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Economic Education
Benefits Of Budgeting – Age 14-16
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Q.1
Which of the following expenses is not an essential one?
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Rental payments or mortgage for your home
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Gym membership payments
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Utility bills (gas / water / electricity etc.)
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Maintenance for your car (petrol / tax / repairs)
Q.2
Which of these is a benefit of saving some of your income regularly?
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You will have money to cover the cost of any emergencies
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It helps to prepare for your retirement
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It helps you to get a mortgage
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All of the above
Q.3
Which of the following is not a source of income?
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Wages
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Interest on loan
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Benefits
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Interest on savings
Q.4
To work out a budget, you need to add up all your income and then remove what?
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Your savings
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Your tax
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Your bills
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Your expenses
Q.5
Debt is bad and saving is good. If you owe money which of these is the best option?
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Take out a loan so that you can pay off your debt
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Pay off the debt first then start saving
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Start saving so that you can pay off the debt
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All of the above
Q.6
Before calculating a budget for yourself, you should gather bank statements, wage slips and bills from the last…
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Few days
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Few weeks
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Few months
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Few years
Q.7
If we need a loan then we have to pay back more than we borrow. A loan of £10,000 over five years would typically cost us how much extra money?
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About £500
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About £1,000
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About £2,000
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About £5,000
Q.8
If your essential monthly expenditure is £800, what will your disposable income be if your monthly hours, paid at £10.50 an hour, drop from 120 to 80?
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£40
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£120
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£240
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£460
Q.9
After you have made a budget, how often should you revisit and if necessary update it?
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It depends
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Every week
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Every month
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Every year
Q.10
Janine has £300 income per week. Her rent is £150, her bills £50, her food costs £70 and her weekly night out costs £Which of these needs to be cut back?
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Her night out
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Her food
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Her rent
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Her bills
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