Understanding Budgeting Concepts 3rd Period

Imagine you're helping Aria plan her dream vacation! What is the primary purpose of creating a budget for her trip?

• To track only her savings

• To plan her expected income and expenses

• To determine her credit score

• To calculate her net worth

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DOK Level 2: Skill/Concept

Zoe, Mia, and Rohan are planning their monthly budget using the 50/30/20 method. Can you help them figure out what percentage they should allocate to their savings and debt repayment?

• 50%

• 30%

• 20%

• 10%

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DOK Level 2: Skill/Concept

Imagine you're planning a fun day out with friends like Evelyn, Aria, and Avery. How does the cost of living and inflation affect your budgeting for this adventure?

• It determines the interest rate on loans

• It influences the amount needed for basic expenses

• It sets the price of luxury items

• It calculates the depreciation of assets

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DOK Level 2: Skill/Concept

Imagine you're helping Ava and Kai with their first paychecks! What is typically included in deductions from a paycheck?

• Bonuses and incentives

• Taxes

• Overtime pay

• Reimbursements

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DOK Level 2: Skill/Concept

Avery and Arjun are planning a fun weekend shopping spree. Which budgeting method should they use if they want to stick to their budget by using only physical cash for their purchases?

• 50/30/20 Budget

• Cash Envelope Budget

• Zero-Based Budget

• Digital Budget

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DOK Level 2: Skill/Concept

Aiden, Harper, and Anika are planning their monthly budgets. Which of the following should they prioritize as a need?

• Dining out

• Rent or mortgage

• Gym membership

• Streaming services

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DOK Level 2: Skill/Concept

During a fun financial literacy class, Harper and Ethan are discussing their paychecks. What is a common deduction they might notice?

• Lottery winnings

• Health insurance premiums

• Gift cards

• Vacation pay

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DOK Level 2: Skill/Concept

Ava is planning her weekend activities and needs to decide between essentials and fun. Which of the following is considered a want?

• Groceries

• Utility bills

• Concert tickets

• Health insurance

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DOK Level 2: Skill/Concept

Scarlett and Aiden are having a debate: Does budgeting only involve tracking expenses and not income? What do you think?

• True

• False

Mia is planning her monthly budget and needs to identify her fixed expenses. Which of the following should she include?

• Mortgage, loans, rent

• Cable, entertainment, food

• Gas, food, phone

• Clothing, gas, food