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Budgeting: 101

Total questions: 10

Worksheet time: 6mins

Name
Class
Date
1.

What is a budget?

a)

A plan you use when your house is in foreclosure.

b)

A plan you use to see how much money you make every other year.

c)

A plan you write down to decide how you will spend your money each month.

d)

A plan you use to file your taxes.

2.

A budget shows you...

a)

how much money you make and how much money you spend.

b)

how to use percentages.

c)

how to operate a credit card.

d)

how ask the bank for more money.

3.

What is a salary?

a)

A fixed amount of money paid to the worker, usually measured on a hourly basis.

b)

A fixed amount of money paid to the employer, usually measured on a monthly or yearly basis.

c)

A fixed amount of money paid to the employer, usually measured on a hourly basis.

d)

A fixed amount of money paid to a worker, usually measured on a monthly or yearly basis.

4.

How do you determine your monthly salary from your yearly salary?

a)

You need to divide your monthly salary by how many weeks there are in a year.

b)

You need to divide your yearly salary by 100.

c)

You need to divide your monthly salary by how many days there are in a year.

d)

You need to divide your yearly salary by how many months there are in a year. 

5.

What are utilities?

a)

Basic services your home, apartment, or business needs to keep it comfortable and functioning properly.

b)

Basic services you want in order for your home, apartment, or business to have guests over.

c)

Basic services you need in order for your home, apartment, or business to have no interest rates.

d)

Basic services your home, apartment, or business has to keep it from getting a lower credit score.

6.

What is a loan?

a)

A loan involves finding money your co-worker was looking for and giving it back to them.

b)

A loan involves borrowing a part of the total from a lender, & making regular (often monthly) payments until the loan is entirely repaid.

c)

A loan involves taking money from your employer without telling them, then replacing it with a lower amount.

d)

A loan involves borrowing a part of the total from a lender, & never paying it back.

7.

What does it mean to "go over budget"?

a)

It means you borrowed enough money to pay your bills.

b)

It means you borrowed not enough money to pay your bills.

c)

It means you spent more money than what you made.

d)

It means you spent less money than what you made.

8.

What are some consequences of "going over budget"?

a)

Not being able to have a bank account, higher credit score, and getting your utilities shut off.

b)

Not being able to go to work, have a credit card, and write a check.

c)

Having to give money away, credit card applications become available, and utility bills are easier to repay.

d)

Having to borrow money, debt, lower credit score, foreclosure, and getting your utilities shut off.

9.

What is a "down payment"?

a)

It is a percentage of the purchase price that you pay out of pocket.

b)

It is a percentage of the purchase price that is turned into a loan for you to repay.

c)

It is the interest rate you have to pay on a car.

d)

It is the tax price given for a car.

10.

An accurate monthly budget can help you...

a)

increase your yearly salary.

b)

find where you can borrow money.

c)

reach your financial goals!

d)

increase your taxes.