WorksheetsLesson 3 Pre Test Budgeting Basics
Total questions: 13
Worksheet time: 7mins
What is a budget?
A shopping bag
A plan for how to use your money
A toy box
A list of games
Why is it helpful to make a budget?
To spend all your money fast
To forget your savings
To keep track of your money and reach goals
To buy more toys
What is income?
Money you find on the ground
Money that comes in from working or gifts
A toy you borrow
Coins in a jar
What is an expense?
Money you earn
Something fun
Money you spend
A prize you win
What can happen if you spend more money than you have?
You save more
You get extra prizes
You might run out of money or owe someone
You win a game
What is a good strategy to help you save?
1st, spend money on all expenses; put the rest into saving
Tap into your savings on a regular basis to purchase small items, like snacks
Pay yourself first - set aside money for savings each month
Keep your spending and saving money together in 1 account
What is a Budget?
Spending your money
A plan for your money
Going to the bank
What is a budget?
A calendar used to plan out your activities for the month
A plan for spending and saving your money
A plan to manage your time for the day
A type of savings account
What is the primary purpose of creating a budget?
To track your spending habits
To ensure you spend all your money
To plan for future expenses and savings
To avoid paying taxes
How often should you review your budget?
Once a year
Every five years
Monthly
Never
Which of the following is an example of an expense?
Receiving birthday money
Finding coins on the street
Buying a new book
Getting paid for chores
What should you do if your expenses are higher than your income?
Ignore it and keep spending
Spend even more
Reduce your spending or increase your income
Borrow more money
Why is it important to track your expenses?
To know where your money goes and manage it better
To win a prize
To make sure you spend all your money
To forget about saving
