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Modules 111-113 Review Part 3
Test Description: Modules 111-113 Review Part 3
Instructions: Answer all questions to get your test result.
1) A(n) _________________ is a spending plan that allows you to estimate how much money you will need for expenses during a specific period of time.
A
overdraft
B
advance
C
budget
D
estimate
2) A(n) _______________ is a result that you want to achieve quickly.
A
short-term goal
B
long-term goal
C
budget
D
aspiration
3) A(n) _______________ is a result that you want to achieve after an extended period of time.
A
short-term goal
B
long-term goal
C
budget
D
aspiration
4) Expenses that you must pay for in order to survive are
A
necessary
B
discretionary
C
optional
D
reasonable
5) Expenses that you pay beyond the items you need are
A
required
B
necessary
C
discretionary
D
reasonable
6) ______________________is one example of a necessary expense.
A
a new video game
B
rent on an apartment
C
a trip to bermuda
D
a ticket to a movie
7) ______________________is one example of a discretionary expense.
A
rent
B
dinner at a restaurant
C
groceries
D
clothing
8) A(n) _________________ budget plans expenses for the entire year
A
annual
B
bi-annual
C
weekly
D
monthly
9) _________________ is an example of an expense that would be covered by an emergency fund.
A
buying new furniture for a redecoration project
B
Buying a new outfit for a party
C
fixing a broken refrigerator
D
visiting friends in Florida
10) A long-term goal might involve
A
a haircut for the wedding you are attending
B
a new shirt for an important job interview
C
making next month's car payment
D
a backpacking trip through Europe
*select an answer for all questions
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