NEW
Font size
WorksheetsTOPIC 3: Budgetting
Total questions: 20
Worksheet time: 10mins
______: A plan for managing money
Fund
Goods and Services
Budget
Pension
To create a budget, we use ______
Income + Expense
Expense - Income
Income - Expense
Income = Expense
One is said to have a 'surplus' balance when _____
Income > Expense
Income = Expense
Income < Expense
One is said to have a 'deficit' balance when _____
Income > Expense
Income = Expense
Income < Expense
One is said to has a 'break-even' balance or '0' leftover when
_____
Income > Expense
Income = Expense
Income < Expense
All of the following are tips to smart spending EXCEPT
_____
Prioritize spending for needs before wants
One should allocate some part of his income for savings and for emergency fund
Invest some of your money
Spend for wants and if have left-over, spend it for your needs
In creating a budget, which of the following expenses should you give
PRIORITY to?
Variable Expense
Fixed Expense
Discretionary Expense
Essential Expense
An example of FIXED EXPENSE (doesn't change) is ___
Rent
Petrol
Groceries
Cloth
What is a record of income and spending
and a plan for managing money
Bank Statement
Budget
Bank Account
Interest Rate
Expenses that do not change from month to month, such as
mortgage or rent
Fixed Expense
Variable Expense
Expenses that vary from month to month, such as
entertainment, car repairs or electricity bills
Fixed Expense
Variable Expense
The money going out of your budget to pay for bills, food and other purchases
Expenses
Utilities
Allocated Fund
Monthly Income
Things like gas bills, water bills, electricity bills are refer to as ___
Utilities
Expense
Allocated fund
Income
A budget comprises of two categories ___
Income and Salary
Expenditure and Net Profit
Salary and Spending
Income and Expenditure
Which of the following is not a potential benefit of budgeting?
Reaching long-term goals
Avoiding overspending and debt
Building an emergency fund
Increasing Income
When putting together a budget, which of the following
should you include?
Fixed Expense
Savings
Discretionary
(optional)
Expense
All of the above
It is important to include 'savings' when doing your budget
True
False
The best way to start the budgeting process is
Start tracking all the money you spend for a period of time
Pay off all your loans
Automatically deposit money into your savings account with each paycheck
Stop all activities like dining out and entertainment
Buying something spontaneously without much thought or planning is called ___
e.g. due to pressure of advertising or
perhaps you see the display chocolates during checkout
Impulse Buying
Peer Pressure
When someone feels compelled to buy something because his friends,
families or social group are buying it is called ___
Normally, this is driven by a desire to fit in.
Impulse Buying
Peer Pressure
