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WorksheetsBudgeting Quiz
Total questions: 34
Worksheet time: 46mins
Put the words in order with the definitions.
1. Things that are absolutely necessary 2. Things that are enjoyed but not essential 3. Amount of money set aside for future expenses 4. Total of all money earned in a given period of time 5. Tool that helps a person use every dollar wisely
Budget _____ Income _____ Needs _____ Savings _____ Wants _____
(a)
What is the most important reason to have a budget?
To have enough money to spend on wants
To never need to save money for the future
To be prepared to achieve financial goals
To have enough money to retire early
What is the name of a rule that a person can use to help determine what should be planned for needs, wants, and savings?
10% Rule
50-30-20 Rule
Rule of 72
30-day Rule
Which of the following is an example of a “want” category in your budget?
House payments
Groceries
Medical bills
Going out with friends
What is a budget?
A financial reward
A spending spree
A plan for spending and saving money
A tax refund
Tracking your current spending habits is a key step to budgeting success.
True
False
Which expense should go into a budget first?
gym membership
pet food
gas for the car
bills
What is a potential consequence of overspending?
Winning the lottery
Having a good time
Going into debt
Nothing
Overdrawing your checking account has the following consequence.
Overdraft fee
Bounced check fee from the store
Both
None
Which of the following are examples of a fixed expense?
Rent, car payment, entertainment and student loan payment.
Rent, car payment, daycare and student loan payment.
Rent, fuel, gym membership and student loan payment
All of the above.
None of the above.
Budget helps in ____________________________?
Managing your expenses
Increasing your income
Reducing your savings
Avoiding all financial planning
Which of the following are common budgeting mistakes?
Not Budgeting for vacations.
Guessing about your expenses.
Not creating an emergency budget.
All of the above.
None of the above.
Online budgeting tools aren’t proven safe. It’s best to choose less risky options.
True
False
What goes into a budget? (2 Points)
money earned and money spent
the amount of money you have saved
the prices of the things you want
a list of everything you need and nothing else
Why do people say they can't afford something when they actually can? (2 Points)
They schedule what days of the week they can and can't spend money.
It is not permitted by the store to make the purchase.
They are using their budget to work toward big goals.
They don't know how to use a budget.
Which of the following can lead to budgeting failure? (2 Points)
Forgetting about unusual expenses like property taxes, tuition or magazine subscriptions.
Using a pre-made tool that doesn’t reflect your values or lifestyle.
Guilt, frustration and stress.
All of the above.
Which of the following statements is true about budgeting? (2 Points)
Most people don’t think about their purchases when using cash.
It’s important to practice caution when using cash; if it’s lost or stolen, too bad.
The envelope system requires discipline. Try not to rob from one envelope to pad another.
All of the above.
Which of the following statements is good advice regarding your budget? (2 Points)
Don’t let your budget keep you from having fun.
Forget about making goals. Don’t worry about saving.
Ask your friends and family to help keep you accountable.
None of the above.
Talking about money causes stress for families, so it’s best not to talk about it. (1 Point)
True
False
Which of the following options would be a tip for reducing costs? (2 Points)
Clip coupons and stockpile items that you might need later.
Use credit cards to take advantage of member perks like airline miles or free hotel stays.
Utilize online and community resources for cheaper household items and event tickets.
All of the above.
None of the above.
Money you owe a person or a business. (2 Points)
Withdrawal
Net Pay
Unexpected expenses
Debt
The usual ways people spend their money. (2 Points)
Spending habits
Risk
Deposit
Gross Pay
Costs not planned for, such as accidents and emergencies. (2 Points)
Interest Rate
Risk
Unexpected expenses
Debit
Money temporarily given to you in exchange for repayment with interest. (2 Points)
Balance
Loans
Spending habits
Routing Number
What is your name in this class? (2 Points)
[Student's Name]
John Doe
Jane Smith
Alex Johnson
Use your Budgeting Quiz Worksheet to answer these questions. Once finished turn your worksheet in before your go to the next question.
What is Julie's/ Kate's weekly income?
(a)
How much does Julie/ Kate spend weekly?
(a)
What is Julie's/ Kate's monthly income?
(a)
How much does Julie/ Kate spend monthly.
(a)
What does Julie/ Kate need to do to save more money? Explain in detail.
What is the 50/30/20 rule in budgeting?
50% needs, 30% wants, 20% savings
50% savings, 30% needs, 20% wants
50% wants, 30% savings, 20% needs
50% needs, 30% savings, 20% wants
Which of the following is a fixed expense?
Groceries
Rent
Entertainment
Clothing
What do you put at the top of every paper that you turn in?
(a)
What is your name in the class?
(a)
What goes in the top left corner of each check that you write?
(a)
What is the primary purpose of creating a budget?
To track your spending habits
To plan for future expenses
To save money
To increase your income
Which of the following is a fixed expense?
Groceries
Rent
Entertainment
Clothing
What is a budget?
Money saved in the bank or in cash
Record of fixed expenses every month
Plan for the money that flows in and out of your household every month
An annual record of all the taxes
