by an amount greater than your deficit
Increase your income and expenses by the same amount
Increase your expenses by more than your deficit
Increase spending on your needs
Which of these deductions is generally taken out of your paycheck prior to you receiving the money?
Federal Tax Withholding
Money you owe your employer after you broke something
entertainment savings account
Lunch money
What of these deductions is generally taken out of your paycheck prior to you receiving the money?
Social Security Taxes
Money you owe your employer after you broke something
entertainment savings account
Lunch money
What of the following deductions is generally taken out of your paycheck prior to you receiving the money?
State Tax
Money you owe your employer after you broke something
entertainment savings account
Lunch money
Wages are a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker. This is a common pay method for service workers.
True
False
In the 50-30-20 rule for budgeting, the percentages represent:
wants, needs, saving
needs, wants, saving
wants, needs, expenses
saving, expenses, needs
In figuring income for your budget, be conservative: When estimating, aim lower rather than higher Don’t count on windfalls
false
true
In the budgeting lessons, money is taken from everyone's paychecks! Some people might think these deductions are like stealing from them, but employees have some control over the amounts based on the allowances claimed. What is the real reason take home is less than gross pay?
employees are getting charged for eating on the job
taxes and other deductions are withheld from an employee's pay
scheduled hours were reduced
the employee was demoted at work and the hourly pay was cut
You know your family is going to give you cash for your birthday as a gift. You should include a high estimate of that money in your budget as income.
True
False
A salary is a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
True
False
Alex works at the local store. She works from 3pm - 8pm on Monday and Wednesday and each Saturday from 8am - 1pm. She gets paid $11.50 per hour. What will be Caitlin's weekly gross pay?
Less than $150
exactly $150
more than $150
