CEDRIC CUMLAT MEMORIAL INSTITE INCOPORATED

TLE 9 3rd Grading Examination

NAME: ___________________________________________ SCORE:________________

TEACHER: _________________________________________ DATE:__________________

TEST 1. TRUE OR FALSE. (2points)

Direction: Write True if the statement is correct or False if it is wrong.

___________1. A person budget is an appropriation of expenses to meet individual needs and desires.

___________2. The most important consideration in making a budget is the expenditures.

___________3. A personal budget is similar to a family and business budget.

___________4. The money available in a budget is also called a budgetary outlay.

___________5. When income is less than the expenditures, you have a budget deficit.

___________6. The ideal budget is when income equals expenditures.

___________7. The inclusion of savings in a budget allows one to invest.

___________8. A well-prepared budget is one in which all needs and wants are met.

___________9. The budget serves as a toll to realize short-term and long-term goals

___________10. In making a budget, always prioritize desires to satisfy family members.

___________11. Prioritizing in budgeting means meeting needs first before wants.

___________12. An important quotation to remember when budgeting is “living within one’s means.”

___________13. To avoid a budget deficit, one can borrow so that all expenses can be met.

___________14. An acceptable budget is guided by the saying, “Do not overspend.”

___________15. A budget is an approach to training children and youth in handing money.

TEST 2. SEQUENCING. (2points)

Direction. Below are the step in making a budget. Arrange them in order by writing 1-6 in the space provided.

STEPS IN MAKING A BUDGET (Individual or Family)

_________________ Deduct the total expenditures from the income.

_________________ Compute the percentage equivalent of each item of expenditures.

_________________ Determine the percentage allocation for each item.

_________________ Total the amount for all the items.

_________________ Total the combined income of the family.

_________________ List items of expenditures.

TEST 3. ENUMERATION.

1-8. Steps in making a business budget

9-15. Give at least 7 Elements of a Budget

TEST 4. ESSAY (7points)

1. Explain the quotation, “Living within one’s means ” in your words.