Grade 11 ENTREPRENEURSHIP (BDI3C1) Budgeting Quiz
Name:
Part 1: Multiple Choice Directions: Circle the BEST POSSIBLE ANSWER. Only circle ONE answer.
1
The frst step to !"#etin# is$
A B C %
creatin# a !"#et assess sessiin# yo! yo!r pe person sonal an an" fna fnanc ncia iall sit sit! !ation tion settin# yo!r #oals #oin# to the an&
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A well(written #oal S)O*L%+
A B C % E
e realistic e st state" in in sp specifc an an" ,e ,eas!rale te ter,s ha-e a ti,e ra,e state the action to e ta&en all o the ao-e
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A f0e" e0pense is$
A B C %
an e0pen 0pense se or cost cost that that "oes "oesn ntt cha chan# n#e e on on a ,ont ,onthl hly y as asis is so,ethin# that yo! pai" ,oney to f0 easy to chan#e none o the ao-e
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2
A -ariale e0pense is$
A B C %
not -ery -ery co,, o,,on in ,os ,ostt !s !sin ines ess s set setti tin n#s to" to"a ay an e0 e0pens pense e or or cos costt th that ca can ch chan#e n#e on on a ,on ,onthly thly as asis typi typica callly easier sier to cha chan n#e th than a f0e" f0e" e0pen 0pens se oth B an" C
3
The The 4A 4A5 in in th the acr acron ony y, S6 S6ART ART 7oa 7oals ls stan tan"s or or$ $
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A""ressale A !"#et Attainale None o the ao-e
8
6r. 6r. 9al 9alle ley ys s a-e a-era ra#e #e ,ont ,onthl hly y inc inco, o,e e is is :/; :/;<< <<<. <. )is )is ,on ,onth thly ly e0p e0pen ense ses s are :';'<<. Which o the ollowin# is the ,ost e0pensi-e ite, that he will he e ale to a=or" i he sa-es 3<> o his Net Cash ?low@
A B C %
'<<2 76C Sierra o= o iii :D;<<< 835 L7 S,art T9 :3;<<< New 6acBoo& :/;<<< All o the ao-e
D
In the the -i" -i"eo eo 4)ow )ow to to ,a& ,a&e e :'3 :'3<& <&Fy Fyea ear5; r5; we lear learne ne" " tha thatt the the e-er e-ery" y"ay ay costs we ace are increasin# at an alar,in# rate !p to al,ost 13>Fyear. Accor"in# to an in"e0 st!"y in A!stralia; the a-era#e wo,ans hairc!t was :G in 1H31. In '<1'; an a-era#e wo,ans hairc!t was :8/. That is an increase o$ NOTE+ Ro!n" to the nearest percent
A B C
G> 33> 8/G>
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*sin *sin# # yo! yo!rr ans answe werr r ro, the the J!e J!est stio ion n ao ao-e -e;; cal calc! c!la late te the the inc incrrease ease in price as a percenta#e per year.
NOTE+ Ro!n" to the nearest percent
A B C %
1/>Fyr 1<>Fyr 1>Fyr 1'>Fyr
H
?inancial Literacy$
A "ecisions B C %
is the the &no &nowl wle" e"#e #e that that is nece necess ssar ary y to to ,a& ,a&e e fna fnanc ncia iall res respo pons nsi ile le is only only i,po i,port rtan antt to to ent entrrepr eprene! ene!rs rs an" an" acco acco!n !nta tant nts s incl incl! !"es "es the the !n" !n"er ers stan tan"in# in# o o how how to a-oi" oi" "e "ett oth A an" C
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An e0 e0a,ple o o a -ariale co cost is is$
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Rent ent or or the the !i !il" l"in in# # the the entr entrep eprrene! ene!rr r!n r!ns s his his or her her !s !sin ines ess s r ro, The co cost o o oK oKce a",inistration The The cos costt o o the the lan" lan" or prop proper erty ty the the !s !sin ines ess s is is loc locat ate" e" on The The cos costt o o ,at ,ater eria ials ls that that are are nee nee"e "e" " to to pro" pro"!c !ce e the the pr pro"!c o"!ctt
11
I yo!r yo!r !til !tiliti ities es or the ,onth ,onth f0 f0e" e" cost cost are are 2G< 2G< "ollar "ollars; s; how ,!ch ,!ch is is this cost per "ay. Ass!,e /< "ays in a ,onth$
A B C %
1G 13 12 18
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B
,oni ,onito torr yo! yo!rr spe spen" n"in in# # an" an" co,p co,par are e yo! yo!rr !" !"#e #ett to what what yo! yo! haha-e e
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set personal an" fnancial #oals All o the ao-e
spent
Part 2: True and False Directions: ?or each o the ollowin# state,ents; state whether it is tr!e or alse. Write yo!r answer in the lan& space pro-i"e" on the lan& sheet. *se either 4T5 or tr!e or 4?5 or alse.
1/. Less than 3> o the pop!lation act!ally ta&es ti,e to physically write "own their #oals.
12. The 4S5 an" 465 in the acrony, S6ART 7oals stan" or 4Specifc5 an" 46eas!reale5.
13. The cost o li-in# is #oin# "own.
18. A -ariale e0pense will #o !p e-ery ,onth.
1D. The top three in"!stries to #o into i yo! want to ,a&e :'3<;<<< per year are are ,e"icine "octor; ,oney real estate; an" co,p!ters sotware pro#ra,,in#.
1G. I yo! are c!rrently spen"in# ,ore ,oney than yo! ,a&e; yo! will ne-er e ale to create a !"#et or sa-e ,oney.
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'<. 4I want to e rich5 is a S6ART S6ART 7oal.
Part 3: Short Answer Directions: Choose ONE 1 o the ollowin# short answer J!estions. NOTE that each J!estions is worth ?I9E 3 ,ar&s. Write yo!r answer in the lan& space elow. A. E0plain the i,portance o fnancial literacy in yo!r own wor"s. Note that yo! can !se e0a,ples ro, class -i"eos; articles; han"o!ts; etc. o! o! ,ay choose to relate it to a person; a !siness; or oth. . O!tline the !"#etin# process 8 steps o !"#etin#. C. 7i-e an e0a,ple o a S6ART 7oal an" e0plain e0actly why it is a S6ART 7oal.
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Answer Answe r ey+ ey+ !uestion:
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B*%7ET M!i Answer
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