GFL Strand 5, Standard 1: Budgeting

GFL Strand 5, Standard 1: Budgeting

Assessment

Flashcard

Business

11th Grade

Hard

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the primary purpose of a financial plan?

Back

To prepare a strategy for managing income, expenses, and savings goals

2.

FLASHCARD QUESTION

Front

What is a fixed expense in a budget?

Back

A car loan payment that does not change monthly.

3.

FLASHCARD QUESTION

Front

Which is an example of a variable expense?

Back

A fluctuating utility bill based on monthly consumption

4.

FLASHCARD QUESTION

Front

What is the purpose of an emergency fund?

Back

To pay for unplanned medical bills or urgent car repairs

5.

FLASHCARD QUESTION

Front

What percentage of income is suggested for saving in the 70-20-10 budgeting rule?

Back

10% saved toward retirement and emergencies

6.

FLASHCARD QUESTION

Front

What is a financial goal?

Back

A clear savings target, like $5,000 for emergencies.

7.

FLASHCARD QUESTION

Front

What is commonly used to track income and expenses? Options: A monthly budget worksheet showing all spending, Bank statements from checking and savings accounts, Tax returns detailing annual earnings and refunds, Financial apps focused on investment monitoring

Back

A monthly budget worksheet showing all spending

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