Budget Basics for Parents Quiz
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