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WorksheetsMath Models Unit 4 Budget assessment
Total questions: 20
Worksheet time: 11mins
Check ALL that are a consequence of overdrawing your checking account
Your bank will give you a free gift
Stress from bad money management
Overdraft fee from the bank
Doing a budget.....
does not show if you are overspending in an area
Makes overspending more likely
Tells your money exactly where you want it to go!
what expenses should your budget include?
Fixed Expenses
extreme expenses
Variable Expenses
Discretionary expenses
Which of the following statements is FALSE
A budget is the summary of what has already been spent
A budget can be changed with needs and income of the month
A budget is a written plan for saving and spending
Which of the following is something a typical millionaire would do?
By a Lamborghini
Replace things that are not broken
Spend less money than they make and save the extra
What category of expense is RENT?
Fixed expense
Variable expense
discretionary expense
Eating out is what kind of expense? Pick the best category
Fixed expense
Variable expense
Discretionary expense
Car repairs are which kind of expense?
Intermittent (occasional) expense
Fixed expense
Variable expense
Groceries are what kind of expense? Choose the best option
Fixed Expense
Variable expense
Discretionary expense
Which is NOT a guideline for budgeting with an irregular (changing) income?
Make a list of all of your expenses for the month coming up
Prioritize the list in order of importance
It's no different than budgeting with a regular income
When using the envelope system, which envelope has the cash for groceries?
Food
Rent
clothing
pocket cash
A zero-based budget is the best method of budgeting because
It's less complicated than other budgets
It assigns every dollar you make to a specific purpose
It allows less money for the things you want
The number 1 cause of divorce in North America today is stress and disagreements over money
True
False
The envelope system helps you to manage your spending on things that are not fixed expenses
True
False
If you write a zero based budget every month, you don't have to balance your checking account
True
False
Budgeting is critical to your financial success and wealth building
True
False
A debit card can't be used for online purchases
True
False
Pay yourself first means you should assign a portion of your income to saving every month
True
False
Having more than one bank account is never a good idea since it can complicate money management
True
False
Setting up automatic bank account transfers is the best way to build your savings for emergency fund or large purchases
True
False
