JA Budget Quiz

Long term goals are accomplished in less than a year

• True

• False

The amount of earnings made over one month, after deductions, is known as net monthly income.

• True

• False

A record of income and expenditures for a given period of time is called a budget.

• True

• False

When creating a budget, the first category to consider are those that meet your discretionary funds.

• True

• False

Typical family budgets spend the most money in entertainment.

• True

• False

A budget is a plan to help a person manage expenses and work towards both long and short term goals.

• True

• False

PYF is the concept of automatically putting away money every month, but is not considered part of a budget.

• True

• False

Discretionary funds and Net Monthly income are essentially the same thing.

• True

• False

When you follow your budget you are essentially following a plan that helps you manage both long term and short term goals.

• True

• False

One issue that a person must avoid when following a budget is impulse buying.

• True

• False