WorksheetsBudget Concepts
Total questions: 25
Worksheet time: 33mins
Tina earned $15 doing laundry and $9 washing the car last month. She created a balanced budget for her earnings. Which table could show Tina’s budget?
Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?
$32.00
$48.00
$112.00
$128.00
The first step in making a budget is to:
identify all sources of income
how much monthly bills are
identify all places of spending
get a piece of paper
Once a budget is established, you should not make a sincere effort to follow it.
True
False
What type of expense is a set amount of money due on a set date?
fixed expense
flexible expense
Which of the following is income and should be considered part of your budget?
money received from selling your car
money received as a graduation gift
money from your part-time job
all of the above
Which of the following is an expense?
cell phone bill
mp3 purchases
lunch
all of the above
What is a budget , and why is it important?
A budget is a budget. it allows you to make crazy financial choices
A budget is a summary of money. it allows you to make safe choices
a budget is a detailed summary of expected income and expenses during a specific time period. It allows you to make informed financial choices
a budget is a detailed summary of unexpected income and expenses during a specific time period. It allows you to make uninformed financial choices
Why is tracking your expenses important in budgeting?
To categorize your expenses
To calculate your income
To keep up with your budget
To plan your budget
What should you do if your expenses exceed your income in a budget?
Cut back on essential expenses
Increase your income
Adjust your budget lines and reduce nonessential categories
Add more to your emergency fund or savings goals
How can categorizing expenses help in making better spending choices?
By identifying areas to cut expenses
By tracking your spending
By setting up a monthly budget
By calculating your income
What can be done to increase savings in a budget?
Cutting back on expenses
Increasing income
Both listed answers
Neither listed answer
What should Jessica do if she wants more savings?
Neither listed answer
Both listed answers
Increase her income
Cut back on expenses
What can Jessica do with the money left over at the end of the year?
All of the above
Save it for emergencies or unanticipated expenses
Dedicate it to her long-term goal
Apply it to her short-term goal
Which of the following is considered a non-essential expense?
Utilities
Food
Concert tickets
Shelter
using more money than you have available
income
savings
insurance
overspending
Buying the things we need (clothing, food)
Buying things we want (games, toys)
Giving to others (gifts, donations)
budget
savings
expenses
overspending
Budgeting can help prevent impulse buying.
True
False
Fixed expenses are those which stay relatively the same from month to month and are required. Which of the following is an example of a fixed expense?
Eating out
Entertainment
Mortgage and rent
Clothing
In creating a monthly budget, ideally, the income column should be _______ than the expense column.
less
equal
greater
Fill in the blank: After purchasing a new car, the car insurance and car payment were added to the _______ side.
Variable Expenses
Fixed Expenses
Gabby wants to buy a new dishwasher that costs $500. She has already saved $100. She earns $1,200 a month and her total monthly expenses come to $1,000. Gabby is going to put all of her extra money each month into her savings account for the dishwasher. Assuming her expenses stay the same, how long will it take Gabby to save enough money for the dishwasher?
three months
Two monthes
five months
one month
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
For which item would someone most likely need to save money in order to
purchase?
a washing machine
a tub of ice cream
dinner for two
a pair of socks
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
