3.0 Budgeting Study Tool QUIZALIZE
Quiz by Kimberly Andreas
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15 questions
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- Q1Creating a budget can make you feel powerful! Why?People who budget earn more money, so they can live a better lifeYou can't really budget unless you have an important job, which means that other people look up to youBudgeting is extremely easy, so once you set it up, you are done for good and can spend time on other thingsA budget puts you in control of your spending and saving, so you make good decisions and feel more confident30s
- Q2Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...RentCell phone planClothingRenters insurance30s
- Q3The two main portions of a budget are...the money coming in (expenses) and the money you're spending (income)the money coming in (income) and the money you're spending (expenses)the items you want to buy and the money you need to save for retirementthe cash you are spending in stores and the bills you are paying online30s
- Q4Why is it important to be able to decide if an item is a NEED or a WANT?When you budget, you should make sure all your needs are met first, then you can decide to spend on wantsNeeds are worth spending money on, but you should never spend on a wantNeeds can be very expensive, but wants are usually far less expensive so you don't need to keep track of themYou cannot create a budget that has both needs and wants included -- you need them each in a separate budget30s
- Q5Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan?He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all onlineUnlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video gamesHe has so many social media accounts, and he needs to be able to check them throughout the day, even while in schoolHe loves watching movies, and he's already paid for all the streaming services, so now he needs the data30s
- Q6Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?How happy will this item make me?Will something bad happen if I don't have this item?Will my teachers be excited if I buy this item, or will they be disappointed?Do any of my friends have this item?30s
- Q7Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?$80, plus any taxes she has to pay$80$8$80, minus any taxes she has to pay30s
- Q8Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?$450$50$200$25030s
- Q9Why should you use your NET pay when creating a budget?Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budgetYour employer knows what your gross pay is, but you only know what your net pay isYour net pay is a more accurate picture of how much money you have available to spend or saveYour net pay will always be higher, so you'll have more money to spend30s
- Q10Complete this sentence: The federal government budgets its tax money on three large buckets of expenses -- mandatory spending, discretionary spending, and .....free programminginterest on debtthe Constitutionbudget funds30s
- Q11Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead?Medicare and MedicaidMilitary protectionNASA space programAuto insurance30s
- Q12Who has to pay taxes to the US government?Anyone who owns a home or attends a public schoolEvery person or company that earns income in the USEvery citizen, regardless of their age or working statusNo one has to - taxes are a voluntary program30s
- Q13Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?50% saving, 30% needs, 20% wants50% budget, 30% needs, 20% wants$50 needs, $30 wants, $20 savings50% needs, 30% wants, 20% savings30s
- Q14How much money has this employee paid in deductions during this pay period?$0$692.24$15,921.52$50.0030s
- Q15How much money has this employee earned in gross pay this pay period?$2,000.00$46,000.00$1,307.76$30,078.4830s
