Font size
WorksheetsBudget Adjustments
Total questions: 21
Worksheet time: 40mins
To cover an extra expense, you must_________.
cut back on another expense
add to your savings
spend more than you have
increase your food budget
You can't adjust your budget by subtracting money from your________.
savings
fixed expenses
variable expenses
entertainment budget
The amount of money you move to cover a new expense should be __________.
more than you need
approximately what you need
the exact amount you need
less than what you need
If you're careless about moving money from one expense to another, your budget will ____________.
be too small
stay the same
not balance
balance
be stinky
You must change, or ________, your budget to cover extra expenses.
adjust
subtract
repair
reduce
rip apart
To cover new expenses, you can _________ money from certain budget items.
adjust
subtract
repair
reduce
rip apart
It costs $18 to ________ Jack's bike.
adjust
subtract
repair
reduce
rip apart
Jack didn't want to ______ the amount in his savings.
adjust
subtract
repair
reduce
rip apart
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
Which of the following are considered fixed expenses? (You can choose more than one.)
Cable subscription
Electricity
Insurance coverage
Rent
Medical fees
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
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.
The first step in creating a budget is _________.
know your income
determine fixed expenses
determine variable expenses
review periodically
Which word of phrase should be at the top of the left column of this budget?
Cash flow
Fixed costs
Income
Savings
Which statement about variable expenses is true?
Variable expenses include only large costly items.
Variable expenses should not be included in the budget.
Variable expenses include wants but not needs.
Variable expenses are easier to cut than fixed expenses.
Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?
$32.00
$48.00
$112.00
$128.00
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.
Which of the following statements about saving money is false?
People only save money to build wealth.
Bank accounts are very safe.
It is easy to withdraw money from your bank account.
Most saving accounts pay a small amount of interest.
Ms. Vonn’s monthly budget is shown in the chart. She receives two paychecks per month. Ms. Vonn’s budget is balanced every month. How much is Ms. Vonn’s monthly car payment?
$2,400
$300
$500
$2,100
Jane takes home $3,500 every month from her job. She uses $1,800 of that money to pay for her rent and her car payment, $300 for her credit card payment and $100 for her savings account. In order to make sure that she keeps her budget balanced for her month, what is the most amount of money that she can spend for the rest of the month?
$1,100
$1,300
$800
$1,200
