AnswersEA Academy Civics 9Creating a Personal Budget

Creating a Personal Budget Answers

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1
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Fatima does not think she needs a budget because she does not tend to overspend.

A
It could help her make more money from her job.
B
It could help her meet short-term or long-term goals.
C
It could help her decide what future careers to prepare for.
D
It could help her compare the services from different banks.
2
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What is a common form of debt?

A
taxes
B
student loans
C
cell phone plans
D
monthly subscriptions
3

Review the table.

Question illustration
A
The total amount will be exactly the same.
B
The money spent on a team outing will stay at $423.
C
The payment to the internet company will be higher.
D
The total amount will be at least $17,200.
4

Review the table.

Question illustration
A
to save money to buy a surfboard
B
to find a new source of income
C
to change to a cheaper cell phone plan
D
to determine how to spend his fun money
5

Review the table.

Question illustration
A
He has budgeted the same amount for two categories.
B
He has included too many categories.
C
He is paying off his debt too soon.
D
He is basing his budget on his gross income.
6

What category is most likely to contain expenses that are wants, rather than needs?

A
housing
B
groceries
C
entertainment
D
transportation
7

Review the table.

Question illustration
A
housing
B
insurance
C
car payment
D
gifts
8

Review the table.

Question illustration
A
$100
B
$200
C
$250
D
$400
9

Olivia is using the 50/30/20 spending plan to break down her budget.

A
taxes
B
needs
C
savings
D
wants
10

Review the table.

Question illustration
A
Noah can use his credit card for expenses.
B
Noah can budget money for emergency use.
C
Noah can budget less for fun money.
D
Noah can take out another loan.
11

Review the table.

Question illustration
A
$0
B
$15
C
$35
D
$40
12

What category is most likely to contain expenses that are wants, rather than needs?

A
housing
B
groceries
C
entertainment
D
transportation
13

Review the table.

Question illustration
A
The total amount will be exactly the same.
B
The money spent on a team outing will stay at $423.
C
The payment to the internet company will be higher.
D
The total amount will be at least $17,200.
14

Fatima does not think she needs a budget because she does not tend to overspend.

A
It could help her make more money from her job.
B
It could help her meet short-term or long-term goals.
C
It could help her decide what future careers to prepare for.
D
It could help her compare the services from different banks.
15

Every month, Kai pays rent, sends a payment to his college, and pays $50 for his cell phone plan. He travels to events and classes by bike, car, and subway.

A
rent
B
college payment
C
cell phone plan
D
transportation
16

How do variable expenses make budgeting more difficult?

A
They include net income.
B
They are not necessary for living.
C
They change from month to month.
D
They are higher than fixed expenses.
17

What is a common form of debt?

A
taxes
B
student loans
C
cell phone plans
D
monthly subscriptions
18

Review the table.

Question illustration
A
to save money to buy a surfboard
B
to find a new source of income
C
to change to a cheaper cell phone plan
D
to determine how to spend his fun money
19

Review the table.

Question illustration
A
Noah can use his credit card for expenses.
B
Noah can budget money for emergency use.
C
Noah can budget less for fun money.
D
Noah can take out another loan.
20

Review the table.

Question illustration
A
housing
B
insurance
C
car payment
D
gifts

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