Understanding the 50/30/20 Budget Rule

Understanding the 50/30/20 Budget Rule

10th Grade

10 Qs

quiz-placeholder

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Understanding the 50/30/20 Budget Rule

Understanding the 50/30/20 Budget Rule

Assessment

Interactive Video

Financial Education

10th Grade

Medium

Created by

Bethany Billingsley

Used 5+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of the 50/30/20 budget rule?

To track detailed daily expenses

To simplify financial management

To prepare for retirement

To increase wealth quickly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of your income should be allocated to 'Needs' according to the 50/30/20 rule?

60%

30%

50%

20%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a practical first step if you don't have a budget according to the video?

Start tracking your expenses

Apply for a new credit card

Consult a financial advisor

Immediately cut all wants

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do if your 'Needs' exceed 50% of your income?

Ignore the rule

Borrow more money

Cut down on unnecessary expenses

Increase your income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be classified as a 'Want' under the 50/30/20 rule?

Electricity bill

Internet bill

Groceries

Mortgage payment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should 'Wants' be defined in the context of the 50/30/20 rule?

Luxuries and non-essentials

Basic necessities

Investments and savings

Essential utilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the recommended action if the 20% savings is not sufficient?

Transfer funds from wants

Borrow money

Ignore savings

Reduce your needs

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