Practical Money Skills for Life

Budgeting
Lesson Quiz 3-4

	Choose the correct answer.

1	A budget can be made by: keeping a diary of your expenses. copying your friend s budget. deciding what to buy when you go to the store. checking how much money is in your pocket.

2	Which one of these is a responsible spending practice? Spending more money than I have planned. Buying an item that I like, even if I do not need it. Buying an item that is included in my budget. Always shopping at the most expensive stores.

3	Which one of these is not part of a personal budget? Savings Giving to a church or charity Overspending Income

4	An example of a fixed expense is: clothing. car insurance. food. educational expenses.

5	An example of a flexible expense is: rent car payment home insurance entertainment