What is the primary purpose of a budget?
Money Management Final Review

Quiz
•
Business
•
10th Grade
•
Medium
Meghan Kloc
Used 1+ times
FREE Resource
47 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
To track spending habits
To prevent spending money
To earn interest
To pay taxes
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a fixed expense?
Groceries
Rent
Entertainment
Clothing
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An emergency fund is typically used for:
Buying a new car
Paying for unexpected expenses
Investing in stocks
Taking a vacation
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What percentage of income is commonly recommended for savings?
5%
10%
25%
50%
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of a discretionary expense?
Utility bills
Dining out
Rent
Insurance premiums
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A budget surplus occurs when:
Expenses are greater than income
Income equals expenses
Income is greater than expenses
Savings are not included in the budget
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The '50/30/20 rule' recommends:
50% savings, 30% needs, 20% wants
50% needs, 30% wants, 20% savings
50% wants, 30% savings, 20% needs
50% debt repayment, 30% needs, 20% wants
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