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Budgeting Review 2023
Quiz by Mitzi Glasgow
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
What costs should be budgeted for when owning a car?
Which of the following would NOT be a benefit to creating & sticking to a budget?
Sharing an apartment with roommates will likely decrease which of your expenses?
If you have a budget deficit of about $150 for two months in a row, which of these is the BEST option to fix the problem?
Analyze the following income & expenses:Â
Net pay of $3,000 per month
Monthly expenses: Rent $1,000, car expense $650, entertainment $200, groceries $500, cell phone $150, student loan payment $350, other misc expenses $200
Which of these expenses would be the MOST difficult to adjust if you were looking to reduce expenses?
When your assets are GREATER than your liabilities you are said to be __________.
What is the most common purpose for a statement of one's net worth?
What should you look at FIRST to determine where you can save money in order to meet your budget goals?
A mortgage payment, car payment, and student loan payment are all examples of what?
A friend is starting to plan for his future and wants to create a zero based budget. He needs to come up with a plan that follows which of these equations?
After determining your financial goals, what is one of the FIRST things to do when creating a budget to make sure you don't overspend?
A budget can be defined as _______________________.
Which of these is a liability?
Which of these is an asset?
The net worth statement can be stated as __________________________.
The amount remaining after the value of all liabilities is subtracted from the value of all assets can be referred to as what?
What is the TOTAL variable expenses for last month:
Car Payment $300
Cell Phone $43 (pay only for what is used each month)
Food $95
Rent $250
Gas $117
Insurance $85
What is the TOTAL fixed expenses for last month:
Car Payment $300
Cell Phone $43 (pay only for what is used each month)
Food $95
Rent $250
Gas $117
Insurance $85
Given the following information, what is this person's Net Worth (Owner's Equity/Capital)?
Home $130,000
Car $18,000
Savings $20,000
Car Loan $15,000
Student Loan $25,000
Mortgage $120,000
Given the following information, what is this person's TOLAL liabilities?
Home $130,000
Car $18,000
Savings $20,000
Car Loan $15,000
Student Loan $25,000
Mortgage $120,000
Given the following information, what is this person's TOLAL assets?
Home $130,000
Car $18,000
Savings $20,000
Car Loan $15,000
Student Loan $25,000
Mortgage $120,000
If your total liabilities & owner's equity (net worth, capital) total $15,000, what is the total of your assets?
If your income is $30,000 and your total expenses are $23,000, how much money will you allocate to savings and/or investing to reach a zero-based budget?
If your net income is $15,000, variable expenses are $3,000, fixed expenses are $7,000, what is your cash surplus disposable income?
If Assets = $11,000 and Liabilities = $8,000, then Net Worth (capital, owner's equity) is _____.
Which of the following would be considered an asset?
Which of these is a variable expense?
In a balanced budget, which of the following must be TRUE?
When preparing a budget, you need to focus MOSTLY on your ________________.