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WorksheetsBudget
Total questions: 15
Worksheet time: 22mins
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
For which item would someone most likely need to save money in order to
purchase?
a washing machine
a tub of ice cream
dinner for two
a pair of socks
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
Which of the following are considered NEEDs? (You can choose more than one.)
Airpods
Water
A new pair of shoes
Food
Playstation 5
The following could be considered long-term financial goals, except:
College tuition fee
Retirement
Dinner date for two
Real estate
Which of the following statements about money is false?
Money can buy happiness.
Money is a tool.
Everyone needs money to purchase goods.
A penny saved is a penny earned.
Which of the following people would benefit MOST from a personal budget?
Tim carefully keeps track of his expenses.
Sue spends less than she earns.
David is saving for a major purchase.
Bob does not have enough money to pay bills.
"Pay yourself first" means to assign a portion of your income for your personal savings.
True
False
The first step in creating a budget is _________.
know your income
determine fixed expenses
determine variable expenses
review periodically
When a person borrows from the bank and receives the cash, he can consider it as an income.
True
False
Which word of phrase should be at the top of the left column of this budget?
Cash flow
Fixed costs
Income
Savings
What is the main purpose of a budget?
to keep track of cash flow
to find new sources of income
to differentiate between needs and wants
to determine the amount of taxes to be paid
Cory's budget shows a problem. His weekly expenses average $10 more than his earnings. Coryworks 5 days a week and every day on his way to work, he spends $2.50 on hot chocolate. Will cutting out the hot chocolate help Ellis balance his budget?
Yes, and he will have some money left ove
Yes, the amount he saves will balance his budget exactly.
No, Ellis will have to find other places to cut.
____________ is a regular fixed payment that a person earns for performing work during a specific period of time.
saving
expenses
bonus
salary
