According to the summary, what is the first thing you have to do to create a budget?
MAJOR SUMMATIVE 1: INTRO

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10th Grade
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Track your spending
Add up all of your income after taxes or net pay
Stick to the budget
List your expenses
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the summary, what is the 50/30/20 budget strategy?
50% into savings, 30% into wants, 20% into necessities
50% into necessities, 30% into wants, 20% into savings
50% into wants, 30% into necessities, 20% into savings
50% into savings, 30% into necessities, 20% into wants
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Define the element of creditworthiness: Conditions.
Conditions are external factors like industry trends, economic conditions, and the purpose of the loan.
Conditions refer to the borrower's personal spending habits and lifestyle choices.
Conditions are the specific assets pledged as collateral for the loan.
Conditions are the borrower's history of repaying previous debts.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the summary, which of the following is considered a savings/future expense in a budget?
Utilities
Hobbies
Investing
Health
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of business loan is used for buying business property and requires a large down payment?
Real estate Loans
Equipment Loans
Line of Credit
Invoice Financing
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Based on the personal budget table, name two types of expenses that are commonly tracked in a budget.
Rent and groceries
Vacation and lottery tickets
Gifts and investments
Donations and windfalls
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT typically included as an expense in a monthly budget?
Rent
Student Loan
Streaming Service
Lottery Tickets
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