WorksheetsMoney and Debt Unit Test
Total questions: 24
Worksheet time: 17mins
What is the definition of a budget?
A plan for saving and spending money
A list of things you want to buy
A type of bank account
A way to earn money
Which of the following is an example of a need?
A new video game
Food and water
A smartphone
A concert ticket
If you earn $50 dollars a week from your allowance and spend 30, how much do you save?
$10
$20
$30
$40
Why is it important to track monthly expenses?
To know how much money you have left to spend
To impress your friends
To avoid paying taxes
To increase your income
Which of the following is a good strategy for saving money?
Spend all your money as soon as you get it
Save a portion of your income regularly
Only save money when you feel like it
Borrow money to save
How can creating a budget plan help you manage your money better?
It helps you spend more than you earn
It allows you to see where your money goes and make adjustments
It makes you spend less on things you need
It forces you to save all your money
Consider the following scenario: You have a budget of $100 dollars for the month. You spend 40 on needs and $30 on wants. How much do you have left?
$20
$30
$40
$50
What is the difference between needs and wants?
Needs are things you can live without; wants are essential
Needs are essential for survival; wants are additional desires
Needs are always more expensive than wants
Needs are things you want; wants are things you need
If you want to save for a new bike that costs $200 and you save $20 each month, how many months will it take to save enough money?
5 months
10 months
15 months
20 months
Match the words to their definitions.
Your are the things that you spend money on.
Expenses
Things that you want to do that costs money is
Entertainment
Your is the money that you earn, like from a job.
Income
A plan you have for what you spend your money on is called a
Budget
When you create a budget, it should always be for your
Needs
Why might someone choose to spend less on wants in their budget?
To have more money for needs
To increase their debt
To avoid paying taxes
To make their budget more complicated
You have a monthly income of $300 dollars. You spend 150 on needs, $50 on wants, and save the rest. How much do you save each month?
$50
$100
$150
$200
How can tracking expenses help you improve your budgeting skills?
It helps you forget about your spending
It allows you to identify spending patterns and adjust accordingly
It makes budgeting more difficult
It encourages you to spend more
Imagine you have a budget of $200. You want to buy a new gadget for 150, but you also need to pay for school supplies costing $60. What should you do?
Buy the gadget and borrow money for school supplies
Buy the school supplies first and save for the gadget
Spend all your money on the gadget
Ignore both and save the money
What is a potential consequence of not having a budget?
You will always have extra money
You may overspend and not have enough for needs
You will never be able to buy what you want
You will automatically save more money
How can you adjust your budget if you find you are spending too much on wants?
Increase your spending on needs
Reduce spending on wants and allocate more to savings
Stop tracking your expenses
Spend more on wants to balance the budget
Things that you need are groceries, cable, and shelter.
True
False
Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50% needs, 30% wants, 20% savings
50% budget, 30% needs, 20% wants
50% saving, 30% needs, 20% wants
$50 needs, $30 wants, $20 savings
How many paychecks a month should you budget for in your income?
One
Two
Three
Four
Tara receives $12,000 dollars a month to go to school.
School cost $5000 dollars.
She is at school for 6 months.
Her rent is $700 dollars a month.
Her phone bill is $80 dollars a month.
She spends $200 dollars a month on groceries.
She spends $20 dollars a month on her train pass.
What is the total amount of Tara's expenses?
$12000
$15000
$11000
$6000
How much money does Tara have left over after her expenses?
$1000
$2000
$0
$100
What is the difference in a credit card and a debit card?
A credit card is money from your checking account and a debit card is money you have to pay back.
A credit card is free money from the bank and a debit card is money from your checking account.
A credit card is money that you have to pay back and a debit card is money from your checking account.
A credit card and a debit card are the same thing, but with different names.
When we budget or buy things what do we need to know?
How much you will get paid next week.
How much money you have
Weekend plans
What should you do if you consistently spend more than your budget allows?
Continue spending the same way
Borrow money to cover extra expenses
Adjust your budget or reduce expenses
Ignore the budget
When you get paid, which of the following should you do first with your money?
Put half the money towards bills
Put some of the money towards fuel costs
Put some of the money in savings
Give some of the money to charity
Invest some of the money
