
Unit 1 Lesson 3 Content Quiz
Authored by Ethan Gilchrist
Financial Education
12th Grade
Used 12+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of a budget?
To spend as much money as possible
To keep track of friends
To manage money and avoid overspending
To compare with others’ spending
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the 50/30/20 rule, what percentage of income should go toward needs?
30%
50%
20%
70%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a “want”?
Rent
Groceries
Streaming services
Utilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If someone earns $2,000 a month, how much should they save following the 50/30/20 rule?
$200
$400
$600
$1,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When your expenses are higher than your income, your budget balance is:
Positive
Negative
Zero
Extra
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a need?
New shoes for fun
Vacation trip
Rent payment
Movie tickets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if your budget balance is zero or positive?
You are overspending
You are living within your means
You have debt
You must cut more spending
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