Budget Basics Pretest

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

Which of the following is a true statement about saving receipts?

• Saving receipts allows you to keep an accurate record of your spending.
• The more receipts you save, the more money you can save.

People who earn paychecks pay income taxes to the government.

• True
• False

Which of the following is an example of a need for most people?

• A place to live
• A nice car
• Designer jeans

Something you like to have such as toys.

• borrow

• saving

• needs

• wants

What is a need?

• Something we need in order to survive.
• Something fun.
• Something we earn.
• Something automatically given to you.

The circle graph shows Haley’s monthly budget. What percent of her budget is for housing?

• 18%
• 28%
• 13%
• 8%

If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?

• $2,000
• $.08
• $200
• $4

Money is withdrawn directly from a checking or savings account. 

• Credit
• Debit
• Both

Each purchase is a loan that is repaid later.

• Credit
• Debit
• Both