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WorksheetsFoundations in Personal Finance-Budgeting
Total questions: 21
Worksheet time: 16mins
Although the majority of Americans think budgeting is important, about ________ of Americans actually use a budget.
95 %
65 %
25 %
35 %
Which of the following is NOT a component of a budget?
Credit Score
Saving
Spending
Giving
What are the Four Walls?
Utilities, college fund, restaurants, and car insurance
Cell phone, car insurance, Shelter, and money for entertainment
Food, Utilities, Shelter, and Transportation
Food, Utilities, Transportation, and college fund
How often should you create a budget?
Daily
Weekly
Monthly
Semiannually
The best way to budget is ...
by using a digital app.
by using a spreadsheet.
by using paper and pencil.
the method that works best for you.
Your monthly rent or house payment is an example of a ________ expense.
Fixed
Variable
Intermittent
Discretionary
Discretionary or non-essential expenses are based on _______.
needs
wants
Creating a budget can make you feel powerful! Why?
People who budget earn more money, so they can live a better life
A budget puts you in control of your spending and saving, so you make good decisions and feel more confident
You can't really budget unless you have an important job, which means that other people look up to you
Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things
What is an example of a monthly variable cost?
groceries
car payment
gym membership
student loan payment
Your pay before tax deductions is known as
Total Income
Paycheck
Net pay
Gross pay
Which vocab term is for a written spending plan, or written money management plan?
Journal
Checkbook
Budget
Money log
True or False: Be sure that your WANTS are met first before you set aside money for your NEEDS.
True
False
A series of envelopes that are divided into categories (food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses
envelopment
envelope
envelope system
envelop
All of the decisions and activities of an individual or family regarding their money, including spending, saving and budgeting, etc.
real money
budgeting
finance
personal finance
Which of the following is NOT a reason to budget?
helps you meet your financial goals
locates where your money is going
prevents you from saving money
sheds light on bad spending habits
A type of irregular income that is based on a percentage of the amount of sales that a person makes?
Budget
Commission
Interest
Emergency Fund
Creating a budget can make you feel powerful! Why?
People who budget earn more money, so they can live a better life
A budget puts you in control of your spending and saving, so you make good decisions and feel more confident
You can't really budget unless you have an important job, which means that other people look up to you
Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things
Personal finance is about ________% behavior and ________% head knowledge.
30, 70
20, 80
70, 30
80, 20
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
zero
zero-based budget
one-based budget
Living paycheck to paycheck
What is an individuals biggest wealth building tool?
Income
Investment
Debt
Inheritance
Creating a budget is important.
Yes
No
Undecided
