Unit 4 Budgeting Test

Quiz
•
Financial Education
•
10th Grade
•
Easy
Kyle Hamilton
Used 1+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the first step in creating a personal budget?
Tracking your spending
Setting financial goals
Identifying your income
Categorizing expenses into needs and wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following is an example of a fixed expense?
Electricity bill
Grocery shopping
Rent
Dining out
3.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
Why is it important to differentiate between needs and wants when budgeting?
To ensure you can afford luxury items
To prioritize spending on essentials
Wants are always more expensive than needs
Needs can be eliminated from the budget
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following is a variable expense?
Mortgage payment
Car insurance
Utility bills
Internet subscription
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
How can tracking spending habits help in budgeting?
It helps in increasing your income
It identifies areas where you can cut back
It eliminates the need for a budget
It increases fixed expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the purpose of creating a savings plan within your budget?
To spend more on wants
To prepare for unexpected expenses
To eliminate all variable expenses
To increase your fixed expenses
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following should be considered a "need"?
A new smartphone
Basic groceries
Eating out at restaurants
Subscription services
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