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WorksheetsBudgeting Basics Review
Total questions: 10
Worksheet time: 5mins
What is the primary principle of zero-based budgeting?
Allocating funds based on last year's budget
Every dollar earned is tracked into categories
Using a fixed percentage of income for savings
Spending all income to avoid surplus
Which of the following is considered passive income?
Salary from a full-time job
Dividends from stock investments
Freelance project earnings
Tips from a part-time job
What is the purpose of a progressive tax system?
To tax everyone at the same rate
To increase tax rates as income increases
To provide tax breaks for businesses
To eliminate taxes for low-income earners
Which of the following is a common budgeting technique?
The 50/30/20 rule
The 70/20/10 rule
The 60/40 rule
The 80/10/10 rule
What is the formula to calculate net income?
Gross Income + Taxes
Gross Income - Taxes
Gross Income x Taxes
Gross Income \ Taxes
Which of the following is an example of earned income?
Rental income
Interest from savings
Wages from a job
Capital gains from selling stocks
In zero-based budgeting, what must be done if there is left over money?
Do nothing
Find a category to track that expense
It is carried over to the next month
It is given a lower priority
Which of the following is a regressive tax?
Sales tax
Income tax
Property Tax
Excise duty
What is the main advantage of having multiple sources of income?
Increased tax liability
Greater financial stability
More complex budgeting
Higher expenses
Which of the following is a key component of a successful budget?
Ignoring unexpected expenses
Tracking and adjusting expenses regularly
Spending more than you earn
Avoiding savings
