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Budgets - Year 7

Total questions: 11

Worksheet time: 8mins

Name
Class
Date
1.

Explain what a budget is

4 lines
2.

On a budget, money that is earned is called

a)

Expenses

b)

Payments

c)

Income

d)

receipts

3.

When a person spends money, this is reported as

a)

Income

b)

Payment

c)

Balance

d)

Cash Budget

4.

If you earn $10 a week, how much money would you earn each month?

a)

$40

b)

$10

c)

$20

d)

$30

5.

If your employer pays you wages, do you record this as Income or Payments on your budget?

a)

Payments

b)

Income

6.

If you spend $20 a month on Netflix, you would record this on your budget as a

a)

Income

b)

Balance

c)

Payment

d)

Cash Budget

7.

A report which shows the Income, Payments and Cash Balance for a period of time is called a

a)

Payment

b)

Cash Budget

c)

Income

d)

Cash Balance

8.

How do you calculate the Cash Balance of a Budget?

a)

Payments + Income

b)

Payments - Income

c)

Income + Payments

d)

Income - Payments

9.

If Caleb earns $100 each week, how much money does he earn earn month?

a)

$100

b)

$200

c)

$300

d)

$400

10.

True or False. A good budget will always have more Income than payments

a)

True

b)

False

11.

Look at Laylah's budget. What is her Total Income?

a)

$36

b)

-$6

c)

$44

d)

$30