Budget Basics for Parents Quiz
by Staff
Budgeting what you spend on yourself is hard enough, but managing a budget for an entire family can be a nightmare. Test your knowledge of family budgeting with our quiz.

According to the 2010 U.S. Census, what is the weekly cost of a nutritious diet for a family of four under a “thrifty plan?”

  • about $136
  • about $221
  • about $269

What's a good first step in creating a budget?

  • Determine how much you can save.
  • Decide which goals are realistic.
  • Track your income and expenses.

Is Internet access considered a “need” or a “want?”

  • a need
  • a want
  • It depends on your family’s situation.

What's a smart savings goal to have as a first priority?

  • vacation plans
  • emergency fund
  • college fund

What do many financial experts recommend about planning a food budget?

  • Allow for 10 percent more than you plan to spend.
  • Budget each cent on your grocery list, and don’t stray from the plan.
  • Spend 10 percent less than what you want to spend.

According to the New Zealand Federation of Family Budgeting Services, what should you spend most of your grocery budget on?

  • fruits, vegetables and grains
  • meats, eggs, dairy and cheese
  • sweets and junk food

When your family needs an expensive item, what's a good thing to consider before heading out to the store to buy it?

  • how much it will cost
  • whether the local store carries it
  • whether you can buy it used

Before heading to the grocery store, what should you do?

  • Throw out the stuff in your cabinet.
  • Plan meals around things you already have.
  • neither of the above

What’s a good way to sort coupons to keep them organized?

  • sorting them by category
  • sorting them by expiration date
  • both of the above

How many times should you assess whether your family is living within budget?

  • once -- after the first month
  • twice -- after the first and second month
  • once a month