WorksheetsBudgeting
Total questions: 10
Worksheet time: 5mins
Which two things does a budget compare?
Savings and interest
Income and expenses
Income and investments
Which of the following is a true statement about budgets?
They encourage people to spend as much money as possible.
Setting up a budget will allow you to earn more money
They allow people to track how and where their money is spent
In what way is a kid's budget similar to an adult's budget?
The goal for both is to have less money going out than coming in.
Both have about the same ratio of income and expenses.
People can save money with both by earning less than you spend
If your income is $20.00 per month, how much should you spend each month to stay on budget? Choose the best answer.
Exactly $20 dollars
Between $10 and $30 dollars
$20 or less
The key to keeping a budget is to spend your money prudently. What is the best synonym for "prudently"?
stingily
wisely
extravagantly
Which of the following is an example of a fixed expense?
shoes
book of the month club
cough medicine
If you were in charge of buying milk for a family of five, but not everyone has breakfast at home everyday, what kind of expense would you classify the milk?
Fixed essential
Variable essential
Non-essential
What can you infer from Tim's practice of saving receipts?
Knowing how much you spend helps you keep an accurate budget
The more receipts you collect, the more money you're likely to save
You can't know how much you spend unless you save receipts
What is one consequence of going into bankruptcy?
Losing the ability to make a budget
Losing your job
Having to some of your possessions taken away
People in debt are often said to have a budget deficit. What does that mean?
They never set up a budget, which directly led to their debt
Their expenditures exceeded their income
They had no income
