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Budgeting Assessment

Quiz by Heather Musgrave

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17 questions
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  • Q1
    Anything you spend money on.
    Impulse Buying
    Net Income
    Expenses
    Budget
    30s
  • Q2
    A spending plan for your money
    Expenses
    Budget
    Impulse Buying
    Financial Means
    30s
  • Q3
    The amount of money you earn before they take out any deductions
    Gross Income
    Net Income
    Financial Means
    Budget
    30s
  • Q4
    When a person buys on emotion but they do not think about the money.
    Financial Means
    Expenses
    Overspending
    Impulse Buying
    30s
  • Q5
    The amount of money you have after all the taxes and deductions have been taken out.
    Expenses
    Gross Income
    Budget
    Net Income
    30s
  • Q6
    This is an expense that usually changes month to month like groceries.
    Variable Expense
    Fixed Expense
    Spending
    Impulse Buying
    30s
  • Q7
    This is an expense that does NOT change at all or changes very little such as a house payment.
    Expenses
    Variable Expense
    Fixed Expense
    Budget
    30s
  • Q8
    Knowing how much money you bring home and how much money you can afford to spend.
    Budget
    Spending
    Saving
    Financial Means
    30s
  • Q9
    What is the main reason that people spend more money than they make and go into debt?
    They are addicted to shopping
    They don't have a budget for their money
    They don't earn enough money
    30s
  • Q10
    A budget is a spending plan for your money that includes the following
    Net Income, Fixed Expense, Variable Expense
    Checking Account and Savings Account
    Gross Income and Hours Worked
    30s
  • Q11
    It is important that as an adult you have a budget; it is key in creating and maintaining good financial habits.
    False
    True
    30s
  • Q12
    A successful budget depends on you
    Checking on it and updating it on a regular basis
    Using a fancy budget app on your cell phone
    Never using it
    30s
  • Q13
    What is an expense?
    Savings
    Spending
    Income
    30s
  • Q14
    A budget will not give you a clearer picture of your finances and help reduce stress
    True
    False
    30s
  • Q15
    If you spend more money than you earn, you will eventually go into debt.
    False
    True
    30s

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