OpenField Finance

Beginner Course · Lesson 3 Assessment

Assessment: Budgeting: Stop Being Broke After Payday

Check what you understood from Lesson 3 and apply it to real life.

Beginner Lesson 3 of 14
Before you start: complete the questions and challenges first. The full answer key with explanations is at the bottom of this page — no peeking until you finish.

1. Knowledge Check

Answer the questions below after watching the budgeting lesson.

1. What is the best definition of a budget?
  1. A rule that stops you from spending money
  2. A plan for where your money should go
  3. A list of only your savings goals
  4. A way to avoid paying for things
2. Which amount should you use when building a budget from a paycheck?
  1. Gross pay
  2. Net pay
  3. The hourly wage listed on your job application
  4. The amount you wish you made
3. Which of these is most likely a “want” for a high school student?
  1. Bus pass to get to school
  2. Basic phone plan for work scheduling
  3. New shoes just because they look good
  4. Required school supplies
4. Carlos thought he spent about $30/month on subscriptions, but he actually spent $65.94/month. What is the biggest lesson?
  1. Subscriptions are always bad
  2. Small automatic payments can add up fast
  3. You should never pay for music or streaming
  4. Budgeting only matters for adults
5. Jordan earns $500 from an NIL deal or side hustle. What should he do before spending it all?
  1. Spend it quickly before it disappears
  2. Only buy sports gear
  3. Set aside some money for taxes and savings
  4. Give it all to friends

Short Answer

6. Explain the difference between a need and a want. Give one teen-related example of each.

Write 2–4 sentences.

7. Why does tracking spending matter after you make a budget?

Write 2–4 sentences.

2. Real-World Action Challenge

The 10-Minute Spending Leak Check

Goal: Find one area where your money could be leaking, even if you do not currently have a job or regular income.

Time Needed: 5–15 minutes

Materials Needed: Phone, paper, Notes app, or Google Doc

Step 1

Pick one spending category.

Step 2

Look back at your spending or estimate a normal week.

Step 3

Add it up weekly or monthly.

Step 4

Decide if it was worth it.

Step 5

Choose one realistic change for next week.

Choose One Category

  • Food or snacks
  • Drinks, boba, coffee, or energy drinks
  • Clothes or shoes
  • Subscriptions
  • Gaming or apps
  • Gas or transportation
  • Sports gear or training
  • Random online purchases

Example

$5 snacks × 3 times per week = $15/week

$15 × 4 weeks = $60/month

Label the Spending

  • Worth it
  • Sometimes worth it
  • Not worth it

Pick One Change

  • Bring a snack from home twice this week
  • Cancel one subscription you barely use
  • Limit fast food to once this week
  • Set a small fun-money limit
  • Save $10 before spending anything else
  • Track every purchase in your Notes app
Reflection Question: What is one spending habit you noticed, and what is one change you can make this week without making your life miserable?

3. Extension Challenge

Optional: Build a Teen Budget Scenario

Goal: Create a realistic monthly budget for a teenager with a part-time job, sports schedule, side hustle, or investing goal.

Choose One Scenario

Option A: First Job Student

You work part-time and bring home $400/month after taxes.

Option B: Student Athlete

You receive $150/month from family support and occasional paid help like coaching, refereeing, or tutoring.

Option C: Beginner Investor

You bring home $500/month and want to start saving for investing, a car, or college.

Instructions

  1. Write the monthly net income.
  2. Make categories for needs, wants, and savings/future.
  3. Calculate the 50/30/20 version.
  4. Adjust the budget to make it realistic for a high school student.
  5. Explain what you changed and why.
  6. Identify one problem that could break the budget.
  7. Create a backup plan.

Example Starter

Monthly income: $400

50/30/20 version: Needs $200 · Wants $120 · Savings $80

Adjusted version: Needs $100 · Wants $140 · Savings $160

Why? Since this student lives at home and has fewer bills, they can save more than 20%.

Final Reflection: How does having fewer expenses as a teenager give you an advantage if you use it correctly?

4. Key Takeaways

  • A budget is not a punishment. It is a plan for your money.
  • Always budget with net pay, not gross pay.
  • Needs keep life moving. Wants make life better. Be honest about the difference.
  • Small purchases and subscriptions can quietly drain your money.
  • Tracking your spending once a week helps you find leaks and fix them early.

Answer Key

Use this section to check your answers after completing the knowledge check.

1. Correct Answer: B

A budget is simply a plan for your money. It helps you decide where your money goes before it disappears.

2. Correct Answer: B

Net pay is the money that actually hits your account after taxes and deductions. You cannot budget with money you never received.

3. Correct Answer: C

New shoes can be useful, but buying them just because they look good is usually a want, not a need.

4. Correct Answer: B

Subscriptions are not automatically bad, but they are easy to forget. Small monthly payments can quietly become a big yearly cost.

5. Correct Answer: C

Income from NIL, gigs, or side hustles may come with tax responsibilities. Big money needs a plan before you spend it.

6. Sample Short Answer

A need is something required for school, work, health, or basic life. A want is something that makes life better but is not required. A bus pass to get to school could be a need. Eating out after school could be a want.

7. Sample Short Answer

Tracking matters because a budget is only the plan. Tracking shows whether you are actually following the plan. It helps you find where your money is leaking, like snacks, subscriptions, or random purchases.

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