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Budgeting Review

Total questions: 45

Worksheet time: 1hrs 7mins

Name
Class
Date
1.

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

2.

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

a)

Fixed Expenses

b)

Impulse expenses

c)

Variable Expenses

d)

Deductions

3.

All of these are "NEEDS" EXCEPT:

a)

HOUSING

b)

MOVIE TICKETS

c)

RENT

d)

GROCERIES

4.

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

5.

For which item would someone MOST LIKELY need to save money in order to

purchase?

a)

a new shirt

b)

a new washing machine

c)

a hair dryer

d)

a video game

6.

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

7.

An expense that changes from month to month.

a)

Variable expense

b)

Fixed expense

c)

Unexpected expense

8.

What is a Impulse purchase?

a)

An expense that changes every month.

b)

An expense that is unexpected.

c)

An expense that is the same month to month.

d)

Buying something you don't really need

9.

Something unnecessary but you desire.

a)

Need

b)

Want

c)

Expect

10.

Something thought to be an essential item required for life (food, water etc.).

a)

Need

b)

Want

c)

Desire

d)

Impulse

11.

Money earned after taxes and other deductions.

a)

Net income

b)

Gross income

c)

Monthly income

12.

What is unplanned, compulsive spending called?

a)

Impulse buying

b)

Planned buying

c)

Budgeted buying

13.

What do families spend most of their money on?

a)

Transportation

b)

Housing

c)

Food

d)

Clothing

14.
A service that is provided like water, gas, and electricity.
a)
ATM
b)
Subscription
c)
Rent
d)
Utilities
15.
Money a person pays in return to being able to live in a space.
a)
Utilities
b)
Rent
c)
Subscription
d)
Overdraft
16.

Which of the following is not a basic need?

a)

food

b)

utilities

c)

vacation

d)

housing

17.

Discretionary income is the money you have left after all of your fixed and variable expenses have been paid.

a)

True

b)

False

18.

What is something you identify and work on to achieve?

a)

needs

b)

money

c)

goal

d)

wants

19.

What do you call the money you actually take home?

a)

Net pay

b)

Gross pay

c)

Paycheck

d)

Cash flow

20.

If an expense can be cut from your budget to save money, it is considered a ______.

a)

want

b)

need

c)

income

d)

savings

21.

Preparing a budget includes:

a)

Income, Expenses, Saving

b)

Only listing your expenses

c)

Only listing your debts

d)

Only listing your income

22.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

23.

What do you call your annual salary?

a)

Net income

b)

Gross income

c)

Paycheck

d)

Cash flow

24.

What is generally the highest expense in a household budget?

a)

Food

b)

Transportation

c)

Housing

d)

Entertainment

25.

Budget

a)

Anything that you might incur an expense for

b)

Is a spending plan for managing your money that includes income and expenses

c)

All expenses deducted from income before net pay can result.

d)

Income after all deductions have been paid.

26.

3.The state of owing money to another individual or business, or the amount of money borrowed.

a)

Gross Income

b)

Net Income

c)

Debt

d)

Budget

27.

8.The money an individual spends regularly for items or services.

a)

Budget

b)

Expense

c)

Checking Account

d)

Financial Plan

28.

Mason, William, and Arjun are planning to move out and live independently. What should be their first step in creating a personal budget?

a)

Create a savings plan.

b)

Track spending habits.

c)

Set financial goals.

d)

Determine income and expenses

29.

Jackson, Priya, and Michael are planning a road trip. Why is it important for them to track their expenses during this trip?

a)

To have no control over their finances, miss opportunities to save, and struggle financially during the trip.

b)

To increase their debt, lose track of their spending, and hinder their financial progress.

c)

To manage and control their finances, identify overspending, save money, and achieve their financial goals for the trip.

d)

To ignore their financial goals, overspend, and waste money during the trip.

30.
What is the ¨S¨ in SMART Goal?
a)
Small
b)
Separate
c)
Specific
d)
Silly
31.
Which one of these is NOT a necessity in order to survive?  
a)
Food
b)
Water
c)
Sunglasses
d)
Electricity
32.
What does the "T" in SMART stand for?
a)
Time-bound - the goal must be reached within a specific length of time.
b)
Thoughtful - a goal must take into account the feelings of others.
c)
Transferable - a goal should be able to be shared with other people.
d)
Trust-worthy - a goal should be worthy.
33.
What does the "M" in SMART stand for?
a)
Mental - you have to be able to think about the goal.
b)
Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.
c)
Memorable - a goal must be easily remembered
d)
Maximum - there are no limits for goals
34.
Which SMART Goal component is the following: Austin will save money for the next two years.
a)
M
b)
A
c)
R
d)
T
35.
Which SMART Goal component is the following: Austin will save $600.
a)
S
b)
M
c)
A
d)
R
36.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
37.
What percentage is recommended for savings?
a)
5%
b)
10%
c)
20%
d)
15%
38.
Why do you want to have savings?
a)
financial emergencies
b)
exciting financial opportunties
c)
financial security
d)
all of these
39.
Which of the following is an example of a "life change" that would effect your budget?
a)
marriage
b)
children
c)
change in job
d)
all of these
40.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
41.
Which of the following is an example of a variable expense
a)
Food
b)
Rent
c)
Car payment
d)
Student loan
42.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
43.

All together, the money you have plus all of the items/things/investments that you could possibly sell for money are collectively known as your...

a)

Liabilities

b)

Assets

c)

Variable Expenses

d)

Fixed Income

44.

Which of the following is an asset?

a)

mortgage

b)

school loan

c)

jewelry

d)

credit card bill

45.

A person's "Net Worth" is calculated by...

a)
subtracting expenses from income
b)
dividing monetary assets by current liabilities
c)

subtracting liabilities from assets

d)
dividing monthly debt by monthly income

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