WorksheetsBudgeting
Total questions: 25
Worksheet time: 29mins
Income is all the money you earn (make) over a period of time. Usually a month.
True
False
A budget _________________________.
Lets you know how much money you have and where it's going
lets you know what's for dinner
is something babies understand
All of these are "NEEDS" EXCEPT:
HOUSING
MOVIE TICKETS
RENT
GROCERIES
Rent and car insurance payments are both which type of expenses?
fixed costs that are needs
fixed costs that are wants
variable costs that are needs
variable costs that are wants
Which of the following people would benefit MOST from a personal budget?
Tim carefully keeps track of his expenses.
Sue spends less than she earns.
David is saving for a major purchase.
Bob does not have enough money to pay bills.
Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter. This is considered a
Fixed Expense
Flexible Expense
Discretionary Expense
Income
Your pay BEFORE deductions
Gross
Net
Income
paycheck
Something thought to be an essential item required for life (food, water etc.).
Need
Want
Desire
Impulse
Something unnecessary but you desire.
Need
Want
Expect
Money earned after taxes and other deductions.
Net income
Gross income
Monthly income
What do families spend most of their money on?
Transportation
Housing
Food
Clothing
What do you call your annual salary?
Net income
Gross income
Paycheck
Cash flow
Preparing a budget includes:
Income, Expenses, Saving
Only listing your expenses
Only listing your debts
Only listing your income
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)
Decide what she will make for dinner that same day
Go to the grocery store with a list
Go to the store whenever she needs 1-2 items
Keep staple foods (e.g. beans, rice) readily stocked
If an expense can be cut from your budget to save money, it is considered a ______.
want
need
income
savings
What is the 50/30/20 Rule?
50 savings/30 needs/ 20 wants
50 wants/ 30 savings/ 20 needs
50 needs/30 wants/ 20 saving
50% groceries / 30% home/ 20% car
What are Flexible/Variable Expenses?
Expenses that only happen once a year.
Expenses that change every month.
Expenses that stay the same from one month to the next.
Expenses that all Needs
What is a surplus?
Not having enough money to complete the budget. Expenses more than income.
Having money left over after the budget is complete. Income more than an expense.
Adding extra categories to a budget to make it balance.
All the above
Fixed or variable expense: Groceries
Fixed
Variable
Which of the following is an example of a fixed expense?
Entertainment
Car repairs
Auto insurance
Dining out
What is the importance of setting a budget for food?
To limit food consumption
To indulge in expensive meals
To avoid overspending
To prioritize entertainment
What is the purpose of comparison shopping practices?
To increase spending
To decrease choices
To make better financial choices
To ignore alternatives
