WorksheetsU10 Budgeting Review
Total questions: 14
Worksheet time: 13mins
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 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 wages by 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
What does it men to "pay yourself first"?
Set aside some fun money in each month's budget so you can enjoy yourself
Auto-deposit a set amount of money into savings after each paycheck so that you don't spend all your income.
Be self-employed, so that you don't have a boss and get to keep all income from your business for yourself.
Do all your budgeting at the beginning of the month, rather than at the end
Which of the following is a recurring expense?
Graduation present for your sister
A large car repair bill
A concert ticket
Daily Starbucks latte
Djamila is using the envelope budgeting method. She wants to go out with friends to et and opens her Restaurant envelope to find that it only has $5 left in it. What budgeting advise would you give to her?
Borrow money from another category that will likely have a surplus this month.
Use her credit card and put extra money into the credit card envelope next month
Dip into her emergency fund to cover the shortfall
Suggest other options to her friends that don't involve going out to eat
One way to cut down on expenses associated with renting is to...
Find a place in the center of a popular area of a city
Live by yourself to avoid having roommates
Sign a lease for the first apartment you go see
Do market research to understand what typical rents look like in the area.
All of the following are ways you can save money at the grocery store EXCEPT...
Buying whole produce instead of pre-cut
Pay someone to do your grocery shopping so you don't make unnecessary purchases
Avoid impulse purchases made at the register like magazines or candy
Make a list and only purchase items on it.
Andrew has a car and is moving to the city for his new job. Which of the following actions would be the Most effective way for him to decrease his transportation cost?
Switching to public transportation or biking for his daily commute.
Buying a more expensive, luxury car for better comfort
Upgrading to premium fuel for his current car
Washing his car more frequently to maintain its appearance
What expense are fixed in a personal budget?
What expenses would be considered a variable expense?
When creating a budget, it's important to determine which expenses are _____ (items or services that are necessary to live and work) and which are _____ (items or services that are nice to have, but not essential).
(a)
A good emergency fund should cover how many months of essential expenses?
9 to 12 months
1 to 2 months
3 to 6 months
12 - 18 months
According to the 50/30/20 rule, what percentage of your income should go toward savings and debt repayment?
10%
20%
30%
50%
