THE ART OF BUDGETING: QUIZ

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Section:

• Period 1
• Period 2

1). The budgeting process starts with monitoring current spending.

• True
• False

2). Most short-term goals are based on activities over the next two or three years.

• True
• False

3). A common long-term goal may involve saving for college for parents of a newborn child.

• True
• False

4). Rent is considered a fixed expense.

• True
• False

5). Flexible expenses stay about the same each month.

• True
• False

6). The final phase of the budgeting process is to:

• set personal and financial goals
• compare your budget to what you have actually spent
• review financial progress
• monitor current spending patterns

7). An example of a long-term goal would be:

• an annual vacation
• saving for retirement
• buying a used car
• completing college within the next six months