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CE Chapter 6
Review for the Budgeting Test
| Question | Answer |
|---|---|
| Flexible expenses are amounts that you can choose to spend or not to spend. | True |
| If you want to cut your spending, you’ll have to start with your fixed expenses. | False |
| When making a budget, your goals should be prioritized and ranked | True |
| If you spend $20 more for groceries each week than you originally budgeted, then you are “over” budget. | True |
| The life-span goals you set affect your family, future family, and community. | True |
| Fixed expenses are the amounts you have already committed to spend. | True |
| Stuffing all your receipts into a grocery bag is a good way to create an efficient filing system. | False |
| A successful budget requires accurate record keeping. | True |
| Adjusting a budget will be easier if you attempt to change flexible spending rather than fixed spending. | True |
| Many young people on their first jobs make the mistake of trying to buy too many luxury items. | True |
| A planning document on which you record your expected and actual income and spending over a short time is a | Budget worksheet |
| Important things you hope to achieve in more than one year are | long term goals |
| A plan for dividing your income among spending and saving options is a | budget |
| If Bob’s car payment is $172 per month, his annual budget amount for car payments would be | $2,064 |
| Which of the following software programs would best suit your needs if you wanted to prepare a budget worksheet? | spreadsheet |
| A car payment would be considered a fixed expense | True |
| determine your goals, estimating your income and expenses, and creating a budget worksheet are all steps in the budget process | True |
| John receives $10 per week for allowance and $50 per week from his job. His total income for a month containing four weeks would be | $240 |
| A Ford Edge with a basic package is not a luxury item | True |
| Budgeting successfully depends on how well you set your financial limits, goals, and needs | True |
| If Michael and Kathy buy a new home, their monthly house payment will be a(n) _____ expense. | Fixed |
| Buying a new shirt would be a(n) _____ goal. | short-term |
| Amounts that you are not committed to spend on a regular basis from each paycheck are called _____. | Flexible Expenses |
| Buying a home would be a(n) _____ goal. | life-span |
Created by:
Lhoover