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OSU Extension



 

   Take the budgeting quiz


Welcome to the Budgeting Quiz

This is an opportunity for you to learn about managing your money including fixed expenses, balancing income and expenses, and what the maximum debt is one should have.
Directions: Mark your selection, choosing the best answer for each of the eight questions in this quiz. Then submit your quiz. You will receive back a graded copy of your answers with additional information about each topic in the quiz.
You should use your mouse or TAB key to move from field to field within the form. Some browsers may cause the form to be submitted prematurely if you use the ENTER key.

1. Fixed expenses of housing, food and transportation account for _____% of household spending.
a. 25%
b. 33%
c. 66%
d. 75%
2. A budget plan helps individuals and families balance expenses and income. To develop a budget you need to know what information?
a. Financial goals, income and fixed expenses and vacation plans.
b. Monthly fixed expenses, regular flexible expenses, occasional expenses and income.
c. Income, medical expenses, credit card debt and inheritance.
d. Personal financial allowances, savings amounts, strategies for reducing debt.
3. When organizing your valuable papers, which one does not belong in the Bank Safe Deposit Box?
a. Burial Instructions
b. Marriage/Divorce Documents
c. Household Inventory
d. Education Degrees and Certified Transcripts
4. Neglecting to pay bills on time will result in
a. Higher interest rates
b. A chance to meet a policeman
c. Foreclosure on major properties and lowered credit rating
d. No consequences
5. 5.If your income does not cover all your expenses, you will need to make some changes quickly. What are the options that you have to get your budget back in line?
a. increase your income
b. decrease your expenses
c. both of the above
6. Taking the time to actually write down what you spent your money on is important because:
a. It will help you see where your money actually goes
b. You can find out how much money you are actually spending to meet your needs
c. It will help you make a plan so you can control where your money goes
d. All of the above
7. If you bought a $2.50 caramel latte` daily on the way to work, about how much will you spend over a year?
a. $175.00
b. $450.00
c. $625.00
d. $1,000.00
8. Consumer debt includes your obligations such as personal loans, installments, and credit card debt. The average family should limit consumer debt payments to no more than ____% of take-home pay.
a. 5%
b. 20%
c. 30%
d. 45%

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