Financial Literacy Budgeting QuizOnline version Financial Literacy Budgeting Quiz by Michael Thomas 1 A budget is restrictive a True b False 2 Ways you can use money a Save it b Spend it c Give it away d All of the above 3 The first thing you should do with your budget is set up an emergency fund a True b False 4 You should work to keep your living expenses below: a 20% b 55% c 75% d 100% 5 It’s ok to use your emergency fund to cover all except: a Vacations b Large home repairs c Loss of job d Medical emergencies 6 Gross pay is the amount paid before taxes a True b False 7 Living expenses include all except: a Housing b Transportation c Groceries d Entertainment 8 Budgets help you identify and set money aside to reach your goals a True b False 9 Pre-Tax Expenses include: a Federal taxes b Medicare c Social Security d All of the above 10 It is wise to automatically pay yourself first a True b False 11 Living on a budget will help you: a Track your spending b Reach your financial goals c Reduce stress d All of the above 12 A budget and a success plan is the same thing a True b False 13 Impulsive spending: a Helps you plan and save for what you want b Makes life fun c Causes financial stress d Is a smart way to spend money 14 Guilt free spending is money set aside in your budget to have fun a True b False 15 Saving for retirement is critically important a True b False 16 Debt: a Reduces the amount of money you have available b Does not affect a budget c Has a positive impact on a budget d Makes life exciting
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