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
taxesB
student loansC
cell phone plansD
monthly subscriptions3
Review the table.
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.
A
to save money to buy a surfboardB
to find a new source of incomeC
to change to a cheaper cell phone planD
to determine how to spend his fun money5
Review the table.
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
housingB
groceriesC
entertainmentD
transportation7
Review the table.
A
housingB
insuranceC
car paymentD
gifts8
Review the table.
A
$100B
$200C
$250D
$4009
Olivia is using the 50/30/20 spending plan to break down her budget.
A
taxesB
needsC
savingsD
wants10
Review the table.
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.Did you find these answers helpful?
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