Budgeting

Budgeting

6th - 8th Grade

22 Qs

quiz-placeholder

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Budgeting

Budgeting

Assessment

Quiz

Business

6th - 8th Grade

Medium

Created by

Erica Randolph

Used 7+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Budgeting is crucial to your financial success.
True
False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If an expense can NOT be removed from your budget to save money, it is considered a _____.

Income

Want

Need

Savings

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When making a budget, a person’s needs should come before their wants.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If an expense can be cut from your budget to save money, it is considered a ______.

want

need

income

savings

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Of all the choices, which one should you budget for first?

Groceries

Entertainment

Cell Phone Bill

New Car

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is a need?

Something you must have

Something you'd like to have

Something you would like to do

All of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Why is it important to be able to decide if an item is a NEED or a WANT?

You cannot create a budget that has both needs and wants included -- you need them each in a separate budget

Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them

Needs are worth spending money on, but you should never spend on a want

When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

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