BUDGET- QUIZ--CLASS SET- DO NOT WRITE ON

What is the best way to create a budget?

• Save 50% & spend 50%.

• Create savings goals that you must reach before you can buy any “wants.”

• Decide a maximum amount that you can spend each week.

• Divide your income into categories and plan how much you’ll spend on each.

How does a debit card work?

• It lets you pay with the money in your checking account.

• Your bank lets you borrow money that you have to pay back later

• It automatically deducts money from your savings account.

• It gives you the option to choose what account you want to pay with.

Which of the following is true about credit cards?

• You can’t use a credit card at most stores.

• If you don’t pay your balance off in full each month, you’ll accrue interest.

• Credit cards allow you to access money in your checking account.

• Charging your credit card is the best way to pay for an unexpected expense.

What percent of your monthly net income should go toward housing?

• 30%

• 20%

• 10%

• 25%

What percent of your monthly net income should go toward food?

• 10%

• 25%

• 20%

• 30%

What percent of your monthly net income should go toward food?

• 10%

• 20%

• 1%

• 30%

Preparing a budget includes all the following EXCEPT:

• Income, Expenses, Savings

• Gifts & Fun

• Only listing your debts & income

• Investments

If you pay off only the amount owed on your credit card each month, but don’t pay it off completely, what’s that called?

• Making the minimum payment

• Paying off your balance

• Making just interest payments

• Installment payments

Fixed expenses include all the following EXCEPT:

• Rent

• Car payment

• Groceries

• Insurance

Leila just graduated from college & is comparing a few different cities to move to. Which of these factors is the LEAST important for her to consider?

• Average rent for apartment

• Cost of food & gas prices in the area

• Employment opportunities

• Cost of Uber, Lyft, or other means of transportation