WorksheetsBudgeting Bell Ringer 1
Total questions: 6
Worksheet time: 3mins
When creating a budget, which list below portrays expense categories in the most responsible order?
All of your needs, high priority wants, low priority wants, savings
All of your needs, savings, high priority wants, low priority wants
All of your needs, high priority wants, savings, low priority wants
Savings, high priority wants, low priority wants, all of your needs
Why is it important to create a budget?
A budget is a necessary to qualify for loans and credit cards
A budget makes filing your taxes faster and simpler
A budget will help you save money and prioritize your spending
A budget will guarantee you have enough money saved for college so you won't need loans
Which of the following situations is an example of net pay?
Brian multiplies his hourly wage by his total hours worked
Chrissy multiplies their hourly wage by their total hours worked and subtracts taxes
Timothy multiplies his hourly wage by his total hours worked then subtracts taxes and deductions
Helene multiplies her hourly wage by her total hours worked then subtracts taxes, deductions, and budgeted needs
Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?
His gross pay is $2,500 and net pay is $3,000
His gross and net pay are $3,000
His gross and net pay are $2,500
His gross pay is $3,000 and net pay is $2,500
You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget EXCEPT:
A budget can help you identify any bad spending habits
Using a budget can allow you to work towards your financial goals
Having a budget can help you create an emergency fund
Having a budget is a requirement for obtaining a mortgage
Now that Sanjana is done with college, she is trying to decide whether or not she should buy a new laptop for herself. She has made a preliminary list of questions she can ask herself to determine if the new laptop is a need or a want. Which of the following questions would you ELIMINATE from this list?
Can I afford this laptop right now?
Is this the right time to buy this laptop or will it likely be on sale later?
What model laptop is trendy right now with people my age?
How am I going to pay for this laptop? If I have to charge it or take out a loan, can I afford the monthly payments?
