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- 1. Multiple ChoiceWhat two things does a budget compare?Income and ExpensesSavings and InterestIncome and InvestmentsExpenses and Expenditures
- 2. Multiple Choice
Which is an example of a fixed expense?
Cell Phone
Utility bill
Groceries
Petrol
- 3. Multiple ChoiceWhich of the following is a true statement about saving receipts?Saving receipts allows you to keep an accurate record of your spending.The more receipts you save, the more money you can save.
- 4. Multiple ChoiceVariable expenses may not be the same every month.TrueFalse
- 5. Multiple ChoiceWhen you set a budget, you should never revisit or adjust it.TrueFalse
- 6. Multiple ChoiceThis occurs when money is withdrawn from a bank account and the available balance goes below zero.overdraftreconcilebalancedbudgeting
- 7. Multiple ChoiceExpenses that stay the same every month are _________ expenses. Rent would be an example.fixeddiscretionaryvariableintermittent
- 8. Multiple ChoiceAn expense that only occurs because you are choosing to spend money like eating out or buying clothes is a(n) ___________ expense.fixeddiscretionaryvariableintermittent
- 9. Multiple ChoiceYou have to eat so you need to buy groceries. This is a(n) ___________ expense.fixeddiscretionaryvariableintermittent
- 10. Multiple ChoiceCar repairs are a fact of life and should be budgeted. This is a(n)_________ expense.fixeddiscretionaryvariableintermittent
- 11. Multiple Choice
Which of the following account records would have the most current balance?
account balance statement from the ATM
your own online banking records
your mailed monthly bank statement
all of these records will have accurate account balances
- 12. Multiple ChoiceThe mortgage payment and the car payment are examples of which of the following?variable expensesassetszero-based budgetingfixed expenses
- 13. Multiple Choice
Which of the following is an example of a variable expense?
car payment
petrol for your car
student loan for college
insurance
- 14. Multiple ChoiceAn estimate of income and expenditure for a set period of timebudgetanticipated incomeunanticipated incomediscretionary income
- 15. Multiple ChoiceWhat is potentially one bad thing that could happen if you do not live within your means?You could have to move back home with your parentsYou could increase your credit scoreNothing. Its a trick question.Collection agencies can come after you and possibly even facing court charges
- 16. Multiple Choice
The goal of a budget is to SAVE more than you SPEND.
True
False
- 17. Multiple Choice
Which interest will develop more money over time?SimpleCompoundNeither - 18. Multiple ChoiceDo budgets change depending where you live?Yes, because it just makes sense to pay more in big citiesNoyes, because different places have higher income and higher expenses
- 19. Multiple ChoiceThe amount of money you have left to spend on after taxes is called your ____________.incomenet paytaxesmonies
- 20. Multiple ChoiceDuring a thunderstorm, lighting strikes a large tree in the Torres family’s backyard. The tree needs to be removed. The cost to remove the tree is $500. If the Torres family income is $4,500 per month, is there enough money budgeted in the allotted emergency fund? Explain.Yes, there is $18,000 in the emergency fund.Yes, there is $4,500 in the emergency fund.No, there is only $180 in the emergency fund.No, there is only $90 in the emergency fund.
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