WorksheetsPersonal Budget Quiz
Total questions: 20
Worksheet time: 10mins
Which of the following is income in a personal budget?
Money used to fix a car.
Money spent on clothes.
Money earned from a job.
Money given away to the animal shelter.
Which of the following expenditures should Alex plan for in his budget?
How much tv he will watch this week.
How many books he will read at school.
How much ice cream he will buy at school.
How many pencils he will trade with another student.
Which of the following is an expenditure in a personal budget?
buying a new shirt for school
selling an old game to a friend
getting paid for helping your neighbor
receiving an allowance from your parents
What is the purpose of a personal budget?
to help people drive more safely
to help people train for their jobs
to help people find their way around their town
to help people plan their spending and saving decisions
What does it mean to save money?
buy snacks every day
spend money on toys
give money to friends
put money aside for later
Use the information to answer the question. Jim and Pam’s monthly budget includes money they donate to their church. What does it mean to donate money?
keep money safe from others
earn money by helping others
give money away to help others
take money from others to help them
You got $20 for your birthday. What would that be called in your personal budget?
a donation
an expense
income
taxes
In a personal budget, your income should always be greater than your _________.
job
savings
services
expenses
What does it mean to have a balanced budget?
expenditures are all the same
income is less than the expenditures
income is the same or more than expenditures
donations to charity are included in the income
Why is it important to prepare and follow a budget?
A budget helps people find jobs for income.
A budget helps people get to the bus on time.
A budget helps people to check our library books.
A budget helps people make responsible economic decisions.
Buying a new soccer jersey would be called ________ in your personal budget.
an expense
an income
a savings
a loan
Use the information to answer the following question. Kelly’s Monthly Budget: Total Income = $100. Expenses: Clothing $20, Food $30, Fun $30, Savings $20. Which choice can Kelly make to have enough money for new clothes right now?
Spend less on clothes and more on fun.
Spend less on fun and more on clothing.
Save less money and spend more on fun.
Save more money and spend more on fun.
Which of the following BEST describes income?
Money lost on the bus ride to school.
Money given to a charity that helps others.
Money received for completing a chore or task.
Money spent on new clothes and shoes for school.
What is the difference between an income and an expenditure?
An income is money that is received; an expenditure is money that is spent.
An expenditure is money that is saved; an income is money that is spent.
An expenditure is money that is earned; an income is money that is received.
An income is money that is given to another person; an expenditure is money that is received by another person.
Why is it important to make a personal budget?
To spend money quickly
To make and keep your friends
To save money for future needs
To buy everything you want at once
Which of the following is an example of income?
trading supplies with a friend
earning money for working a job
buying an ice cream at lunch today
charging a lunch you will pay for tomorrow
Roxanne needs to save money for her trip to Disney this summer. Which of the following is the MOST financially responsible decision?
Roxanne was paid $25 for helping her neighbor. She spent $20 on a T-shirt and $5 on ice cream at the mall.
Roxanne gave away her new bike helmet for free when she could have sold it for $75.
Roxanne got $50 for her birthday from her grandma. She spent $75 on XBox games.
Roxanne earned $100 lifeguarding. She spent $5 on lunch and saved the other $95.
I have a really big social studies project due tomorrow. But, my friends are playing soccer tonight in the park near my house. What should I do?
Work on the social studies project
Play soccer with friends
Do both simultaneously
Ignore both activities
Have students manage a personal budget by providing them with an income and required expenses.
Provide students with a budget and expenses to manage.
Ask students to write an essay on budgeting.
Have students create a presentation on financial management.
Organize a group discussion on personal finance.
Why is it important to prepare and follow a budget?
To manage finances effectively
To increase expenses
To avoid saving money
To ignore financial goals
