1) Preparing a personal budget means that you always have enough money to cover what you want to spend. Is this True or False? a) True b) False 2) Which of the following best describes a budget? a) An account showing the amount of money spent by someone in the past b) A calculation of the present balance on a bank account c) A financial plan for the future 3) Jimi, age 15, does a part-time job for 4 hours a week and earns £3 an hour. He spends £5 a week on his gym membership and £3 on a magazine. He is saving up to buy a new DVD that will cost £20. How many weeks will it take him to have enough to buy it? a) 4 weeks b) 5 weeks c) 6 weeks 4) Paul is paid monthly. He drives a car and is about to pay his car insurance premium for the next 12 months. How can Paul match his spending on his car insurance to how often he gets paid ? a) Pay the annual premium on his credit card and repay the card company a part of the premium each month b) Save some money every month and pay the full premium at the end of the year c) Pay by direct debit and spread the cost of the premium over 12 months 5) Kim shares a flat with two friends. She is working out her budget. Which of the following is a non-essential item of expenditure for her? a) A Holiday b) Rent c) Food 6) People who work out a budget and keep to it can save themselves bank charges. Is this statement true or false? a) True b) False 7) Tony is paid a weekly income of £80. He has borrowed £120 from his mum and wants to repay it as soon as possible. Each week he spends £25 on travel, £15 on food, £30 on entertainment and £10 on saving. What is the maximum he can repay each week? a) £0 b) £10 c) £30 d) £40 8) Which of the following is most likely to be regarded as essential expenditure? a) Dining out b) Socialising c) Going on holiday d) Travelling to work 9) Which of the following is not an example of an expenditure? a) Interest on savings b) Mobile phone bill c) Rent paid d) Road tax 10) Which of the following is non-essential expenditure? a) Council Tax b) Electricity Bill c) Monthly Rent d) Pay As You Go Mobile

Unit 2 Topic 7 Budgets

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