Budget Planning

Budget Planning

6th Grade

10 Qs

quiz-placeholder

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Budget Planning

Budget Planning

Assessment

Quiz

Others

6th Grade

Hard

Created by

Rekha undefined

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in creating a budget plan?

Start tracking expenses

Create a savings plan first

Determine income sources and amounts

Consult with a financial advisor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to track your expenses when creating a budget plan?

Budget plans are more effective without tracking expenses

Tracking expenses is a waste of time and effort

Knowing where your money goes has no impact on financial planning

Tracking expenses provides insight into spending habits and allows for better financial planning.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are fixed expenses in a budget plan?

Expenses that vary each month

Costs that remain constant each month.

One-time expenses

Variable income sources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you increase your savings in a budget plan?

Never review the budget plan

Ignore tracking expenses

Spend all income without saving

Set a savings goal, track expenses, create a budget, automate savings, and review regularly.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between needs and wants in a budget plan?

Needs and wants are the same in a budget plan.

Needs are more expensive than wants in a budget plan.

Needs are essential for survival, while wants are non-essential desires.

Needs are non-essential desires, while wants are essential for survival.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should you review and adjust your budget plan?

Monthly

Yearly

Quarterly

Weekly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an emergency fund and why is it important in a budget plan?

An emergency fund is a loan for unnecessary purchases, important in a budget plan to encourage overspending

An emergency fund is a credit card for luxury expenses, important in a budget plan to increase debt

An emergency fund is a savings account for unexpected expenses, important in a budget plan to avoid debt and financial stress.

An emergency fund is a retirement account for long-term savings, important in a budget plan to limit spending

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