1) Essential expenditure is on those items for which you must pay. a) True b) False 2) Paying rent is a (1)____, whereas spending to go out with friends is a (2)____.  a) (1) need (2) want b) (1) need (2) need c) (1) want (2) need d) (1) want (2) want 3) Which of the following is the most sensible attitude to spending? a) Spending all of your money as soon as you get it b) Spending as little as possible, and asking others for money c) Spending some money carefully, but saving some as well 4) You are trying to prioritise two items of spending: shopping for new clothes and paying your electricity bill. You should: a) Prioritise paying the electricity bill over shopping for new clothes b) Prioritise shopping for new clothes over paying the electricity bill c) Give both items of spending the same priority 5) You make a short-term budget for the week. Your starting balance is £75. You budget £20 for food, £5 for your savings account and £10 for your bus fare. What should your balance be at the end of the week? a) £110 b) £45 c) £40 6) Which of the following is true of budgeting? a) A budget can’t be changed once it is made b) Budgeting helps us plan ahead so we don’t run out of money c) Budgeting only shows our expenditure, not our income 7) You check your online bank statement, which shows two balances: Available balance: £50. Balance: £30. What does this mean? a) You have £30 available to withdraw now, but you will have £50 available after upcoming debits b) You have £50 available to withdraw now, but you will have £30 available after upcoming debits  c) You have £50 available to withdraw now, but you will have £20 available after upcoming debits 8) When might we need to budget for the long term? a) When we are saving up to go on an expensive holiday b) When we need to budget over a month c) When something unexpected happens 9) If you think you are saving money but you end up spending more, this is: a) value for money b) a false economy c) a hidden charge 10) If you have a Supermart 4 U loyalty card, what does this mean? a) You will earn points on anything you buy from Supermart 4 U b) You can only shop at Supermart 4 U c) You will earn points on anything you buy from any supermarket

Unit 1 - Topic 3 Quiz

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