Econ Unit 2 Test
Authored by Roman Mulkey
Social Studies
12th Grade
Used 1+ times
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39 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is budgeting?
What you spend your money on
Planning how much to spend on a vacation
The process of creating a plan to spend your money
The process of getting out of debt
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is NOT a reason that budgeting is important?
It helps you set goals
It helps you not spend money you do not have
It helps you prevent emergencies
It reduces stress
It can help you prepare for emergencies
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is Murphy's Law
Good things happen to those that wait
Bad things will happen if you are not prepared
What goes around comes around
There is no such thing as a free lunch
Everything that can go wrong, will go wrong
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In the Golden Rule of budgeting, what does the 50% stand for?
Money that is allocated towards saving
Money that is allocated towards necessities
Money that is allocated towards wants/lifestyle
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In the Golden Rule of budgeting, what does the 30% stand for?
Money that is allocated towards saving
Money that is allocated towards necessities
Money that is allocated towards wants/lifestyle
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In the Golden Rule of budgeting, what does the 20% stand for?
Money that is allocated towards saving
Money that is allocated towards necessities
Money that is allocated towards wants/lifestyle
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
How can Murphy's law impact your budget?
You can have more money to budget
Something unexpected can happen in which you will need to change your budget
Because Murphy's law is unpredictable it has no impact on your budget or how much you spend
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