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The Ultimate Staying on Budget Quiz
by Staff
In these difficult economic times, it is important to know how to set up and keep to a budget. Planning, executing and staying on course are all necessary stages for a successful result -- and it can be a very creative and gratifying experience. Take this quiz and learn how you can a plan a budget, stick to it and even earn some extra money in the bargain.

What is the purpose of creating a budget?

  • to keep track of how much money is coming in and going out
  • to keep a record of how much your bad habits cost
  • to keep your family in control

How can working on a budget help a couple’s marriage?

  • It helps them save up for a second honeymoon.
  • It reduces their financial stress.
  • It gives them a common goal.

What are the two most common major purchases?

  • homes and cars
  • villas and yachts
  • bedroom furniture and LCD screens

If you can manage to save some money every month, where should you put it?

  • in a sock or under the mattress
  • in a savings account or a mutual fund
  • in a safe or a safety deposit box

On a budget, why is it better to use cash than a debit or credit card?

  • There are no extra handling charges.
  • It takes less time to transact.
  • It helps to curb your spending.

When living on a budget, how much cash should you take out at a time?

  • enough for a day
  • enough for a week
  • enough for a month

How can cutting out smoking and drinking save you money?

  • You eliminate cigarettes and liquor from your expenditures.
  • You don’t have to share cigarettes or buy rounds for others.
  • You have more energy to go comparison shopping.

In a household, who should be responsible for sticking to the budget?

  • the man of the house
  • the woman of the house
  • the whole family

If you have debts on several credit cards, how should you pay them?

  • Pay as much as you can on the one with the highest interest and the minimum on the rest.
  • Pay the minimum on each of them every month.
  • Pay the lowest balance in full and the minimum on the rest.

Why should you keep your receipts?

  • to reserve for tax purposes
  • to track how much you’ve been spending and where
  • to prove (to anyone who asks) that you spent the amount you said you spent

How does balancing your checkbook help you stay on budget?

  • It shows you how much money you have.
  • It keep you focused on financial matters.
  • It alerts you to possible costly clerical errors.

Where can you look to find expenses you can cut?

  • Look through your receipts
  • Look through your spouse’s pockets.
  • Look through magazines

What can help you refrain from dipping into your savings?

  • putting your money in an offshore investment
  • putting your money in a safety deposit box
  • putting your money in a CD or other type of long-term account

What are discretionary expenses?

  • money used for things you could live without
  • money used for necessities
  • money used for emergencies

What could help you save on health care expenses?

  • doing exercise at home instead of at a gym
  • cutting out bad habits
  • walking to work instead of driving

Is it economical to pay the minimum on your credit card every month?

  • yes
  • no
  • sometimes

To track your expenses, what should you do in conjunction with saving your receipts?

  • Write down the places where you spend money.
  • Make a file folder for them and keep them handy.
  • Review them with your family once a week.

When should you balance your checkbook?

  • every time you write a check
  • every time you get a bank statement
  • every time you’re tempted to buy something extravagant

What is the first step in balancing a checkbook?

  • List every check you write in your register.
  • Compare your checks against your receipts.
  • Collect all your check stubs for the week.

In financial parlance, what is a CD?

  • a Canadian dollar
  • a collateral discount
  • a certificate of deposit