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Budget Basics

Total questions: 95

Worksheet time: 5hrs 10mins

Name
Class
Date
1.

People create and keep a personal budget to help them _____.

a)

set and reach financial goals

b)

apply for loan

c)

buy anything they want

d)

earn promotions at work

2.

Which of the following are considered variable expenses? (You can choose more than one.)

a)

Magazine subscription

b)

Electricity

c)

Insurance coverage

d)

Clothing

e)

Recreation and vacation

3.

Which of the following are considered fixed expenses? (You can choose more than one.)

a)

Cable subscription

b)

Electricity

c)

Insurance coverage

d)

Rent

e)

Medical fees

4.

Which of the following are considered WANTs? (You can choose more than one.)

a)

Concert tickets

b)

Water

c)

A new pair of shoes

d)

Rent

e)

Medical fees

5.

Which of the following are considered NEEDs? (You can choose more than one.)

a)

Airpods

b)

Water

c)

A new pair of shoes

d)

Food

e)

Playstation 5

6.

The following could be considered long-term financial goals, except:

a)

College tuition fee

b)

Retirement

c)

Dinner date for two

d)

Real estate

7.

Money that you earn.

a)

Asset

b)

Expense

c)

Income

8.

What is an expense?

a)

Money that you spend or give away.

b)

Money that you earn.

c)

Money that you put away for later.

9.

Money that you put away or in a bank for the future.

a)

Expense

b)

Savings

c)

Income

10.

What is overspending?

a)

Using money you get to spend.

b)

Using more money than you have available.

c)

Using money you have in the bank.

11.

A plan for spending and saving.

a)

Budget

b)

Savings

c)

Income

12.

An expense that does not change from month to month.

a)

Variable expense

b)

Fixed expense

c)

Unexpected expense

13.

What is a variable expense?

a)

An expense that changes every month.

b)

An expense that is unexpected.

c)

An expense that is the same month to month.

14.

Which of the following is an example of a need?

a)

A place to live

b)

A nice car

c)

A cell phone

d)

An education

15.

It's important to spend money on things you want before spending money on things you need.

a)

True

b)

False

16.

Which of the following is an example of a want for most people?

a)

A warm coat (living in Illinois)

b)

A place to live

c)

A cell phone

d)

Shoes

17.

People who earn paychecks must pay income taxes.

a)

True

b)

False

18.
A salary is paid over a set period of time.
a)
True
b)
False
19.
People who are paid by the hour earn a salary.
a)
True
b)
False
20.
Food, heat, cable, internet, and dog food are examples of what?
a)
Household assets
b)
Household income
c)
Household expenses
21.

Having enough money to cover all your expenses means you have ____

a)

debt

b)

a balanced budget

c)

an uneven budget

22.
If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______
a)
Debit card
b)
Credit Cart
c)
Gift Card
d)
Cash
23.

How is buying with a credit card different than paying with cash?

a)

With credit, you don't have to pay interest

b)

With credit, you borrow money and repay later

c)

No difference

24.
Paying for something with cash can help you avoid spending more money than you have.
a)
True
b)
False
25.
What is a good reason to save money?
a)
To have money to buy things
b)
To have money put aside for emergencies
c)
For a future purchase
d)
All choices
26.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
27.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
28.
Which of the following is a true statement about saving receipts?
a)
Saving receipts allows you to keep an accurate record of your spending.
b)
The more receipts you save, the more money you can save.
29.
Variable expenses may not be the same every month.
a)
True
b)
False
30.

Once you set a budget, you don't have to revisit or adjust it.

a)

True

b)

False

31.

Expenses that stay the same every month are _________ expenses.

a)

fixed

b)

discretionary

c)

variable

d)

intermittent

32.

Rent is an example of a(n) ________ expense.

a)

fixed

b)

discretionary

c)

variable

d)

intermittent

33.
You have to eat so you need to buy groceries. This is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
34.

Your mortgage payment or your car payment are examples of which of the following?

a)

variable expenses

b)

assets

c)

zero-based budgeting

d)

fixed expenses

35.
An estimate of income and expenditure for a set period of time
a)
budget
b)
anticipated income
c)
unanticipated income
d)
discretionary income
36.

An example of a SMART Goal requiring a budget.

a)

Wanting to earn honor roll

b)

Wanting to buy new furniture by saving $50 from each paycheck

c)

Wanting to make a sports team

d)

Wanting to wear jeans on Friday

37.

T or F?

If you don't live within your means, collection agencies can come after you AND you could face charges in court.

a)

True

b)

False

38.

My family is going on vacation this summer, so we are sticking to a(n) ______ to save money.

a)

income

b)

saving loan

c)

budget

d)

expense plan

39.

Because the amount of money I spend on gas depends on the price of gas and how much gas I use, it's considered a(n)...

a)

Fixed Expense

b)

Variable Expense

c)

Discretionary Expense

d)

Income

40.
Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter. 
This is considered a
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
41.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
42.

If an expense can not be cut from your budget to save money, it is considered _____.

a)

Income

b)

a Want

c)

a Need

d)

Savings

43.

To have __________, I have to make sure I don't spend more than I earn at the end of each month.

a)

Income

b)

Expenses

c)

a Balanced Budget

d)

Surplus Dollars

44.
An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.
a)
Needs
b)
Wants
c)
Income
d)
Expenses
45.
Income = ______ + Savings
a)
Needs
b)
Wants
c)
Expenses
d)
Discretionary
46.

If you are making payments on a car or a house, you have _____.

a)

a Withdrawl

b)

a Bankruptcy

c)

Debt

d)

an Overdraw

47.

It's safer to keep your money in a bank than at home under your mattress.

a)

True

b)

False

c)

Both are equally safe

48.
When getting a loan for a car, the ____ is an additional fee you will have to pay back.
a)
Fixed Expense
b)
Discretionary Expense
c)
Inflation
d)
Interest
49.

When I use my debit card, the money is automatically taken out of my ______ account.

a)

Savings

b)

Checking

c)

Inflation

d)

Withdrawl

50.
We are planning to go on vacation next summer, so I transfer money every month to my ______ account.
a)
Discretionary Expense
b)
Checking
c)
Savings
d)
Variable Expense
51.

Which of the following is TRUE about variable expenses?

a)

The amount you spend on variable expenses remains the same from month to month.

b)

The amount you spend on variable expenses does not change during certain months and does change during other months.

c)

The amount you spend on variable expenses changes from month to month.

d)

None of these choices is true.

52.

What is a variable expense?

a)

An expense that is the same from month to month

b)

An expense that is the same during some months, and different during other months

c)

An expense that is different from month to month

d)

None of the above

53.

In a balanced budget, the amount you _____ is _____ the amount you earn.

a)

save; greater than

b)

spend; equal to

c)

save; less than

d)

spend; greater than

54.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
55.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
56.
A budget only works if.....
a)
You are willing to follow it
b)
if someone else creates it
c)
your parents give you money 
57.
The rule "pay yourself first" means to 
a)
Save and invest first 
b)
Have fun before you pay the bills 
c)
Only cash your checks
58.
Budgets should contain goals:
a)
True
b)
False 
59.
Money set aside for an unplanned costly event
a)
Income
b)
Budget
c)
Discretionary Income
d)
Emergency Funds
60.
What does it mean to "live within your means"?
a)
use credit excessively
b)
spend what you make (or less)
c)
repay college loan debts before other debt
d)
spend more $ than you make
61.
Which of the following is NOT a wise financial decision?
a)
using credit for everything
b)
saving for the future
c)
writing down expenses to track spending
d)
creating a budget based on your NET income
62.
what are your expenses?
a)
money you save
b)
money you spend on things
c)
money you put away for taxes
d)
all of these
63.
Gasoline
a)
fixed expense
b)
expected expense
c)
unexpected expense
d)
variable expense
64.

Property owned by a person or company, regarded as having value is an __________

a)

asset

b)

liability

c)

net worth

d)

pizza

65.

What is another word for house payment?

a)

Wages

b)

Net Worth

c)

Mortgage

d)

tax credit

66.

Bills and Loans are examples of ________?

a)

Assets

b)

Liabilities

c)

Net worth

d)

Pickles

67.

The monthly fee for internet service is a(n):

a)

asset

b)

Expense

c)

income

d)

wage

68.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

69.

Debts and financial obligations (responsibilities).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

70.
Car Payment
a)
Fixed Expense
b)
Variable Expense
71.
Restaurant Bill
a)
Fixed Expense
b)
Variable Expense 
72.
Car Repair
a)
Fixed Expense
b)
Variable Expense
73.
Rent Payment
a)
Fixed Expense
b)
Variable Expense
74.
Charity Donation
a)
Fixed Expense
b)
Variable Expense
75.
Movie Tickets
a)
Fixed Expense
b)
Variable Expense
76.
Phone Bill
a)
Fixed Expense
b)
Variable Expense
77.
Gas for a road trip with friends
a)
Fixed Expense
b)
Variable Expense
78.
Shopping Spree
a)
Fixed Expense
b)
Variable Expense
79.
Veterinarian Bill
a)
Fixed Expense
b)
Variable Expense
80.
Expenses that happen each month and are about the same amount.
a)
Fixed Expenses
b)
Variable Expenses
81.
Expenses that don't happen each month, or the price of the items or services change. They do not stay the same. The cost changes.
a)
Fixed Expense
b)
Variable Expense
82.
Flat tire repair -
a)
Fixed expense
b)
Variable expense
83.
House rent or monthly payment
a)
Fixed expense
b)
variable expense
84.
Monthly grocery bill
a)
Fixed expense
b)
Variable expense
85.
Money that you receive for a job.
a)
Expenses
b)
Savings
c)
Income
d)
Withdrawl
86.
Monthly Netflix bill
a)
Fixed expense
b)
Variable expense
87.
Monthly gym membership
a)
Fixed Expense
b)
Variable expense
88.
Monthly gas expense
a)
Fixed expense
b)
Variable expense
89.
Doctor visit
a)
Fixed expense
b)
Variable expense
90.
New clothes
a)
Fixed expense
b)
Variable expense
91.
My family is going on vacation this summer, so we are sticking to a ______ to save money.
a)
Income
b)
Savings
c)
Budget
d)
Expenses
92.

What Percentage of your Take Home Pay should go to Needs and Obligations

a)

50%

b)

30%

c)

20%

d)

75%

93.

What Percentage of your Take Home Pay should go to Wants

a)

50%

b)

30%

c)

20%

d)

75%

94.

What Percentage of your Take Home Pay should go to Savings?

a)

50%

b)

30%

c)

20%

d)

75%

95.
The thing that you give up (the next best alternative) when you make a decision is known as
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice

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