Budgeting

Budgeting is crucial to your financial success.

• True

• False

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Savings

Which of the following is generally the most expensive category in a person’s budget?

• Healthcare

• Clothing

• Transportation

• Housing

When making a budget, a person’s needs should come before their wants.

• True

• False

Carla’s monthly income is $2,500. She can spend 35% of her monthly income on her housing category, how much money does she have to spend in this category?

• $875

• $110

• $765

• $90

If an expense can be cut from your budget to save money, it is considered a ______.

• want

• need

• income

• savings

8.The money an individual spends regularly for items or services.

• Budget

• Expense

• Checking Account

• Financial Plan

Ace’s car holds 23 gallons of gas. If gas is $3.49 per gallon, how much will it cost Ace to fill up his car?

• $80.27

• $26.49

• $27.80

• $50.78

Match the Term to the Correct Definition:

Long Term Financial Goals

• A goal that will be attained in more than one year

• A goal that will be attained in less than one year

• The value of the next best alternative that must be forgone as a result of a decision

Match the Term to the Correct Definition:

Short Term Financial Goals

• Something a person intends to acquire, achieve, or accomplish in the future

• A goal that will be attained in more than one year

• A goal that will be attained in less than one year

• Managing money continuously through life in order to reach your financial goals

• The value of the next best alternative that must be forgone as a result of a decision