Budgeting

Trying to save to buy a house while you are working only 10 hours a week would not be practical.

• True
• False

A complicated budget is more likely to motivate you to achieve your financial goals. 

• True
• False

Include expected or estimated income and known or estimated expenses when creating an ongoing goal chart. 

• True
• False

What is the first thing to consider when planning a budget?

• cash flow statement
• financial goals
• estimated expenses
• emergency fund

If your monthly income from your job is $600, and you want to save $25%, how much would you save each month?

• $125
• $150
• $200
• $250

Which of the following items should always be included in a cash flow statement?

• income from wages
• savngs
• fixed expenses
• all of the above

What is the best way to budget your income if you work a different number of hours each week?

• by averaging income over several weeks
• by estimating income over several weeks
• by averaging income over several months
• by estimating income over several months

Which of the following events would not require reworking a budget?

• having a budget surplus
• starting a new job
• losing a job
• getting married

Which of the following is not a quality of a good budget?

• goal based
• flexible
• deficit based
• practical

Matching
Income and expenses

• budget surplus
• fixed expense
• estimate
• cash flow