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Budgeting Quiz

Authored by Randall Bulliard

Social Studies

7th Grade

Used 2+ times

Budgeting Quiz
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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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