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Personal Finance - Budgeting

Quiz by shereese kelly

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11 questions
Show answers
  • Q1
    A set of goals for spending, saving, and investing the money you receive is called a budget
    False
    True
    20s
  • Q2
    Before you prepare a budget it is a good idea to keep track of your income and expenses for a month or two
    False
    True
    20s
  • Q3
    When preparing a budget you need to focus mostly on your
    Net income
    Disposable income
    Gross Income
    Taxable Income
    20s
  • Q4
    Most experts recommend saving _______ percent of your income each pay period
    10%
    20%
    30%
    50%
    20s
  • Q5
    Only people with considerable wealth need to create a personal record keeping system
    True
    False
    20s
  • Q6
    Which of the following is a variable expense?
    Grocery Bill
    Rent
    Renters Insurance
    Car Loan
    20s
  • Q7
    Which is NOT a step in a financial plan?
    Spend as much as you want to
    Prioritize Choices
    Determine and evaluate choices
    Organize Financial Resources
    20s
  • Q8
    Things we must have in order to survive are called
    Wants
    Needs
    Budget
    20s
  • Q9
    Your pay before deduction is called
    Net Income
    FICA
    Gross Income
    Taxable Income
    20s
  • Q10
    Things we would like to have but do not need to survive are called
    Budget
    Wants
    Needs
    20s
  • Q11
    The most likely reason for a budget to fail is because
    buying a pair of shoes that you couldn't resist
    An emergency fund was not established for unforeseen circumstances
    Not using personal finance software or website
    Not making enough money
    20s

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