Q5. What might a budget include? Pick 4 relevant answers. Bills Yes, such as gas, electric, internet, water rates etc. Food Yes, this can be recorded in a range of ways from per-meal to bulk buying. Entertainment Correct, leisure may sometimes have a financial cost to it. Rent Yes, this amount may be one …
Q4. What luxury things might someone spend their money on? Pick 2 you like & explain why; give examples where possible. Dining out Yes, like eating takeaways or at restaurants when there is sufficient food at home. Going clubbing Correct, a night out can be an expensive luxury. Designer clothes That’s right, some people …
Q3. What mistakes might someone make when making a budget? Pick 2 you like & explain why; give examples where possible. Hoping for more income Yes, someone may add an income to their budget that is not confirmed or uncertain. Underestimate costs Correct, additional expenses that were not expected can offset a tight budget. …
Q2. How might someone start up a shared collection (to pay bills) between housemates? Pick 2 you like & explain why; give examples where possible. Agree the amount of money to put in Yes, knowing how much everyone is contributing will help with budgeting. Agree how much will be spent Correct, this will be …
Q1. What might it mean when someone has a good credit rating or score? Pick 2 you like & explain why; give examples where possible. Preferred by banks Yes, banks and other lenders use this scoring system as a guide to help assess someone’s history of credit. Has financial options Correct, the higher the …
