WorksheetsBudgeting Practice Test
Total questions: 25
Worksheet time: 13mins
TRUE/FALSE — (8 items): A budget is a plan that helps you manage your income and expenses.
True
False
TRUE/FALSE — (8 items): Variable expenses change depending on choices and usage.
True
False
TRUE/FALSE — (8 items): Fixed expenses are easy to change from month to month.
True
False
TRUE/FALSE — (8 items): Savings is considered a flexible expense.
True
False
TRUE/FALSE — (8 items): Tracking spending helps increase budgeting accuracy.
True
False
TRUE/FALSE — (8 items): A short-term goal is something achievable within one year.
True
False
TRUE/FALSE — (8 items): Rent is considered a flexible expense.
True
False
TRUE/FALSE — (8 items): A budget is only effective if you have a high income.
True
False
MULTIPLE CHOICE — (12 items): The most effective way to reduce food spending is to...
Eat out more often
Buy more snacks
Cook meals at home
Skip meals
MULTIPLE CHOICE — (12 items): If Maya pays $150 per month for insurance, what is her annual insurance cost?
$1,500
$1,800
$1,650
$1,750
MULTIPLE CHOICE — (12 items): A goal someone wants to meet in the next 12 months is called a...
Lifetime Goal
Career Goal
Short-Term Goal
Long-Term Goal
MULTIPLE CHOICE — (12 items): Which software is best for building a budget spreadsheet?
Web browser
Spreadsheet program
Word processor
Calculator
MULTIPLE CHOICE — (12 items): Which category is usually included in a personal budget?
Housing
Amusement park visits
Vacation souvenirs
All of these
MULTIPLE CHOICE — (12 items): If someone earns 2,700monthlyandspends 2,560, their budget...
Has a $140 surplus
Has a $140 deficit
Is balanced
Is incomplete
MULTIPLE CHOICE — (12 items): Which category is generally the largest in an average person’s budget?
Food
Housing
Transportation
Clothing
MULTIPLE CHOICE — (12 items): A document used to compare planned vs. actual spending is a...
Credit Statement
Budget Worksheet
Check Register
Balance Sheet
MULTIPLE CHOICE — (12 items): Which is a flexible expense?
Car loan
Rent
Cell phone bill (fixed plan)
Restaurant meals
MULTIPLE CHOICE — (12 items): If Jacob earns $70 per week over four weeks, his monthly income is...
$140
$210
$280
$350
MULTIPLE CHOICE — (12 items): Gross pay is...
Money after taxes
Money before taxes
Always less than net pay
Only earned by hourly workers
MULTIPLE CH Suppose Apps help users because...
They guarantee extra income
They make tracking spending easier
They automatically raise credit scores
They remove the need for budgeting
STATEMENT COMPLETION — (5 items): Use the word bank to complete each statement. Word Bank: Fixed Expense; Earned Income; Expense; Life-Span Goal; Cash Flow. Rent is an example of a ________.
Fixed Expense
Earned Income
Expense
Life-Span Goal
Cash Flow
STATEMENT COMPLETION — (5 items): Use the word bank to complete each statement. Word Bank: Fixed Expense; Earned Income; Expense; Life-Span Goal; Cash Flow. Money earned from a job is called ________.
Fixed Expense
Earned Income
Expense
Life-Span Goal
Cash Flow
STATEMENT COMPLETION — (5 items): Use the word bank to complete each statement. Word Bank: Fixed Expense; Earned Income; Expense; Life-Span Goal; Cash Flow. Any money leaving your pocket is an ________.
Fixed Expense
Earned Income
Expense
Life-Span Goal
Cash Flow
STATEMENT COMPLETION — (5 items): Use the word bank to complete each statement. Word Bank: Fixed Expense; Earned Income; Expense; Life-Span Goal; Cash Flow. Saving for retirement is an example of a ________.
Fixed Expense
Earned Income
Expense
Life-Span Goal
Cash Flow
STATEMENT COMPLETION — (5 items): Use the word bank to complete each statement. Word Bank: Fixed Expense; Earned Income; Expense; Life-Span Goal; Cash Flow. Income minus expenses is known as ________.
Fixed Expense
Earned Income
Expense
Life-Span Goal
Cash Flow
