Personal Finance - Budgeting
Quiz by shereese kelly
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11 questions
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- Q1A set of goals for spending, saving, and investing the money you receive is called a budgetFalseTrue20s
- Q2Before you prepare a budget it is a good idea to keep track of your income and expenses for a month or twoFalseTrue20s
- Q3When preparing a budget you need to focus mostly on yourNet incomeDisposable incomeGross IncomeTaxable Income20s
- Q4Most experts recommend saving _______ percent of your income each pay period10%20%30%50%20s
- Q5Only people with considerable wealth need to create a personal record keeping systemTrueFalse20s
- Q6Which of the following is a variable expense?Grocery BillRentRenters InsuranceCar Loan20s
- Q7Which is NOT a step in a financial plan?Spend as much as you want toPrioritize ChoicesDetermine and evaluate choicesOrganize Financial Resources20s
- Q8Things we must have in order to survive are calledWantsNeedsBudget20s
- Q9Your pay before deduction is calledNet IncomeFICAGross IncomeTaxable Income20s
- Q10Things we would like to have but do not need to survive are calledBudgetWantsNeeds20s
- Q11The most likely reason for a budget to fail is becausebuying a pair of shoes that you couldn't resistAn emergency fund was not established for unforeseen circumstancesNot using personal finance software or websiteNot making enough money20s