Budgeting/Career Unit Reivew

A budget allows you to meet your personal goals with a system of saving and wise spending.

• True

• False

Which of the following is NOT part of the budget process?

• Set Financial Goals

• Plan Budget Categories

• Maintain Financial Records

• Avoid Spending on Any Wants

• Evaluate Your budget

Costs that occur on a regular basis are and the same amount each time are variable expenses.

• True

• False

Variable expenses involve living costs that differ each time and may not be as easy to estimate.

• True

• False

A budget should be all of the following except:

• Realistic

• Flexible

• On a spreadsheet

• Evaluated

• Well planned

True or False. Retirement planning is usually considered a short-term goal.

• True

• False

A major purpose of a budget is to:

• Assist with comparison shopping

• achieve financial goals

• reduce a person's enjoyment of life

• gather data for using credit cards

Day to day financial activities associated with using limited income to satisfy your unlimited needs and wants is called:

• Personal balance sheet

• Money management

• Banking

• Scraping the barrel

Something you own is called:

• Asset

• Liability

• Net worth

Something you OWE is called:

• Asset

• Liability

• Net Worth