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WorksheetsBudgeting Unit Review (Part 1)
Total questions: 35
Worksheet time: 43mins
Use the word bank to choose the best terms to complete the sentence: When looking at your paycheck, your ______ gross pay is the amount you were paid before taxes, and your ______ net pay is your take-home pay.
gross pay; net pay
net pay; gross pay
salary; surplus
fixed expense; variable expense
Use the word bank to choose the best term to complete the sentence: Paige sets up her budget so that every single dollar is accounted for using the ______ zero-based budget strategy.
zero-based budget
50/30/20 budget
cash envelope budget
pay yourself first
Use the word bank to choose the best terms to complete the sentence: If you spend MORE than you earn, you have a budget ______ deficit. If you spend LESS than you earn, you have a budget ______ surplus.
deficit; surplus
surplus; deficit
needs; wants
utilities; expenses
Use the word bank to choose the best term to complete the sentence: If you apply to rent an apartment and are approved, you will sign a(n) ______ residential lease before moving in.
residential lease
down payment
public transportation
salary
Use the word bank to choose the best terms to complete the sentence: A(n) ______ variable expense can change month to month, but a(n) ______ fixed expense costs the same amount every month.
variable expense; fixed expense
fixed expense; variable expense
needs; wants
gross pay; net pay
Use the word bank to choose the best term to complete the sentence: In addition to rent, you should budget for ______ utilities like electricity, heating, and water.
utilities
wants
needs
expenses
Use the word bank to choose the best term to complete the sentence: ______ is a strategy where individuals prioritize saving by putting a portion of their income into savings before paying other expenses.
Pay Yourself First
Zero-Based Budget
Cash Envelope Budget
50/30/20 Budget
Use the word bank to choose the best term to complete the sentence: At the grocery store, comparing the ______ of similar items can help you spot the best deal.
unit price
gross pay
salary
deficit
Use the word bank to choose the best terms to complete the sentence: 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).
needs; wants
wants; needs
utilities; expenses
salary; net pay
Use the word bank to choose the best term to complete the sentence: When deciding where to live, it’s a good idea to look at an area’s ______ to understand how expensive it might be to live there.
cost of living
public transportation
down payment
unit price
What are the benefits of understanding your spending patterns and making a budget?
Select the best description: Pay Yourself First
Save part of your paycheck before you do anything else
Divide your money between needs, wants, and savings
Track every dollar you spend
Set aside cash for each of your budget categories for the month
Select the best description: 50/30/20
Save part of your paycheck before you do anything else
Divide your money between needs, wants, and savings
Track every dollar you spend
Set aside cash for each of your budget categories for the month
Select the best description: Zero-Based Budgeting
Save part of your paycheck before you do anything else
Divide your money between needs, wants, and savings
Track every dollar you spend
Set aside cash for each of your budget categories for the month
Select the best description: Envelope Budgeting
Save part of your paycheck before you do anything else
Divide your money between needs, wants, and savings
Track every dollar you spend
Set aside cash for each of your budget categories for the month
Identify the Type of Expense: Rent
Fixed
Variable
Identify the Type of Expense: Gas
Fixed
Variable
Identify the Type of Expense: Auto lease payment
Fixed
Variable
Identify the Type of Expense: Rent
Fixed
Variable
Identify the Type of Expense: Groceries
Fixed
Variable
Identify the Type of Expense: Concert tickets
Fixed
Variable
Identify the Type of Expense: Tuition
Fixed
Variable
You’ve decided to rent an apartment. What are three housing costs you can expect to pay in addition to your rent?
In addition to your basic housing costs, what are three other factors you should consider when choosing where to live?
When signing a lease, what fees can you expect to pay?
How might your geographic location impact your transportation options and choices?
Identify two fixed costs of car ownership.
Identify two variable costs of car ownership.
What strategies can you use to save money while grocery shopping?
Identify whether each statement is TRUE or FALSE.
Housing is the biggest expense for most American households
Identify whether each statement is TRUE or FALSE.
Entertainment is one of the 3 biggest expenses for most American households
Identify whether each statement is TRUE or FALSE.
Variable expenses tend to be harder to reduce than fixed expenses:
Identify whether each statement is TRUE or FALSE.
Many popular budgeting apps can connect directly to your bank or credit card:
You input your expenses into your budget at the end of the month and realize you overspent. How can you use your budget differently next month to prevent that from happening again? Select all that apply.
Track your expenses as you make them so that you can see your spending over the course of the month
Try a different budgeting strategy
Review your expenses to see which would be easiest to reduce
Fill in the blank: Generally, the minimum wage is ______ the living wage across the U.S.
lower than
higher than
the same as
