Money
Ed
Unit 1
Unit 2
Unit 3
Unit 4
Quiz
Budgeting
Section Quiz
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A budget is important because it will help you:
a. categorize expenses
b. set spending limits
c. creating a financial plan
d. all of the above
According to the chapter, what method is recommended to identify overspending?
a. tracking expenses
b. set spending limits
c. create a financial plan
d. none of the above
Expenses such as car repairs or medical expenses are considered:
a. periodic expenses
b. fixed expenses
c. variable expenses
d. irregular expenses
According to recommended spending guidelines, a proper debt-to- income ratio should not be higher than:
a. 15 percent
b. 22 precent
c. 30 percent
d. 36 percent
What percentage of income should be allocated towards debt, according to recommended spending guidelines?
a. 10 percent
b. 15 percent
c. 20 percent
d. 25 percent
In evaluating your spending, which of the following expenses are likely to increase your total debt amount?
a. fixed
b. variable
c. periodic
d. all of the above
What percentage of your income should go towards savings or investments, according to recommended spending guidelines?
a. 10 percent
b. 15 percent
c. 20 percent
d. 25 percent
Which of the following examples are long-term financial goals?
a. pay-off a home
b. save for college
c. obtain an auto loan
d. all of the above
Several steps are required to create a budget, what step should be taken first?
a. gather financial statements
b. evaluate income and expense
c. track spending
d. set financial goals
Creating and maintaining a budget will help you:
a. make better financial decisions
b. spend less money
c. obtain a loan
d. all of the above