WorksheetsBudgeting Unit Review
Total questions: 15
Worksheet time: 8mins
Which of the following costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Dining out
buying new clothing
car payment
Setting financial goals can help you create a budget by helping you determine.....
your needs
your wants
your priorities
your needs, wants and priorities
Why is it helpful to track your spending for 2 months?
You can receive higher interest rates for your savings account when you can show how you spend your money
You can receive special discounts at certain stores when you can show how you spend your money
To identify your spending patterns and then prioritize your needs, wants, and savings goals
To eliminate all spending on your wants
Which of the following was NOT one of the budgeting strategies you learned about?
50/30/20
Pay Yourself First
Powerful Methods
True or False: A budget can help you identify any bad spending habits.
True
False
Which of the following is NOT a strategy you can use to save money on groceries?
use a small cart
listen to music while shopping
go shopping when you are hungry
make a list
Which of the following are variable expenses (amount can change from month to month)
car payment
entertainment
car insurance
monthly rent
Which of the following is considered a need?
a new car
clothes dryer
a place to sleep
lunch at a local restaurant
For a budget to be balanced
income must equal expenses
unlimited spending is permitted
income is not considered
expenses are not considered
Items for which you must spend money are called
net worth
expenses
assets
income
The amount you budgeted to spend on food for June was $500. The amount you actually spent was $455, resulting in
$45 extra
$55 extra
$45 shortage
$55 shortage
Examples of income include which of the following
paychecks
gift money
allowance
all of the choices
A ______________ details exactly how you're going to use your money to pay for things you want and need.
Income plan
Asset plan
Budget
money plan
The amount of income you planned for June was $1,500. The amount you actually received was $1,300 resulting in
$200 extra
$200 shortage
$300 shortage
$300 extra
Which of the following are things to budget when owning a car?
Maintenance and Repairs
Gas
Insurance
All of these are important to budget
