Session 3 Quiz

1

What is income?

• Money you owe to someone
• Money that comes in (allowance, gifts, earnings)
• Money you spend at the store
• Money the government gives everyone

2

What is a budget?

• A list of everything you want to buy
• A plan for how you will use your money
• A bank account for kids
• A type of savings jar

3

What happens when you spend more than you earn?

• Nothing — money is unlimited
• You go into debt (owe money)
• The bank gives you more money
• Prices go down

4

What is a fixed expense?

• An expense that changes every month
• An expense that stays the same each month
• An expense you can skip
• An expense for fixing things

5

What is Sadaqah?

• Mandatory charity in Islam
• Voluntary charitable giving
• A type of bank account
• A budgeting method

6

Why should giving be a budget line rather than an afterthought?

• Because the government requires it
• Because if you wait until the end, there is usually nothing left
• Because it makes your budget look better
• Because you get a tax break

7

If Amira earns $40/month and her needs cost $10, how much does she have for wants, saving, and giving combined?

• $40
• $50
• $30
• $10

8

What is the first step to fixing a broken budget?

• Borrow more money
• Stop spending entirely
• Look at your spending and find wants you can cut
• Ignore the problem