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How to Create a Personal Budget: Tools & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

How can a personal budget benefit an individual?

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1. Why is knowing how much money you have the first step to creating an effective personal budget?

2. Why is it critical to put at least a little money from each paycheck into your savings?

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About This Quiz & Worksheet

Use this quiz/worksheet combo to help you test your understanding of creating a personal budget. Some of the information you'll be assessed on includes a description of a personal budget as well as examples of essential expenses to keep in mind when constructing a budget.

Quiz & Worksheet Goals

In these assessments you'll be tested on:

  • Personal budget described
  • First step to creating an effective personal budget
  • Importance of establishing an amount of money to save
  • Examples of essential expenses
  • Reason non-essential items are budgeted last

Skills Practiced

This quiz and worksheet allow students to test the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on creating a personal budget
  • Information recall - access the knowledge you've gained regarding the significance of establishing an amount of money to save in your budget
  • Knowledge application - use your knowledge to answer questions about essential expenses you will see in a personal budget as well as the reason non-essential items are generally budgeted last

Additional Learning

To learn more about finances, review the accompanying lesson called How to Create a Personal Budget: Tools & Examples. This lesson covers the following objectives:

  • Describe the term 'personal budget'
  • Know the four key elements to creating a personal budget
  • Create a personal budget based on an example from the lesson
  • Differentiate between needs and wants when creating a personal budget
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