Budgeting Review

A plan for spending and investing your money to meet your wants and needs is also known as ........

• a financial plan

• a budget portfolio

• a budget

• personal finances

Which of the following is NOT a fixed expense?

• Real Estate Taxes

• Insurance Premiums

• Utilities

• Rent

Home loans, vehicles, and college tuition are all examples of ____________.

• current liabilities

• long-term liabilities

• current savings

• short-term debt

The difference between the budgeted amount and the actual amount spent is also known as _____________.

• financial differences

• budget difference

• budget variance

• budget change

Expenses that do not change from month to month are known as _________.

• fixed liabilities

• fixed debts

• fixed variables

• fixed expenses

Which of the following is NOT a step for developing a personal budget?

• Budget for net worth assets

• Budget for fixed expenses

• Estimate your income

• Record what you spend

What is the most important step for developing a personal budget?

• Set financial goals

• Budget for variable expenses

• Estimate your income

• Record what you spend

Which one of these helps to make a successful budget? (Select all that apply).

• Practical

• Measurable

• Manageable

• Flexible

Which of the following is an example of a variable expense?

• Rent

• Medical Bills

• Car loan payment

• Insurance premiums

A _________ is an expense that varies from month to month.