Importance of Allowance in Personal Budgeting


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question 1 of 3

Karen buys cat food, coffee shop coffee, and dinner out and budgets it to her personal allowance. Why is Karen incorrect in her budgeting?

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1. Which of the following expenses would typically be included in a personal allowance?

2. Which of the following best describes a personal allowance?

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About This Quiz & Worksheet

It's important to leave a bit of room in your budget for spoiling yourself every now and then. The questions on the quiz cover best practices and facts regarding personal allowances.

Quiz & Worksheet Goals

These assessments test your understanding of:

  • Acceptable payment method(s) for using a personal allowance
  • Expenses that are part of a personal allowance
  • The definition of a personal allowance
  • How to avoid allowance overspending
  • Methods for establishing an allowance amount

Skills Practiced

  • Information recall - consult the knowledge you've gained about different types of expenses
  • Defining key concepts - ensure that you can accurately define key terms, such as personal allowance
  • Knowledge application - use your understanding to point out an appropriate payment method for using a personal allowance

Additional Learning

Increase your knowledge of this topic by studying the lesson called Importance of Allowance in Personal Budgeting. This lesson focuses on the following objectives:

  • Explain what essentials are in budgeting
  • Describe how human behavior impacts allowance spending
  • Point out how having debt affects a personal allowance