1/11/2016
Quiz
®
Date: Name: Class: Budgets
Which two things does a budget compare?
a. Savings and interest
b. Income and expenses
c. Income and investments
d. Expenses and expenditures
1. Which of the following is a true statement about budgets?
a. They encourage people to spend as much money as possible
b. Setting up a budget will allow you to earn more money
c. The idea behind keeping a budget is to spend exactly as much as you earn
d. They allow people to track how and where their money is spent
2. In what way is a kid's budget similar to an adult's budget?
a. The goal for both is to have less money going out than coming in
b. Both have about the same ratio of income and expenses
c. People can save money with both by earning less than you spend
d. Both adults and kids tend to spend their money on the same items
3. 4. a. b. c. d. If your income is $20 per month, how much should you spend each month
to stay on budget? Choose the best answer.
Exactly $20
Between $10 and $30
Nothing
$20 or less
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5. The key to keeping a budget is to spend your money prudently. What is the
best synonym for "prudently?"
a. Stingily
b. Wisely
c. Extravagantly
d. Thoughtlessly
Which of the following is an example of a fixed expense?
a. b. 6. c. 7. a. b. c. d. d. If you were in charge of buying milk for a family of five, but not everyone
has breakfast at home every day, what kind of expense would the milk be?
Fixed essential
Variable essential
Non­essential
Non­variable
What can you infer from Tim's practice of saving receipts?
a. Knowing how much you spend helps you keep an accurate budget
b. The more receipts you collect, the more money you're likely to save
c. You can't know how much you spend unless you save receipts
d. Saving receipts is a fun hobby, but not useful when keeping a budget
8. 1/2
1/11/2016
Quiz
What is one consequence of going into bankruptcy?
a. Losing the ability to make a budget
b. Losing your job
c. Having some of your possessions taken away
d. Going to prison
9. 10. People in debt are often said to have a budget deficit. What does that
mean?
a. They never set up a budget, which directly led to their debt
b. They only set up one budget for the year, when they should have set up more than
one
c. Their expenditures exceeded their income
d. They had no income
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