What is the 50/30/20 rule in budgeting?
Budget Boss

Quiz
•
Financial Education
•
11th Grade
•
Medium
Ina Barbalat
Used 24+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
50% for savings, 30% for needs, 20% for wants
40% for needs, 40% for wants, 20% for savings
60% for wants, 20% for needs, 20% for savings
50% for needs, 30% for wants, and 20% for savings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can the envelope system help with budgeting?
It encourages spending more on non-essential items.
It allocates cash to specific categories, promoting discipline and visual tracking.
It allows for unlimited spending without consequences.
It eliminates the need for tracking expenses altogether.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are fixed costs? Choose the right variant.
Cost of raw materials
Rent for office space
Advertising expenses for a campaign
Utility bills for the office
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are variable costs? Provide two examples.
Overhead costs such as utilities and insurance
Raw materials and direct labor costs
Depreciation costs on equipment and machinery
Fixed costs like rent and salaries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is commonly used as a symbol for saving money, especially small amounts over time?
Wallet
Piggy Bank
Credit Card
Safe
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the meaning of "profit" generally in business?
The total amount of money a business earns before expenses are deducted
The money remaining after all expenses are subtracted from revenue
The total value of all goods sold by a business
The amount of money invested in a business
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct definition of Cash Flow?
The amount of money saved in a piggy bank for future expenses.
The total income earned from a job over a year.
The movement of money in and out of a business or individual's finances over a specific period.
The percentage of income allocated to entertainment and leisure activities.
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