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Indiana Department of Financial Institutions

DFI > Education > Education Information > Consumer Credit Education > Quizzes > Allowance & Spending Plan Quiz Allowance & Spending Plan Quiz

1. Spending plans are decisions about how you spend your allowance.

True False

2. A written spending plan is the best way to manage an allowance.

True False

3. Spending plans should be discussed with parents.

True False

4. Everyone has the same spending plan.

True False

5. My spending plan must remain the same for an entire year.

True False

6. Giving to a church or charity can be part of my spending plan.

True False

7. Changes can be made in my written spending plan:

Only once a week

Only once a month

Only every six months

As my need change

8. Savings provide money for:

Emergency expenses

Unplanned expenses next year

Expenses in five years

All of the above

9. A spending plan can be made by:

Keeping a diary of expenses

Asking a friend to make it for you

Unplanned expenses next year

Checking how much money is in your pocket

10. Which of the following is NOT a spending plan category

Transportation

Entertainment

Candy bars

Clothing

ALLOWANCE AND SPENDING PLAN QUIZ ANSWERS

  1. True
  2. True
  3. True
  4. False
  5. False
  6. True
  7. As my needs change
  8. All of the above
  9. Keeping a diary of expenses
  10. candy bars