Finance Quiz - overall

Why is using a budget beneficial?

• Helps to keep track of the money you receive
• Helps to prioritize your spending
• Helps reach short- and long-term financial goals
• All of these

Which of the following should NOT be considered when setting a current budget?

• Your financial goals
• Future Income
• Needs and wants
• Savings

What should be considered when setting a budget?

• Needs and Wants
• Savings
• Time management goals
• Needs, wants, and savings

Bank statements, credit statements, and records of cash expenses help you to estimate your ________.

• credit score
• emergency fund needs
• expenses
• available investments

In your budgeting process, when should you look at recurring expenses?

• Before reviewing your wants
• After considering entertainment expenses
• Before looking at your needs
• After your wants but before you needs

Which of the following statements is TRUE?

• Recurring expenses don't need to be planned for because they rarely happen.
• Recurring expenses are expenses that can never be stopped.
• Recurring expenses should be planned for after looking at your wants.
• All of these
• None of these

Which choice or choices best describes the purpose of an emergency fund?

• An emergency fund prepares you for unexpected expenses.
• An emergency fund keeps you from borrowing money from friends and family.
• An emergency fund removes the worry about expenses not in the budget.
• All of these
• None of these

Charitable donations, entertainment expenses, and financial goals are all examples of...

• activities that contribute to overspending
• things that are considered needs.
• activities that are necessary for a healthy lifestyle.
• things to consider when creating a budget.

When setting a budget, you should consider...

• financial goals, current expenses, and income
• mostly income
• creative ways to spend your money.
• mostly your goals.
• none of these

Unexpected expenses…

• can make it hard to stick to your budget.
• may cause you to be unable to pay necessary bills.
• should be planned for.
• All of these
• None of these