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WorksheetsBudgets 101
Total questions: 35
Worksheet time: 12mins
Which of the following is an example of a need for most people?
A place to live
Designer Jeans
An expensive car
It's important to spend money on things you need before spending money on things you want.
True
False
What is a good reason to save money?
To have money to buy things
To have money put aside for emergencies
For a future purchase
Any or all of the choices
Money that your earn is called...
expense
debt
income
credit
Money that you spend is called...
expense
income
debt
profit
A plan for spending and saving. You must consider both income and expenses.
hoarding
banking
budget
investing
An expense that does NOT change from month to month.
fixed expense
variable rate
opportunity cost
online bill
Something thought to be an essential item required for life (food, water, etc.)
surplus
need
profit
want
The item you gave up to purchase the item you chose.
expensive
budget
want
opportunity cost
If your income is $20 per month, how much should you spend each month to stay on budget?
exactly $20 dollars
between $20-$30 dollars
$20 dollars or less
nothing
Something unnecessary but desired. An item which increases the quality of life (video games, DVD's, etc.).
surplus
need
want
deficit
Which of these is an example of a bi-annual (every 6 months) or annual (once a year) expense?
gas
phone bill
movie tickets
car insurance
In the 50/30/20 Rule...what does the 50% represent?
Resources
Needs
Bills
Wants
In the 50/30/20 Rule...What does the 20% represent?
bills
wants
savings
insurance
Where should your savings go to protect it?
Wallet
Piggy Bank
Bank Account
Shoe Box
Most people need the benefits of the 50/30/20 Budget Rule...
To learn to spend money without thinking
To learn to avoid debt
To learn to save money for the future
Only save money and spend money
What is the financial definition of wealth (Hint: Assets are things you own/have)?
Assets – Debts = Wealth
Debts – Assets = Wealth
Assets + Debts = Wealth
Your NEEDS and WANTS will basically stay the same throughout your whole life.
True
False
People who are really good at saving find ways to make it…
Optional
Hurt
Difficult
Automatic
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?
studying for a quiz
missing the TV show
eating dinner
taking a nap
Which of these is NOT an example of a need?
Water
Food
Cell phone
Shelter
Steve decided to buy the brand new iPhone that just came out instead of putting money aside for a vacation next summer. This is known as saving.
True
False
A _____________ is something you would like to have, but it is not required to live.
need
want
choice
You want to buy a new video game and a new pair of sneakers. You only have enough money to buy one of them. If you buy the video game, what is your trade-off?
The money you spend on the video game
Playing the video game
Not getting the sneakers
Money is "fungible" This means...
money can only be used to pay for wants
money spent on one item can easily be spent on something else
money if flexible and can be folded many different ways
money tastes like onion rings (funyuns)
An opportunity benefit is....
making choices
going to a fundraiser
what you get after paying the cost
not getting what you want
Choose the correct description...you don't feel like going to work today (which means you don't get paid), but you have a really boring day at home.
Low Cost/Low Benefit
Low Cost/High Benefit
High Cost/High Benefit
High Cost/Low Benefit
Choose the correct description... Tony decides to get a pizza for lunch because he had a drink and a hot dog yesterday..
Low Cost/Low Benefit
Low Cost/High Benefit
High Cost/High Benefit
High Cost/Low Benefit
One of the Pillars of Budgeting is having your paycheck automatically deposited and your bills set up to pay online. This Pillar is known as...
Emergency Fund
Tracking Spending
Automation
A Budget method that uses only cash (Cash Budgeting) is also called this because you divide the cash into separate categories for spending.
Debit Card Budget
50/30/20 Rule
Values Budgeting
Envelope Budgeting
When you use Zero Based Budgets, like you are doing in Banzai-Life Scenarios, you essentially give...
"The Most To Savings"
"Every Dollar A Job"
"All Your Money Away"
"All Your Money To Your Wants"
If saving your money to buy the newest electronics and you base your Budget on that expense, you are most likely using this Budget Method...
50/20/30
Zero Based Budget
60% Solution
Values Based Budget
"A living and breathing plan for your money so you do not spend too little or too much" is the definition of what according the Atypical Finance creator Tim Jordan.
Budget
Income
Expense
Work-Life Balance
