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WorksheetsPersonal Budgeting Test Review
Total questions: 19
Worksheet time: 12mins
After creating a budget, you realize you're spending more than you are making. What are the first expenses that need to be cut from the budget?
Fixed
Variable
Variable expenses are those which are:
Required
Different from month to month
The same every month
Only paid every other month
Jane paid $35.92 for gasoline with her debit card. Which of the following is an accurate description of Jane's transaction?
Jane's payment will affect her credit rating
Jane will be charged interest for this purchase
Jane's linked account will immediately have the $35.92 removed.
Jane will make a payment for this purchase when she receives her monthly statement.
An _____________ is anything you spend money on, while ___________________ is money earned through work or services.
income; expense
deposit; withdrawal
expense; gifts
expense; income
Which payment method takes the amount out of your account immediately?
Credit
Check
Debit
Cash
If the government takes out 22% of your monthly income for taxes, how much would be taken out of your paycheck if your monthly income was $4,892.55
$1,050.00
$2,458.50
$1,076.36
$222.38
Which of the following would be considered variable expenses
Car Insurance
Electricity Bill
Rent
New Tires
If a person makes $2548.00 monthly and 20% is taken out for taxes and insurance. What is their net income?
$509.60
$2548.00
$1586.43
$2,038.40
Credit cards charge ___________ fees when you do not pay off your balance.
Late
Withdrawal
Interest
Expense
The amount of income you receive after taxes, social security, and insurance are taken out.
Net Worth
Net Profit
Net Income
Income
Gwen has $438,298 in assets and $102,879 in liabilities. What is her net worth?
$335,419.00
$541,177.00
$438,298.00
$102,879.00
Which of the following is not a common budgeting strategy?
Separating needs from wants
Creating a savings plan
Establishing an emergency fund
Ensuring expenses are greater than income
Rent is a variable expense.
True
False
If Cole works 80 hours every two weeks for $18.50 an hour, what is his monthly income before taxes are taken out?
$1,480.00
$2,960.00
$5,920.00
$1820.00
Which of these is NOT one of the four steps that you need to follow to calculate your monthly budget?
Create a list of monthly expenses
Create a list where expenses are greater than income collected
Gather financial statements
Record all sources of income
The goal of a budget is to create a monthly __________________.
Deposit
Guide
Budget
Average
Anything that you spend money on is an ______________.
Expense
Withdrawal
Income
Deposit
Which of the following is an expense which stays relatively the same from month to month?
Fixed Expense
Variable Expense
Estimated Expense
Average Expense
You just started a job as a summer camp counselor. Your monthly income is $1562.32 before taxes. If 25% is taken out for taxes, what will your net income be?
$390.58
$1,050.00
$858.90
$1,171.74
