
Understanding Income and Budgeting Basics
Quiz
•
Financial Education
•
9th Grade
•
Medium
ROBSON POJDA
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the "50" represent in the 50/30/20 budgeting rule?
50% of your income should go to savings
50% of your income should go to needs
50% of your income should go to wants
50% of your income should go to investments
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a fixed income source?
Salary from a full-time job
Stock market dividends
Freelance project payments
Lottery winnings
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a variable income source?
Monthly pension
Rental income from a fixed lease
Earnings from selling handmade crafts online
Government social security payments
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the 50/30/20 rule, what percentage of your income should be allocated to savings and debt repayment?
10%
20%
30%
50%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a good budgeting technique?
Tracking your expenses regularly
Ignoring small purchases
Setting spending limits for categories
Reviewing your budget monthly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If your monthly income is $1,200, how much should you ideally spend on wants according to the 50/30/20 rule?
$600
$360
$240
$120
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a savings strategy?
Spending all your income each month
Setting up automatic transfers to a savings account
Only saving when you have leftover money
Ignoring emergency funds
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