1) What is budgeting? a) Spending money randomly b) Saving without a goal c) Earning extra money d) Making a spending plan 2) Why is budgeting important for a party? a) Buy everything b) Invite fewer friends c) Ensures you don’t run out d) Makes party shorter 3) What skill is Lily using by choosing a smaller cake? a) Prioritizing b) Overspending c) Avoiding planning d) Impulse buying 4) What might happen if you don’t budget for a party? a) Save more money b) Forget important items c) Buy better things d) Have more fun 5) What is the first step in budgeting? a) Spending money b) Ignoring costs c) Asking friends d) Knowing total amount 6) If you want to save $10 from a $50 budget, how much can you spend? a) $40 b) $10 c) $50 d) $60 7) Why is making a guest list part of budgeting? a) Reduces fun b) Decides party theme c) Affects food and costs d) Determines gifts 8) What is one way to save money on entertainment? a) Hiring a magician b) Renting a hall c) Buying expensive toys d) Playing free games 9) What is a benefit of planning a budget in advance? a) Ignore prices b) Make smarter choices c) Must buy more d) Avoid having fun 10) If decorations are on sale and save you $5, what’s a smart next step? a) Spend on anything b) Use for important item c) Waste it d) Ignore it 11) Why should we prioritize spending? a) Spend all money b) Buy expensive items c) Avoid planning d) Cover important items 12) Why is teamwork helpful when budgeting? a) Share ideas and solutions b) Waste more money c) Cause confusion d) Make budgeting harder 13) Why is math important in budgeting? a) Increase the budget b) Make shopping fun c) Track total spending d) Not useful 14) What does “every dollar has a job” mean? a) Only for saving b) Plan every coin c) Spend all money d) Money can’t be used

Budgeting Basics Quiz

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