
Budgeting and Spending
Flashcard
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Other
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10th Grade
•
Practice Problem
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Medium
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20 questions
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1.
FLASHCARD QUESTION
Front
Which of the following elements is NOT part of the 50/30/20 Rule? Wants, Needs, Car payments, Savings
Back
Car payments
2.
FLASHCARD QUESTION
Front
What is the purpose of creating a budget?
Back
To track income and expenses
3.
FLASHCARD QUESTION
Front
Which of the following is NOT a step in the Rational Decision-Making Process mentioned in the text? Define the problem or opportunity, Identify alternatives, Determine financial needs, Choose the best alternative
Back
Determine financial needs
4.
FLASHCARD QUESTION
Front
How often should you update the document tracking your sources of income? Options: Annually, Quarterly, Monthly, Biweekly
Back
Monthly
5.
FLASHCARD QUESTION
Front
What equation represents the relationship between savings, income, and expenses?
Back
Savings = Income - Expenses
6.
FLASHCARD QUESTION
Front
Which of the following is an example of a fixed expense? Entertainment, Car repairs, Auto insurance, Dining out
Back
Auto insurance
7.
FLASHCARD QUESTION
Front
What is discretionary income?
Back
What a household or person has left after essentials have been paid, to invest, save, or spend
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