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WorksheetsBudgeting Quiz
Total questions: 20
Worksheet time: 10mins
A(n) ____________ is what people can use to make sure they live within their means.
appointment
schedule
budget
register
The full amount of our salary is also known as our:
Entire pay
Take home pay
Gross pay
None of these
Ed wants to reduce his fixed expenses. His best move would be to:
Get a part-time job
Buy less clothes each month
Find a place with lower rent
Stop using his credit card to buy things
What do we call the separate fund that people should have just in case a situation arises where they need access to a substantial sum of money?
Rainy day fund
Emergency fund
Super fund
Overage fund
A family spends $500 more than it planned. The most likely result will be that the family will:
Wait to make the home loan payment
Wait to make the car payment
Wait to pay the electric bill
Cut $500 from its planned savings
The computer software that can most effectively help us plan our income and spending is:
PowerPoint
Google Sheets
Acrobat
Word
When the actual amount we spent was in excess of the amount we planned to spend, we are:
Over budget
Under budget
On budget
None of these
When creating a budget, you should make sure to “PYF” which stands for:
Prevent Yesterday’s Fraud
Pay Yourself First
Pen Your Finances
Put Your Finances in Check
The 50/20/30 rule suggests that you should use:
50% of your income for necessities, 20% for long term savings and 30% to lifestyle choices
50% of your income for wants, 20% for needs and 30% to lifestyle choices
50% of your income for long term savings, 20% for needs and 30% to fun choices
50% of your income for fun choices, 20% for long term savings and 30% to housing
A goal is best defined as:
The end result of something a person intends to acquire, achieve, do, reach, or accomplish
Something thought to be a necessity or essential items required for life
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Something unnecessary but desired or items which increase the quality of living
A want is best defined as:
The end result of something a person intends to acquire, achieve, do, reach, or accomplish
Something thought to be a necessity or essential items required for life
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Something unnecessary but desired or items which increase the quality of living
A need is best defined as:
The end result of something a person intends to acquire, achieve, do, reach, or accomplish
Something thought to be a necessity or essential items required for life
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Something unnecessary but desired or items which increase the quality of living
An example of a need is:
Adequate shelter
An unused vehicle
Brand name shoes
All of the above
An example of a want is:
Safe drinking water
Basic clothing
Laptop computer
All of the above
A _______________ expense is one that remains the same each month.
fixed
variable
periodic
None of these
A _______________ expense is one that changes each month depending on usage.
fixed
variable
periodic
None of these
What is the last step in creating a budget?
Balance & adjust your budget
Set short & long-term goals
Determine your financial situation
Estimate expenses
What is the first step in creating a budget?
Balance & adjust your budget
Determine your financial situation
Set short & long-term goals
Estimate future expenses
Rent, mortgage payments, tuition and insurance payments are all examples of:
variable expenses
fixed expenses
discretionary expenses
periodic expenses
The money that is left over once all expenses have been paid and is used on whatever you like is called:
Discretionary Income
Fixed Expenses
Cost-Benefit Analysis
Net Pay
