Words To Know-- Money Budget

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| By Kaldrid1

Kaldrid1

Community Contributor

Quizzes Created: 1 | Total Attempts: 608

Questions: 11 | Attempts: 608 | Updated: Mar 22, 2023

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How much do you really know about budget? Find out by taking this quiz!

Questions and Answers

1.

_____ is when there is not enough of something to go around.
- A.
  
  Scarcity
- B.
  
  Expenses
- C.
  
  Withdrawal
Correct Answer
A. Scarcity

Explanation
Scarcity refers to a situation where there is a limited supply of a resource or product, but there is a high demand for it. This means that there is not enough of that particular resource or product to satisfy everyone's needs or wants. Scarcity often leads to competition, higher prices, and the need to make choices about how to allocate the limited resources available.

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2.

_____ is how much money you get, either from a job, chore, or as a gift.
- A.
  
  Withdrawal
- B.
  
  Expenses
- C.
  
  Income
Correct Answer
C. Income

Explanation
Income refers to the amount of money that a person receives, whether it is from a job, completing a chore, or receiving it as a gift. It is the total earnings that an individual receives, which can be used to cover expenses and make withdrawals.

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3.

When you add money to the money that you already have, that is called a _____.
- A.
  
  Deposit
- B.
  
  Withdrawal
- C.
  
  Budget
Correct Answer
A. Deposit

Explanation
When you add money to the money that you already have, that is called a deposit. This term is commonly used in banking and finance to refer to the act of putting money into a bank account or investment account. It is the opposite of a withdrawal, which is when you take money out of your account. A deposit is an important step in managing and growing your finances, as it allows you to increase your savings or make investments.

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4.

_____ are the money that you spend, either on things that you need or on things that you want.
- A.
  
  Financial goals
- B.
  
  Expenses
- C.
  
  Deposit
Correct Answer
B. Expenses

Explanation
Expenses refer to the money that you spend, whether it is on things that you need or things that you want. This can include essential items such as food, rent, and bills, as well as discretionary purchases like entertainment or vacations. Expenses are an important aspect of financial management as they need to be budgeted and controlled to ensure financial stability and achieve financial goals.

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5.

When you take money away from the money that you have and spend it, that is called a ______.
- A.
  
  Withdrawal
- B.
  
  Ending balance
- C.
  
  Deposit
Correct Answer
A. Withdrawal

Explanation
When you take money away from the money that you have and spend it, that is called a withdrawal.

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6.

A _____ is a record that you keep of your income and expenses.
- A.
  
  Beginning balance
- B.
  
  Expense
- C.
  
  Budget
Correct Answer
C. Budget

Explanation
A budget is a record that you keep of your income and expenses. It helps you track and manage your financial resources by providing a detailed plan for allocating your income towards various expenses. By maintaining a budget, you can monitor your spending habits, identify areas where you can save money, and ensure that you are living within your means. Overall, a budget serves as a tool for financial planning and helps you make informed decisions about your money.

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7.

A _____ is when you decide how much money you want to have to use for a specific reason.
- A.
  
  Budget
- B.
  
  Deposit
- C.
  
  Financial goal
Correct Answer
C. Financial goal

Explanation
A financial goal is when you decide how much money you want to have to use for a specific reason. It involves setting a target amount of money that you aim to achieve in order to fulfill a specific purpose or objective. This can include saving for a vacation, buying a house, or starting a business. Setting financial goals helps individuals prioritize their spending, make a plan, and work towards achieving their desired financial outcomes.

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8.

When you keep money, and not spend it, so that it adds up to be more and more money, it is called ______.
- A.
  
  Savings
- B.
  
  Income
- C.
  
  Beginning balance
Correct Answer
A. Savings

Explanation
When you keep money, and not spend it, so that it adds up to be more and more money, it is called savings. This refers to the act of setting aside a portion of your income or earnings for future use or emergencies. By saving money, individuals can accumulate funds over time and achieve financial goals such as buying a house, starting a business, or retiring comfortably.

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9.

The _____ is the total amount of money that you have to begin with.
- A.
  
  Ending balance
- B.
  
  Beginning balance
- C.
  
  Income
Correct Answer
B. Beginning balance

Explanation
The beginning balance refers to the total amount of money that a person has at the start. It represents the initial funds available before any transactions or expenses are made. This balance sets the foundation for financial calculations and helps in determining how much money is available to spend or invest.

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10.

With a budget, you can plan to have more money left over by spending less money.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Having a budget allows you to effectively manage your finances by tracking your income and expenses. By creating a budget, you can identify areas where you can cut back on spending and allocate your money more efficiently. This enables you to have more money left over at the end of the month, as you are consciously making decisions to spend less and save more. Therefore, the statement that with a budget, you can plan to have more money left over by spending less money is true.

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11.

The _____ is the total amount of money you have after you had added your income or taken away your expenses.
- A.
  
  Withdrawal
- B.
  
  Beginning balance
- C.
  
  Ending balance
Correct Answer
C. Ending balance

Explanation
The ending balance refers to the total amount of money you have after you have added your income or subtracted your expenses. It represents the final amount remaining in your account after all financial transactions have been accounted for.

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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 12, 2012

Quiz Created by
Kaldrid1

Words To Know-- Money Budget

_____ is when there is not enough of something to go around.

_____ is how much money you get, either from a job, chore, or as a gift.

When you add money to the money that you already have, that is called a _____.

_____ are the money that you spend, either on things that you need or on things that you want.

When you take money away from the money that you have and spend it, that is called a ______.

A _____ is a record that you keep of your income and expenses.

A _____ is when you decide how much money you want to have to use for a specific reason.

When you keep money, and not spend it, so that it adds up to be more and more money, it is called ______.

The _____ is the total amount of money that you have to begin with.

With a budget, you can plan to have more money left over by spending less money.

The _____ is the total amount of money you have after you had added your income or taken away your expenses.

_____ is how much money you get, either from a job, chore, or as a gift.

When you add money to the money that you already have, that is called a _____.

_____ are the money that you spend, either on things that you need or on things that you want.

When you take money away from the money that you have and spend it, that is called a ______.

A _____ is a record that you keep of your income and expenses.

A _____ is when you decide how much money you want to have to use for a specific reason.

When you keep money, and not spend it, so that it adds up to be more and more money, it is called ______.

The _____ is the total amount of money that you have to begin with.

With a budget, you can plan to have more money left over by spending less money.

The _____ is the total amount of money you have after you had added your income or taken away your expenses.