Ch 20 review consumers math

What is the first step in creating a budget?

• Estimating expenses

• Making choices

• Defining goals

• Keeping records

Which below are questions you should ask yourself when planning a budget?

• What are you life style goals?

• What is really important to you?

• What do you have, and what do you need to have?

• Who is playing football tonight?

What is record keeping?

• organizing and maintaining bills and reciepts

• tracking money

• Putting all of your money in savings

• Letting someone else take care of you money

• spending more than you make

Which of the following should you do to keep track of your money?

• Make a budget and update it

• Let someone else be in charge of your money

• Pay bills when they are due

• Keep track of what you spend

• make personal loans

What can you do if your income does not cover your expenses?

• Cut back on expenses and spending

• increase your income--get a different job

• pay for everything with a credit cart

• You can't do anything about it

What is financial responsibility

• asking people for money

• using other people to buy stuff

• being in charge of your own money and taking ownership of you spending habits

Inflation means that your dollars buy more than it did before

• True

• False

During inflation you can do the following to help cope

• Spend more

• Cut back on unneeded expenses

• Retire

• Find a second job

• Buy in bulk

During a recession you should do the following

• Talk to a loan officer

• accept job placement help

• Save money

You should file your bills____

• only after you prepare taxes

• as you receive and pay them

• Once a year