Budgeting (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is budgeting?
What is budgeting?
A structured plan tracking income/outgoings
What might expense tracking reveal, according to the example given?
What might expense tracking reveal, according to the example given?
Spending £200 monthly on takeaways
What does prioritising expenditure mean?
What does prioritising expenditure mean?
Covering essential costs before optional
In the student example, how much was allocated to accommodation from £800 monthly income?
In the student example, how much was allocated to accommodation from £800 monthly income?
£400
How does budgeting help with debt avoidance?
How does budgeting help with debt avoidance?
By living within your financial means
What types of financial goals does budgeting help achieve?
What types of financial goals does budgeting help achieve?
Both short-term and long-term goals
What income figure should you use when calculating your budget?
What income figure should you use when calculating your budget?
Take-home amount after tax/deductions
Which are examples of fixed expenses?
Which are examples of fixed expenses?
Rent, loan repayments, insurance
Which are examples of variable expenses?
Which are examples of variable expenses?
Groceries, fuel, entertainment, clothing
In the 50/30/20 rule, what percentage goes to needs?
In the 50/30/20 rule, what percentage goes to needs?
50%
What percentage of income should you aim to save regularly?
What percentage of income should you aim to save regularly?
10-15%
What type of service does MABS provide?
What type of service does MABS provide?
Free, confidential financial guidance