Grade 6 Home Science – Budgeting Quiz

1. What is a budget

It is the price of goods sold in the market
It is a receipt given when one buys goods
It is a plan on the amount of money required for a specific purpose
It is a list of goods that one wants to buy
Explanation:

2. Why is a budget important

It prevents buying cheap goods
It prevents saving a lot of money
It causes a lot of debts
It helps to control spending
Explanation:

3. Name one consideration when making a budget

The value of goods
Income
Types of goods to buy
Time of buying goods
Explanation:

4. Mary spends Ksh. 300 every day for her family meals, how much money does she use in the month of September?

3300
3000
9000
300
Explanation:

5. A mother prepares Rice and chicken every Saturday for her family. Which food nutrients does her family miss

Energy giving foods
Carbohydrates
Proteins
Vitamins
Explanation:

6. A student spends 50 for breakfast, 100 for lunch and 150 for supper, how much money does he need in one week for food?

1000
300
1050
2300
Explanation:

7. A family prefers fish over chicken as source of proteins. Fish costs 300 and chicken costs 450, how much more do they need if they take two fish?

600
150
750
900
Explanation:

8. One of the following is a result of failing to budget

Overspending
Healthy eating habits
Saving on time
Eating a balanced diet
Explanation:

9. Which of the following are food nutrients derived from liver

Energy giving nutrients
Carbohydrates
Iron
Vitamins
Explanation:

10. Beans, peas, meat are foods that are rich in__

Minerals
Carbohydrates
Proteins
Vitamins
Explanation:

11. This month Mando’s expenses are greater than his income. This means that he is spending more money than he is making! What action can Mando take in order to balance his budget?

Increase expenses
spend more
eliminate savimgs
reduce expenses
Explanation:

12. Mary takes home $3,500 every month from her salary. She uses $1,800 of that money to pay for her rent and her car payment, $300 for her credit card payment and $100 for her savings account. In order to make sure that she keeps her budget balanced for her month, what is the most amount of money that she can spend for the rest of the month?

$1500
$300
$1,300
$1,100
Explanation:

13. Arturo earned $100 last month from his afternoon babysitting job. The table shows Arturo’s budget. Which is a true statement about Arturo’s budget?

Arturo’s budget is balanced because his expenses equal his income.
Arturo’s budget is not balanced because his expenses exceed his income.
Arturo’s budget is not balanced because he will spend all of his money
Arturo will have a surplus because he plans to spend less than he earned.
Explanation:

14. The Garcia family spends: $900 - Rent $75 - Electricity $400 - Food $100 - Entertainment $100 - Clothing ? - Savings If the Garcia family's net income is $1,700, how much money can they put in savings?

$275
$1,125
$1,575
$125
Explanation:

15. _____ is the combined money earned by the father and mother (if she is working), and other working members of the family.

expenditure
budget
family income
employment
Explanation:

16. _____ is an example of sources of Family Income

expenses
Importance of a Budget
salary
Spending for comfortable living.
Explanation:

17. A list of items of expenditures that one plans to spend in a given time with a given income or amount is a

budget
piece of paper
price list
expenses
Explanation:

18. _____ is an example of Importance of budgeting

expenses
Family Income
Balance your income and expenditures.
Budget
Explanation:

19. _____ is an example of Factors Affecting the Family

amount of income
budgeting
Buy your needs before anything else
Determine the amount to be spent on fixed and flexible expenses.
Explanation:

20. A plan for spending and saving. You must consider both income and expenses.

budgetin
taking loans
banking
investing
Explanation:

21. To use money to pay for something.

cost
finance
budget
spending
Explanation:

22. The price or amount you pay for something that you want or need

savings
wants
needs
cost
Explanation:

23. Something you make to help you spend or save money wisely

wants
budget
withdral
finance
Explanation:

24. To use or take from someone if you do not have it yourself.

withdraw
deposit
borrow
invest
Explanation:

25. Jack wants a new phone, but he needs a new notebook for class. What should he do?

Buy the phone and put away money for the notebook.
Buy the notebook and tell Brennon to buy him the phone.
Buy the notebook and put away money for the phone
Buy the phone and use Brennon's notebook for a while.
Explanation:

26. What is one way Ryan can earn money?

He can open a lemonade stand.
He can read a book about jobs.
He can donate to a charity
He can volunteer at the library
Explanation:

27. Why do people need jobs

because kids are in school all day
to earn money for needs and wants
because they are bored
to volunteer
Explanation:

28. You can save money in all these places EXCEPT

piggy bank
giving to charity
in closet
bank
Explanation:

29. Mary participated in Lemonade Day this year. She made a $20.00 profit selling fresh lemonade. She decided to buy a ring with her money. What did Braileigh do?

Donated
Saved
Spent
Earned
Explanation:

30. What is the first step in creating a budget?

Determine monthly income
Decide how to spend money on wants
Track expenses and income
Save money for emergencies
Explanation:

The first step in creating a budget is to determine how much money you have coming in each month.

31. Which of the following is a fixed expense?

Electricity bill
Clothing
Entertainment
Groceries
Explanation:

A fixed expense is a recurring expense that stays the same every month, such as an electricity bill.

32. What is the purpose of setting financial goals in budgeting?

To ignore income
To save for future needs
To spend money on wants
To track expenses
Explanation:

Setting financial goals helps you save money for future needs like education, buying a house, or starting a business.

33. Why is it important to differentiate between needs and wants in a budget?

To ignore differences
To ensure all needs are met first
To spend all income on wants
To never spend on wants
Explanation:

Distinguishing between needs and wants helps prioritize spending on essential items before non-essential items.

34. What should be the primary focus when creating a budget for a month?

Spending money on wants
Saving money for emergencies
Tracking expenses
Setting aside money for needs
Explanation:

The primary focus of a budget should be on setting aside money for needs like rent, food, utilities, and transportation.

35. Which of the following is an example of an irregular expense?

Gifts
School fees
Rent
Groceries
Explanation:

Irregular expenses are expenses that occur occasionally, like buying gifts for special occasions, unlike regular expenses like rent or groceries.

36. How can one increase savings in a budget?

Ignore setting financial goals
Cut back on expenses
Always borrow money
Spend more on wants
Explanation:

Increasing savings in a budget can be achieved by cutting back on expenses or finding ways to reduce costs in different areas of spending.

37. What should be done with any leftover money in a budget at the end of the month?

Ignore it
Spend it on wants
Save it or invest it
Borrow more money
Explanation:

Any leftover money in a budget should be saved or invested for future needs or emergencies instead of spending it unnecessarily.

38. Why is it important to review and adjust a budget regularly?

To ignore financial goals
To make the budget tighter
To overspend on wants
To ensure it meets current needs
Explanation:

Reviewing and adjusting a budget regularly helps ensure that it aligns with current financial needs and goals, making necessary changes as needed.

39. What is the definition of budgeting?

c) Saving all your money without using it
a) Spending money without thinking about it
b) Keeping track of your income and expenses
d) Borrowing money from friends
Explanation:

Budgeting is the process of creating a plan for how you will spend your money, taking into account your income and expenses.

40. Why is budgeting important?

d) To never have any fun
c) To give all your money to friends
a) To spend all your money on toys
b) To make sure you have enough money for your needs and wants
Explanation:

Budgeting helps you prioritize your spending, ensuring you have enough money for essential things like food, shelter, and bills, as well as things you want.

41. What is an income?

a) Money you receive from somebody
c) Money you find on the street
b) Money you spend on things you need
d) Money with no value
Explanation:

Income is the money you earn or receive from sources like allowances, jobs, or gifts.

42. What is an expense?

c) Money you spend on things you need or want
a) Money you save for future use
d) Money that magically appears
b) Money you donate to charity
Explanation:

An expense is the money you spend on goods or services, whether they are essential needs or non-essential wants.

43. What is a savings goal?

b) Setting aside money for future use
d) Giving away money to strangers
c) Borrowing money from friends
a) Spending all your money
Explanation:

A savings goal is a specific amount of money you aim to save for a future purpose, like buying a new toy or saving for college.

44. What does it mean to live within your means?

c) Spending all your money every month
b) Spending less money than you have
d) Never using money for anything
a) Spending more money than you have
Explanation:

Living within your means means that you are not spending more money than you earn, ensuring you can cover all your expenses without going into debt.

45. What is the purpose of tracking your expenses?

d) To lose track of how much you've spent
c) To forget all about your money
a) To spend as much as you want
b) To see where your money is going
Explanation:

Tracking your expenses helps you understand your spending habits and identify areas where you can cut back or improve your financial management.

46. What is an impulse purchase?

d) Never buying anything
b) Buying something you planned to buy
a) Buying something without thinking about it
c) Talking to strangers about buying things
Explanation:

An impulse purchase is buying something on a whim or without careful consideration, often leading to overspending and regret.

47. How can creating a budget help you reach your financial goals?

a) By spending all your money quickly
d) By borrowing money from friends
b) By giving away all your money
c) By prioritizing your spending and saving for your goals
Explanation:

A budget allows you to allocate your money towards your financial goals, ensuring you make progress towards achieving them while managing your expenses.

48. What is a financial goal?

c) Borrowing money from friends
d) Giving away money to strangers
a) Spending all your money
b) Setting a target to save or achieve financially
Explanation:

A financial goal is an objective you set to save money or achieve something financially, like saving for a vacation, buying a new gadget, or investing for retirement.