
Budgeting Quiz
Quiz
•
Social Studies
•
7th Grade
•
Practice Problem
•
Hard
Randall Bulliard
Used 2+ times
FREE Resource
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Creating a budget is important because it helps in:
Tracking expenses and savings
Increasing income
Avoiding all financial problems
Eliminating the need for financial planning
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the budgeting process? What are examples of cash inflows? What are examples of outflows?
Identify your current cash inflows and outflows
Salary, hourly wages, or other money earned in the month
Any money leaving your wallet/bank account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a personal cash flow statement?
To track income and expenses over a period of time
To calculate net worth
To assess investment performance
To determine credit score
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Budgets will vary annually.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a budget help its user with?
Saving money on large purchases
Managing unexpected expenses
Taking advantage of unexpected opportunities
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cash shortfall occurs when you do not have cash inflow in a month to cover the expenses of that month.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should a person reevaluate their budget and plan?
When you start to have less money than what you should from month to month during the budgeting process
When you have more money than expected
When there are no changes in your financial situation
When you receive a financial windfall
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