Career Competencies Final Exam

Front

Carla’s monthly income is $2,500. She can spend 20% of her monthly income on her savings category, how much money does she have to spend in this category?

Back

$500

Front

Which one is a fixed (same amount, same time) payment? food, power, mortgage, petrol

Back

mortgage

Front

Preparing a budget includes: Income, Expenses, Saving

Back

Income, Expenses, Saving

Front

If an expense can NOT be removed from your budget to save money, it is considered a _____

Back

Need

Front

What is a realistic financial goal for a college student? Options: Buying a new car in a year, Saving for retirement, Traveling around the world in 6 months.

Back

Paying off student loans within 5 years

Front

Why is it important to have an emergency fund?

Back

To cover unexpected expenses

Front

Which budgeting method allocates expenses into categories like "needs," "wants," and "savings"?

Back

50/30/20 rule

Front

How can tracking expenses help in managing a budget?

Back

It helps identify areas where you can cut back

Front

Why is it important to review and adjust your budget regularly?

Back

To ensure it aligns with your current financial situation and goals

Front

What role does discipline play in successful budgeting?

Back

It ensures adherence to your budget plan.