WorksheetsBudgeting
Total questions: 25
Worksheet time: 1hrs 6mins
If an expense can NOT be removed from your budget to save money, it is considered a _____.
Income
Want
Need
Savings
Which of the following is generally the most expensive category in a person’s budget?
Healthcare
Clothing
Transportation
Housing
Jaxson can budget 1% of his monthly income to gifts. If he makes $1,295 a month, how much money can he put toward his gift category?
$12.95
$1.29
$120.95
$1.95
8.The money an individual spends regularly for items or services.
Budget
Expense
Checking Account
Financial Plan
Total monthly income
Income from only one source
Total income of your parents and siblings added to your income.
Income from all possible sources.
A spending plan of expenses
Liabilities
Anything that you might incur an expense for.
All expenses deducted from income before net pay can result.
Income left over after paying all expenses for he month or year
Income from all possible sources.
What type of analysis does this question represent?
What is the difference in a bank and a credit union?
Credit unions are member owned.
Banks are non-profit
Credit unions are for profit
Banks deal with less cash than credit unions.
What is budgeting?
The process of spending money without any plan or organization.
The process of saving money for future use.
The process of investing money in the stock market.
The process of creating a plan to manage and allocate financial resources.
Why is budgeting important for financial planning?
To track income and expenses, set financial goals, and make informed decisions.
To waste money and overspend
To ignore financial goals and make impulsive decisions
To have no control over income and expenses
What is the difference between short-term and long-term financial goals?
Short-term financial goals can be achieved within a year or less, while long-term financial goals take more than a year to achieve.
Short-term financial goals involve saving money, while long-term financial goals involve investing money.
Short-term financial goals are less important than long-term financial goals.
Short-term financial goals can be achieved within a month or less, while long-term financial goals take more than a month to achieve.
This helps you prepare for unexpected expenses.
Credit cards
Checking account
Emergency fund
None of the above
What are goals called that take more than a year to accomplish?
Short-term goals
Long-term goals
Expenses
What are goals called that take less than a year to accomplish?
Short-term goals
Long-term goals
Expenses
amount of money needed to sustain a certain level of living including basic expenses
cash envelope budget
needs
budget
cost of living
Reaching a conclusion after considering alternatives and their results.
gross pay
cost of living
consequences
decision-making
