Banking Post Test

When creating a budget what financial information should you include?

• Income & Expenses

• Income, Expenses & Investment Goals (Savings)

• Income, Expenses, Bills you've already paid

Once you develop a budget you should never change it?

• True

• False

You do NOT need to include an emergency fund in your budget?

• True

• False

What is income?

• The money you have coming in

• The money you are spending

What are expenses?

• The money you have coming in

• The money you are spending

There are ______ different types of expenses.

• two

• three

• four

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

• Car Payment

• Electric Bill

• New Sneakers

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

• School Supplies

• Groceries

• Mortgage/Rent

A FIXED expense occurs ___________.

• Every month and the amount stays the same.

• Every month and the amount changes.

• Occurs randomly and the amount changes.

A FLEXIBLE expense occurs __________.

• Every month and the amount stays the same

• Every month and the amount changes

• Occurs randomly and the amount changes