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Budget
Test Description: Budgeting Review
Instructions: Answer all questions to get your test result.
1) Net pay is
A
Your pay after taxes and other deductions have been take out of your check
B
Your take home pay
C
All of these
D
Gross pay minus deduction
2) A budget is
A
A way to track expenses
B
A way to track your waist line
C
A plan for spending and saving
D
A way to track income
3) All of the following is an example of an expense category but the following...
A
Housing
B
Food
C
Tooth Paste
D
Clothing
4) At the end of the month, find the total amount spent in each budget category... then
A
Analyze and adjust your budget
B
put all your extra money in savings.
C
try to get another job if you are short
D
get rid of the budget if you over-spend.
5) Your gross income is equal to net income minus taxes.
A
Not this one
B
False
C
Not this one
D
True
6) A budget should not include any amount for personal savings.
A
False
B
Not this one
C
True
D
Not this one
7) Setting goals is an important part of starting a budget.
A
Not this one
B
False
C
True
D
Not this one
8) It is important to put some fun money in your budget.
A
False
B
Not this one
C
True
D
Not this one
9) A good rule of thumb is to have one month of expense saved up in an emergency account.
A
False
B
Not this one
C
Not this one
D
True
10) Bills that vary monthly depending on amount owed
A
Net Pay
B
Variable Expenses
C
Fixed Expenses
D
Gross Pay
*select an answer for all questions
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