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- 1. Multiple Choice
The income part of a personal budget
is not important if it is large.
only includes money from a paycheck (job).
includes all income from various sources.
is the amount left over.
- 2. Multiple Choice
The expenses section of a personal budget
should be larger than the income section of the budget.
shows the amount of money that is spent each month.
includes the amount of interest earned on investments.
is not important if income is greater than expenses.
- 3. Multiple Choice
People keep a personal budget to help them
set and reach financial goals.
earn promotions at work.
buy with credit.
buy anything they want.
- 4. Multiple Choice
Which of the following people would benefit MOST from a personal budget?
Tim carefully keeps track of his expenses.
Sue spends less than she earns.
David is saving for a major purchase.
Bob does not have enough money to pay bills.
- 5. Multiple Choice
For which item would someone MOST LIKELY need to save money in order to
purchase?
a new shirt
a new washing machine
a hair dryer
a video game
- 6. Multiple Choice
Which of the following statements about saving money is false?
People only save money to build wealth.
Bank accounts are very safe.
It is easy to withdraw money from your bank account.
Most saving accounts pay a small amount of interest.
- 7. Multiple Choice
What is NOT a reason that people usually save money?
to buy special things for the future
to have money for emergencies
to make a payment on an expensive item
to buy basic necessities
- 8. Multiple Choice
Which item would most likely require savings?
soccer ball
a new refrigerator
a movie ticket
a box of cookies
- 9. Multiple Choice
I had to give up going out to dinner in order to buy a new shirt. This is an example of
opportunity cost
price incentive
specialization
poor planning
- 10. Multiple Choice
A budget is a list of
income and expenditures
things to buy
how much to save
needs and wants
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