WorksheetsBudget Information and Vocabulary
Total questions: 20
Worksheet time: 23mins
What is a budget?
A list of only your income
A list of only what you spend money on
A plan of how you spend your income on expense
How do budgets help us? Why do we use budgets?
Help us track our spending and where our money is going
Help to reduce your financial stress and anxiety
Help us control our spending habits
All of the above
What is INCOME?
Money you earn or regularly receive
Money you spend on things you need and want
Money you win at a game
What is an EXPENSE?
Money you earn or regularly receive
Money you spend on things you need and want
Money you win at a game
Which of the following is an example of INCOME?
utilities
gas
salary
rent
Which of the following is an example of an EXPENSE?
paycheck
rent
tips
What are FIXED EXPENSES?
Expenses that change in cost from month to month
Expenses that do not change in cost from month to month
All expenses are fixed expenses
What are VARIABLE EXPENSES?
Expenses that change in cost from month to month
Expenses that do not change in cost from month to month
All expenses are variable expenses
Which of the following is a FIXED EXPENSE?
gas
groceries
rent/mortgage
Which of the following is a VARIABLE EXPENSE?
electric
car payment
insurance
What is GROSS INCOME?
Money you earn before deductions and taxes are taken out
Money you receive on your paycheck after deductions and taxes
The amount of taxes and deductions from your pay
What is NET INCOME?
Money you earn before deductions and taxes are taken out
Money you receive on your paycheck after deductions and taxes
The amount of taxes and deductions from your pay
Why should a person have a savings?
In case of an emergency or for a big planned expense in the future
To pay their bills and go on shopping trips on a regular basis
What percent of your net income should be put into a savings?
1%
3%
5%
10%
If your net income was $865.94, how much should you be putting into your savings account?
(a)
Chelsea's gross income was $550.00, but her net income was $473.88. How much should Chelsea put into her savings account?
(a)
Devin's net income on his biweekly check was $1344.49. How much should he put into his saving account this pay?
(a)
What is 3% of $300.00?
(a)
What is 3% of $2150.00?
(a)
What is 3% of $58.00?
(a)
