Money Matters

What is the first step in creating a budget?

• Estimate your monthly expenses

• Determine your monthly income

• Set financial goals

• Track your spending

• 25%

• 50%

• 75%

• 10%

Which of the following is NOT a logical decision-making strategy with money?

• Buying items on sale even if you don't need them

• Comparing prices before making a purchase

• Creating a list before going shopping

• Setting aside money for unexpected expenses

• Save $1000 every month

• Save $500 every month

• Save $300 every month

• Save $50 every month

• 25%

• 50%

• 75%

• 10%

What is the 50/30/20 budget rule?

• 50% needs, 30% wants, 20% savings

• 50% savings, 30% needs, 20% wants

• 50% wants, 30% savings, 20% needs

• 50% needs, 30% savings, 20% wants

If you save $200 a month, how much will you have saved after one year?

• $2,400

• $2,000

• $2,600

• $2,200

What is a benefit of tracking your spending?

• You can spend more money

• You can identify areas to cut back

• You can ignore your budget

• You can avoid saving money

If your expenses exceed your income, what is the FIRST action you should take?

• Take out a loan

• Increase your income

• Reduce your expenses

• Ignore the problem

What is the formula for calculating net income?

• Net Income = Income + Expenses

• Net Income = Income - Expenses

• Net Income = Income / Expenses

• Net Income = Income * Expenses