Grade 6 Home Science – Budgeting Quiz
1. What is a budget
2. Why is a budget important
3. Name one consideration when making a budget
4. Mary spends Ksh. 300 every day for her family meals, how much money does she use in the month of September?
5. A mother prepares Rice and chicken every Saturday for her family. Which food nutrients does her family miss
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?
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?
8. One of the following is a result of failing to budget
9. Which of the following are food nutrients derived from liver
10. Beans, peas, meat are foods that are rich in__
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?
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?
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?
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?
15. _____ is the combined money earned by the father and mother (if she is working), and other working members of the family.
16. _____ is an example of sources of Family Income
17. A list of items of expenditures that one plans to spend in a given time with a given income or amount is a
18. _____ is an example of Importance of budgeting
19. _____ is an example of Factors Affecting the Family
20. A plan for spending and saving. You must consider both income and expenses.
21. To use money to pay for something.
22. The price or amount you pay for something that you want or need
23. Something you make to help you spend or save money wisely
24. To use or take from someone if you do not have it yourself.
25. Jack wants a new phone, but he needs a new notebook for class. What should he do?
26. What is one way Ryan can earn money?
27. Why do people need jobs
28. You can save money in all these places EXCEPT
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?
30. What is the first step in creating a budget?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
Income is the money you earn or receive from sources like allowances, jobs, or gifts.
42. What is an expense?
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?
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?
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?
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?
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 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?
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.