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WorksheetsBudgeting
Total questions: 20
Worksheet time: 40mins
Income is all the money you earn (make) over a period of time. Usually a month.
True
False
A budget _________________________.
Lets you know how much money you have and where it's going
lets you know what's for dinner
is something babies understand
There are two types of expenses. They are ____________ and _______________. Choose two.
Fixed Expenses
Impulse expenses
Flexible Expenses
Deductions
All of these are "NEEDS" EXCEPT:
HOUSING
MOVIE TICKETS
RENT
GROCERIES
Rent and car insurance payments are both which type of expenses?
fixed costs that are needs
fixed costs that are wants
variable costs that are needs
variable costs that are wants
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.
For which item would someone MOST LIKELY need to save money in order to
purchase?
a new shirt
a new washing machine
a hair dryer
a video game
Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter. This is considered a
Fixed Expense
Flexible Expense
Discretionary Expense
Income
Your pay BEFORE deductions
Gross
Net
Income
paycheck
An expense that changes from month to month.
Flexible expense
Fixed expense
Unexpected expense
What is a Impulse purchase?
An expense that changes every month.
An expense that is unexpected.
An expense that is the same month to month.
Buying something you don't really need
Something thought to be an essential item required for life (food, water etc.).
Need
Want
Desire
Impulse
Something unnecessary but you desire.
Need
Want
Expect
Money earned after taxes and other deductions.
Net income
Gross income
Monthly income
What is unplanned, compulsive spending called?
Impulse buying
Planned buying
Budgeted buying
What do families spend most of their money on?
Transportation
Housing
Food
Clothing
Which of the following is not a basic need?
food
utilities
vacation
housing
