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