Personal Finance Review 1 Question Preview (ID: 9974)


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What is the first thing to consider when planning a budget?
a) cash flow statement
b) Financial Goals
c) estimated expenses
d) emergency fund

Short-term goals are goals you hope to achieve in how many years?
a) 1-3 yrs
b) 1-5 yrs
c) 1-7 yrs
d) 1-10 yrs

Which of the following should be included in a goal-planning worksheet?
a) short-term, medium-term, and long-term goals
b) short-term, saving, and open-ended goals
c) sharing, spending, and saving goals
d) sharing, open-ended, and spending goals

Which of the following items should always be included in a cash flow statement?
a) income from wages
b) savings
c) fixed expenses
d) all of the above

fixed expenses include all of the following except
a) electric bill
b) house payment
c) new tires
d) food

You can prepare for unexpected expenses by regularly putting money into a(n)
a) estimated fund
b) emergency fund
c) saving fund
d) variable fund

Which of the following most accurately describes a budget deficit?
a) the money left over after all expenses are paid
b) the difference between income and expenses
c) expenses owed every month
d) not having enough money to cover expenses

Which of the following is not a quality of a good budget?
a) goal based
b) flexible
c) deficit based
d) pratical

Which of the following events would not require reworking a budget?
a) having a budget surplus
b) starting a new job
c) losing a job
d) getting married

How can you make sure your budget is on track after you set it up?
a) compare your actual income and expenses for one month, and look for a surplus at the end of the mont
b) monitor how much you spend and take in each month
c) compare your budgeted income and expenses with your actual income and expenses for two weeks
d) keep a daily spending log

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