Elements of a Personal Budget
Quiz
•
Social Studies
•
4th Grade
•
Medium
Used 160+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It's your birthday! Your grandparents gave you $25 to buy something you want. Is this considered income or an expense?
expense
opportunity cost
income
need
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The goal of a budget is to _____.
spend more than you make.
spend less than you make.
create a list of things you want to buy.
donate to a charity.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money set aside to use in the future is called _________.
income
expenses
benefits
savings
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You sold your bike to a friend for $100. What is this called?
budget
income
expense
opportunity cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are really hungry today. You went through the Wendy's and bought $12.95 worth of food. This is an example of what?
a want
an opportunity cost
income
expense
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You did yard work all summer for your neighbors and earned $300. You want to be a large screen TV for your basement. Instead you bought a new lawn mower. What is the opportunity cost of your decision?
Lawn Mower
Large Screen TV
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is money spent to buy something?
expenditure
income
opportunity cost
benefit
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