Budgeting Skills Assessment

Quiz
•
Others
•
11th Grade
•
Easy
Jigmi Modi
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of creating a budget?
To make financial decisions without considering income
To plan and track income and expenses, prioritize spending, allocate resources efficiently, and achieve financial goals.
To ignore financial responsibilities
To randomly assign money to different categories
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Differentiate between fixed and variable expenses.
Fixed expenses remain constant, while variable expenses fluctuate based on production or sales volume.
Variable expenses are constant
Fixed expenses depend on sales volume
Fixed expenses are unpredictable
3.
FILL IN THE BLANK QUESTION
1 min • 10 pts
Which rule one should follow for financial planning?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can tracking your expenses help in budgeting?
By making expenses more complicated
By increasing unnecessary spending
By providing insights into spending habits and allowing for adjustments to be made accordingly.
By ignoring financial goals
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 50/30/20 rule in budgeting?
Allocating 70% of income to needs, 20% to wants, and 10% to savings or debt repayment.
Allocating 40% of income to needs, 30% to wants, and 30% to savings or debt repayment.
Allocating 50% of income to needs, 30% to wants, and 20% to savings or debt repayment.
Allocating 60% of income to needs, 20% to wants, and 20% to savings or debt repayment.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to set savings goals?
It is important to set savings goals to track progress, stay motivated, prioritize spending, and achieve financial objectives.
There are no benefits to setting savings goals.
Savings goals limit financial flexibility and creativity.
Setting savings goals is unnecessary and a waste of time.
7.
OPEN ENDED QUESTION
3 mins • 1 pt
Do you create a budget every month?
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