Principles Of Business~Unit 6~Money Management: Question Preview (ID: 3487)

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What is a major purpose of government budgeting?
a) Allow government agencies to spend as much as they want
b) Give taxpayers a large refund every year
c) Impress taxpayers with the legislators' skill
d) Provide services that are needed by the public

A value can be defined as
a) A belief or idea considered important or desirable.
b) A willingness to give up something now in exchange for a future benefit.
c) Something basic for personal survival.
d) Something desired to make life more comfortable.

One of the BEST methods for maintaining financial records is the use of a/an:
a) Allotment
b) Balance Sheet
c) Checking Account
d) Savings Account

To be effective, a budget MUST include allowances for fixed expenses, variable expenses and:
a) Credit
b) Inventory
c) Savings
d) Travel

Effective money management does NOT include:
a) Budgeting
b) Goal setting and planning
c) Impulse buying
d) Saving for the future

Comparing the price, quality, and services associated with one product with those of another product is:
a) Comparison Shopping
b) Convenience shopping
c) Impulse buying
d) Unit price

Which spending habit might improve a person’s standard of living?
a) Always buying brand name merchandise
b) Always buying the first product found
c) Saving for future and unexpected expenses
d) Using credit for all minor purchases

Defining needs or want is what step in the decision-making process?
a) First
b) Second
c) Third
d) Last

The FIRST expenditure in a household budget should be:
a) Fixed expenditures.
b) Rent
c) Savings
d) Variable expenditures

Which is a step in the financial planning process?
a) Building a budget for the plan
b) Constructing a financial planning pyramid
c) Implementing the plan
d) Protecting assets against loss

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