Font size
WorksheetsCh. 3: The Budget
Total questions: 26
Worksheet time: 1hrs 21mins
A budget is ___________.
a list of what to buy at a store
a plan for managing your money. It compares how much you earn (make) to how much you spend
is things you shouldn't do
The income of an adult is the money they get for working. The income of a child could be ____________. Check all that apply.
an allowance (money your parents give you weekly or for chores)
the money your friends or family give you as gifts
fake monopoly money (toy)
There are two types of expenses. They are ____________ and _______________. Choose two.
Essential Expenses (things that you need)
iReady expenses
Non-Essential Expenses (things you don't need but spend money on anyways)
This account allows Ronnie to deposit money at a bank for safekeeping.
Saving Account
Checking Account
Bill Account
Popeye Chicken Sandwich Account
This account allows Emma to withdraw money, pay a bill, or make purchases easily.
Checking Account
Savings Account
Market Money Account
CD Account
Matt needs to keep track his spending because if he spends more money than Matt has in his bank account it is considered a _______ and usually will cause a fee.
Balance
Withdraw
Bankruptcy
Overdraw
Ms. Vonn’s monthly budget is shown in the chart. She receives two paychecks per month. Ms. Vonn’s budget is balanced every month. How much is Ms. Vonn’s monthly car payment?
$2,400
$300
$500
$2,100
Arturo has an opportunity to buy a video game from his friend for $18. How can Arturo BEST adjust his budget so that he can afford the game?
Do not buy gum and trading cards.
Do not buy lunch at school.
Do not buy movie tickets and gum.
Do not buy popcorn at the movies.
Dominic deposits a $255 check from his weekend job as a clown. Dominic plans a balanced budget for his earnings. He expects to spend $55 for the dentist and $120 for gasoline and other automobile expenses. He plans to have his clown shoes repaired for $15. He will donate $20 to the Needy Children Fund. Dominic plans to spend some of his earnings for movies. Which statement is true if Dominic spends $35 for movies?
His expenses equal his earnings.
He cannot afford to have his shoes repaired
He has money left in his bank account.
He must pay fees for being overdrawn at the bank.
Dominic deposits a $255 check from his weekend job as a clown. Dominic plans a balanced budget for his earnings. He expects to spend $55 for the dentist and $120 for gasoline and other automobile expenses. He plans to have his clown shoes repaired for $15. He will donate $20 to the Needy Children Fund. Dominic plans to spend some of his earnings for movies.
When Dominic visits the dentist, he learns that he has a cavity. The cost to have the cavity filled is $32. Which of the following adjustments will BEST help Dominic pay for the filling without going over budget?
Do not have the shoes repaired.
Do not donate to the Needy Children Fund.
Do not buy gasoline.
Spend less for movies.
A cash-flow plan that assigns an expense to EVERY dollar of your income so that your ending balance is zero is known as a __________________________.
Cash Flow Budget
dream come true
Zero Based Budget
Envelope Budget
What are 3 wealth building habits?
Leon listed some expenses from last month on this table. Which of the following is a fixed expense?
Gifts for friends
Sodas
Car payment
Sports tickets
Because the amount of money Erin spends on gas depends on the price of gas and how much she uses, it is considered a...
Fixed Expense
Variable Expense
Discretionary Expense
Income
An item that is bought without previous planning or consideration of long-term effects
impulse buy
obsessive compulsive shopping
sale item
clearance
Morgan used the ledger below to track her income and expenses for September.
Which is a true statement about Morgan’s income and expenses for September?
Morgan spent $10 more than she earned.
Morgan’s income and expenses were equal.
Morgan earned $10 more than she spent.
Morgan’s total income was $10.
What can you conclude about Favor's monthly budget?
Favor's minimal monthly budget is $200.
Favor's minimal monthly budget is $880.
Favor's minimal monthly budget is $906
Favor's minimal monthly budget is $3250
