Finance Unbox-ED ($) - Grade 3-5 - Session 006 - Quiz 2

Select all the statements that are true

• Budget is a plan for how much of your income you want to save
• Budget is a plan for how you want to spend your time
• Budget is a plan for how much of your income you want to spend
• Budget is a plan for what you want to spend on

Budget is important because?

• Budget gives you a clear picture of your income, expenses and savings
• Budget helps you understand how much you are spending on needs vs wants
• Budget helps you find time to finish all your tasks
• Budget helps you save for long-term goals

Select the correct order for budget prioritization

• 1) Savings -> 2) Needs -> 3) Wants
• 1) Needs -> 2) Savings -> 3) Wants
• 1) Wants -> 2) Savings -> 3) Needs
• 1) Needs -> 2) Wants -> 3) Savings

One should try and save atleast what percentage of their income?

• 5%
• 10%
• 20%
• 40%

Preparing a budget is important for businesses and not for individuals

• True
• False