Budgeting Quiz

What is the main purpose of a budget?

• To help you live within your income

• To increase your income

• To eliminate all expenses

• To avoid paying taxes

What does a personal balance sheet tell you?

• Your assets and liabilities

• Your monthly expenses

• Your annual income

• Your credit score

Tags

CCSS.HSA.SSE.A.1

Which of the following is NOT a component of budgeting?

• Investing

• Income

• Giving

• Saving

What is the third component of a budget?

• Saving

• Income

• Giving

• Spending

How does a person's life situation affect budgeting?

• It affects household goals and plans for spending

• It determines the interest rates on loans

• It changes the currency used

• It eliminates the need for a budget

What is the basis for handling daily financial activities?

• An organized system of financial records

• A high income

• A large savings account

• A low interest rate

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3

What is the most important budgeting category?

• It varies based on personal priorities

• Income

• Saving

• Spending

What should come first in your budgeting categories?

• The most important category

• The least important category

• The category with the highest cost

• The category with the lowest cost

What does an organized system of financial records help with?

• Planning and measuring financial progress

• Increasing income

• Reducing taxes

• Eliminating expenses

What does a cash flow statement capture?

• The amount of cash generated and utilized by a company

• The total expenses of a company

• The profit margin of a business

• The investment portfolio of a business