Earn While You Learn!
(for members ages 13 - 18)
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Now that you have reviewed the slide show called "The Basics of Budgeting," it's time to test your knowledge. Choose the correct response to each of the ten questions. Each correct response is worth $1.00. Click "submit" once you have selected an answer for each question.
Good Luck!
1.
Why should a person develop a budget and try to stick to it?
To avoid going into debt from overspending.
To help manage limited income.
To ensure there is enough money to pay bills.
All of the above.
2.
A budget can be defined as...
How much money you make for a specific period of time.
An analysis of your money earned versus your expenses for a specific period of time.
A detailed record of only your expenses for a specific period of time.
Something your parents make you do because money does not grow on trees.
3.
Two types of budgets that are discussed in the presentation are...
Marketing Budget and Simple Budget.
Cash Flow Budget and Detailed Budget.
Detailed Budget and Simple Budget.
None of the above.
4.
A characteristic of a Simple Budget is...
A quick look at your finances.
A line by line explanation of where your money goes.
A spending plan that is easy to stick to.
All of the above.
5.
For a line by line itemization of where your money is going each month you should complete a ...?
Simple Budget.
Detailed Budget.
Cash Flow Budget.
Financial Budget.
6.
In order to create a budget it is important to ...?
Write down all your expenses for the month.
Write down all your income for the month.
Remember to allot some money for unexpected emergencies.
All of the above.
7.
After completing your budget, if your income is greater than your expenses...
You are considered very wealthy.
You are managing your money well.
You can go on a huge shopping spree.
None of the above.
8.
After completing your budget, if your expenses are greater than your income
You can go on a shopping spree.
You should ask your parents to make up the difference.
You are managing your money well.
You should look for an area where you can cut your spending.
9.
Once you develop a budget...
You never have to worry about doing another one again.
You can spend money on whatever you want.
You should review it each month to see if you are staying on track.
All of the above.
10.
Which of the following is a tip for creating a successful budget?
Be honest about your income and expenses.
Set realistic goals for yourself.
Prioritize the non-essentials.
All of the above.