Budgeting Quiz

Accord to our lesson earlier this week, a personal budget should be created and updated every ________.

• Day

• Week

• Month

• Year

Having a personal budget does all of the following EXCEPT.....

• Helps track and manage expenses

• Guides financial decision-making

• Guarantees financial success

• Promotes long and short term saving and investing goals

According to the "50-30-20" budgeting strategy, 50% of your budget should be set aside for your _____

• Needs

• Wants

• Goals

• Savings

Your needs typically include all of the following EXCEPT....

• Housing

• Transportation

• Utilities

• Food / Groceries

• Savings for investments

According to the "50-30-20" budgeting strategy, 30% of your budget should be set aside for your _____

• Needs

• Wants

• Goals

• Savings

All of the following EXCEPT could be considered wants....

• A new pair of Jordans

• An Xbox game

• Monthly Rent

• The latests fashion

• A coffee a day at Starbucks

According to the "50-30-20" budgeting strategy, 20% of your budget should be set aside for your _____

• Needs

• Wants

• Goals

• Savings

True or False: Individuals living paycheck to paycheck can easily set aside money for their savings

• True

• False

In the United States, some of the highest cost of living, or the most expensive places to live can be found ....

• In Denver

• On the Pacific and Atlantic coastal cities (New York, San Francisco, Seattle)

• In the Southern US

• In Texas

In Denver, often a individuals greatest expense with in their budget is their

• Transportation

• Rent/ Housing

• Food

• Clothing