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Learn about budget

Total questions: 99

Worksheet time: 5hrs 51mins

Name
Class
Date
1.

Does your family have and use a budget?

a)

Yes

b)

No

c)

Not sure

2.

I always review my pay-stub every payday.

a)

Yes

b)

No

3.

How much do you spend on eating out each month?

a)

Less than $20

b)

Between $20 and $75

c)

Over $75

4.

Which of these are fixed expenses?

a)

Car insurance

b)

Starbucks

c)

Rack Room

d)

Cell Phone

5.

Which of these would be mandatory expenses?

a)

Rent

b)

Car Insurance

c)

Unlimited Data on phone

d)

Tanning salon

6.

Take a look at your bank's app. Are you able to label/classify various transaction?

a)

Yes I can

b)

No I cannot

c)

I don't have the app for my bank

d)

I don't have a bank account

7.

Does your family have and use a budget?

a)

Yes

b)

No

c)

Not sure

8.

I always review my pay-stub every payday.

a)

Yes

b)

No

9.

How much do you spend on eating out each month?

a)

Less than $20

b)

Between $20 and $75

c)

Over $75

10.

Which of these are fixed expenses?

a)

Car insurance

b)

Starbucks

c)

Rack Room

d)

Cell Phone

11.

Which of these would be mandatory expenses?

a)

Rent

b)

Car Insurance

c)

Unlimited Data on phone

d)

Tanning salon

12.

Take a look at your bank's app. Are you able to label/classify various transaction?

a)

Yes I can

b)

No I cannot

c)

I don't have the app for my bank

d)

I don't have a bank account

13.

What is Angie's total income?

a)

$18.50

b)

$20.50

c)

$30.50

14.

What are Angie's total expenses?

a)

$30.00

b)

$31.59

c)

$20.80

15.

Is Angie's budget balanced? income = expenses

a)

yes

b)

no

16.

Which equation shows how she can see the difference between her income and expenses? (solve in journal for next slide)

a)

31.59 + 30.50= ?

b)

31.59 - 30.50=?

17.

Angie's budget is not balanced by which amount?

a)

$1.59

b)

$1.09

18.

Remember to add the income and expenses, then subtract if needed.

a)

A

b)

B

c)

C

d)

D

19.

Remember to add the income and expenses, then subtract if needed.

a)

A

b)

B

c)

C

d)

D

20.
a)

A

b)

B

c)

C

d)

D

21.

a)

A

b)

B

c)

C

d)

D

22.

Choose the best answer.

a)

A

b)

B

c)

C

d)

D

23.

Choose the best answer.

a)

F

b)

G

c)

H

d)

J

24.

Choose the best answer.

a)

A

b)

B

c)

C

d)

D

25.
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
26.
If we decide to go to Top Golf over Spring Break, it would be considered a __________.
a)
Variable Expense
b)
Fixed Expense
c)
Discretionary Expense
d)
Income
27.
Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a...
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
28.
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
29.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
30.
If an expense can not be cut from your budget to save money, it is considered a _____.
a)
Income
b)
Want
c)
Need
d)
Savings
31.
To have a __________ at the end of the month, I have to make sure I don't spend more than I earn and have some money to save at the end of the month.
a)
Income
b)
Expense
c)
Balanced Budget
d)
Savings
32.
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
33.
At the end of the month, the money I haven't spent is ________.
a)
Spent quickly
b)
Income
c)
Savings
d)
Expenses
34.
Income = ______ + Savings
a)
Needs
b)
Wants
c)
Expenses
d)
Discretionary
35.
When you are making payments on a car and/or house you have a _____.
a)
Withdraw
b)
Bankruptcy
c)
Debt
d)
Overdraw
36.
Many famous people don't spend their money wisely and end up in ______.
a)
Interest
b)
Withdraw
c)
Inflation
d)
Bankruptcy
37.
It is safer to keep your money here than at home under your mattress.
a)
Balance
b)
Want
c)
Inflation
d)
Bank
38.
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
39.
When I use my debit card at the store, the money is automatically taken out of my ______ account.
a)
Savings
b)
Checking
c)
Inflation
d)
Withdraw
40.
When there is a fundraiser at school, it is much easier to pay with a _____ instead of handing a student cash or my credit card information.
a)
Overdraw
b)
Withdraw
c)
Check
d)
Savings
41.
You should keep track of your spending because if you spend more money than you have in your bank account it is considered a _______ and usually will cause a fee.
a)
Balance
b)
Withdraw
c)
Bankruptcy
d)
Overdraw
42.
Most banks offer an app so you can log in to check how much money has been deposited, spent, and so you know your account _______.
a)
Withdraw
b)
Inflation
c)
Budget
d)
Balance
43.
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
44.
When I need to ______ money from my checking account, I can use my debit card at an ATM.
a)
Overdraw
b)
Inflation
c)
Balance
d)
Withdraw
45.
If Sonya works 160 hours in one month, what is her average hourly wage to meet the budget of $3250? Round to the nearest cent.
a)
$18.62
b)
$20.31
c)
$23.42
d)
$24.14
46.
Mr. Jones works 130 hours in one month. Mrs. Jones works 160 hours in one month. What is their average hourly wage to meet the budget of $3760 a month? Round to the nearest cent.
a)
$12.97
b)
$18.71
c)
$22.94
d)
$26.82
47.

Arturo earned $100 last month from his afternoon babysitting job. The table shows Arturo’s budget. Which is a true statement about Arturo’s budget?

a)

Arturo’s budget is not balanced because his expenses exceed his income.

b)

Arturo will have a surplus because he plans to spend less than he earned.

c)

Arturo’s budget is not balanced because he will spend all of his money.

d)

Arturo’s budget is balanced because his expenses equal his income.

48.

Leon listed some expenses from last month on this table. Which of the following is a fixed expense?

a)

Gifts for friends

b)

Sodas

c)

Car payment

d)

Sports tickets

49.
Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a...
a)
Fixed Expense
b)
Variable Expense
c)
Discretionary Expense
d)
Income
50.
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
51.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
52.
Rent is a:
a)
Fixed expense
b)
Discretionary Expense
c)
Variable expense
d)
Intermittent expense
53.
Groceries are a:
a)
Fixed expense
b)
Variable expense
c)
Intermittent expense
d)
Discretionary expense
54.
Money that is earned through a job.
a)
Interest
b)
Income
c)
Expense
55.
a)
Sonya's minimal monthly budget is $200.
b)
Sonya's minimal monthly budget is $880.
c)
Sonya's minimal monthly budget is $906
d)
Sonya's minimal monthly budget is $3250
56.

The first thing to consider in a budget is your "Income"

Income is:

a)

Money you spend

b)

Money that you receive (paycheck, benefits, allowance)

c)

Expensive items you want to buy

d)

Taxes

57.

Things that you SPEND money on are called

a)

Income

b)

Taxes

c)

Expenses

d)

Outcome

58.

"Fixed" expenses are expenses that

a)

Do not change

b)

Change every month

59.

"Flexible" Expenses

a)

Change from month to month

b)

Stay exactly the same

60.

With an "Income" your paycheck is usually not the exact amount that you earned. This is because most people have to pay ______

a)

For food

b)

Taxes

c)

For clothes

d)

For expensive items

61.

What is a "Savings Account" from a bank?

a)

Money you put in the bank to spend

b)

Money you put in the bank to save and grow

62.

What is a "Checking Account"?

a)

Money you put into the bank in order to keep safe and to spend

b)

Money you expect to grow

63.

An example of a "Need" when budgeting would be

a)

Gold Watch

b)

Video Game

c)

Rent/House

d)

Fast Food

64.

An example of a "want" is?

a)

Rent

b)

Utilities

c)

Loan payment

d)

Video Games

65.

An example of "Transportation" cost would be

a)

Gasoline

b)

Bus fare

c)

Cost of an Uber/Taxi cab

d)

All of the above

66.

an example of "Utilities"

a)

Heat

b)

Electricity

c)

Water

d)

All of the above

67.

"Insurance" is money you spend in case what?

a)

In case you need extra money for expensive items.

b)

In case you get in an accident

c)

In case you spend more money than you thought you would.

d)

In case of unexpected expenses.

68.

The largest "Expense" that most people spend money on is?

a)

Entertainment

b)

Savings

c)

Rent/Housing

69.

A budget it a helpful tool.

a)

True

b)

False

70.

A budget is ___________.

a)

a list of what to buy at a store

b)

a plan for managing your money. It compares how much you earn (make) to how much you spend

c)

is things you shouldn't do

71.

A budget _________________________.

a)

Lets you know how much money you have and where it's going

b)

lets you know what's for dinner

c)

is something babies understand

72.

The goal of a budget is _________________.

a)

to spend more than you make

b)

to spend less than you make

73.

When you want something you should ALWAYS get it.

a)

True

b)

False

74.

Income is all the money you earn (make) over a period of time. Usually a month.

a)

True

b)

False

75.

The income of an adult is the money they get for working. The income of a child could be ____________. Check all that apply.

a)

an allowance (money your parents give you weekly or for chores)

b)

the money your friends or family give you as gifts

c)

fake monopoly money (toy)

76.

There are two types of expenses. They are ____________ and _______________. Choose two.

a)

Essential Expenses (things that you need)

b)

iReady expenses

c)

Non-Essential Expenses (things you don't need but spend money on anyways)

77.

Choose a picture of a budget.

a)
b)
c)
78.

A budget helps you save money for the things you really want.

a)

True

b)

False

79.

All of these are "NEEDS" EXCEPT:

a)

BUS FARE

b)

MOVIE TICKETS

c)

RENT

d)

GROCERIES

80.

What is opportunity cost?

a)

the tax that is paid on income

b)

the fees that are paid for education

c)

the value of an alternative you give up

d)

the interest paid on a long-term investment

81.

Rent and car insurance payments are both which type of expenses?

a)

fixed costs that are needs

b)

fixed costs that are wants

c)

variable costs that are needs

d)

variable costs that are wants

82.

A consumer is someone who

a)

buys something

b)

makes something

c)

offers a service

d)

sells a product

83.

Which word of phrase should be at the top of the left column of this budget?

a)

Cash flow

b)

Fixed costs

c)

Income

d)

Savings

84.

Which statement about variable expenses is true?

a)

Variable expenses include only large costly items.

b)

Variable expenses should not be included in the budget.

c)

Variable expenses include wants but not needs.

d)

Variable expenses are easier to cut than fixed expenses.

85.

What is the main purpose of a budget?

a)

to keep track of cash flow

b)

to find new sources of income

c)

to differentiate between needs and wants

d)

to determine the amount of taxes to be paid

86.

Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?

a)

$32.00

b)

$48.00

c)

$112.00

d)

$128.00

87.

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?

a)

Yes, and he will have some money left ove

b)

Yes, the amount he saves will balance his budget exactly.

c)

No, Ellis will have to find other places to cut.

88.

Gabby wants to buy a new dishwasher that costs $500. She has already saved $100. She earns $1,200 a month and her total monthly expenses come to $1,000. Gabby is going to put all of her extra money each month into her savings account for the dishwasher. Assuming her expenses stay the same, how long will it take Gabby to save enough money for the dishwasher?

a)

three months

b)

Two monthes

c)

five months

d)

one month

89.

A plan on how to spend and save money

a)

Saving

b)

Spending

c)

Budget

d)

Income

90.

Money that comes from outside sources such as a job or career

a)

Income

b)

Wage

c)

Salary

d)

Investments

91.

A (a)   makes an effective personal money management tool to live within one's income.

92.

Basic needs that a household must pay for such as housing, groceries, healthcare, utilities, etc.

a)

Spending

b)

Saving

c)

Expenses

d)

Budget

93.

Setting money aside to use in the future

a)

Budget

b)

Expense

c)

Income

d)

Saving

94.

Because income is (a)   , a household needs to have a plan on how to spend the income.

95.

Which of the following is not a basic need?

a)

food

b)

utilities

c)

vacation

d)

housing

96.

A detailed budget will include _______, expenses and savings.

a)

salary

b)

retirement

c)

wage

d)

income

97.

It is not important to consider saving money for the future.

a)

True

b)

False

98.

Where does the money come from for a household to survive on a monthly basis?

a)

Emergencies

b)

Income

c)

Expenses

d)

Savings

99.

Did you learn something new

a)

No I hated it

b)

Kind of

c)

in the middle

d)

Quite alot

e)

I LOVED it

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