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Chapter 4 test: Budgeting Review

Authored by Suzy Ries

Life Skills

9th - 12th Grade

Used 4+ times

Chapter 4 test:  Budgeting Review
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What does it mean to pay yourself first?

making a conscious effort to spend less each day

setting aside a fixed amount for savings before paying bills

saving on federal taxes by claiming more exemptions

decreasing savings to establish a sound financial future

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a variable expense?

Apartment Rent
Grocery Bill
Car Payment
Renter's Insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a fixed expense?

Apartment Rent
Grocery Bills
Laundry
Gas Purchases

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When calculating net worth, how do I determine net liabilities?

Add everything you owe

Average your 12 monthly budgets for the year

Add up everything you own of value

Your most current bank balance

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

How is net worth calculated?

Assets minus everything you own.

Assets plus liabilities

Assets minus liabilities

Assets divided by 12 (months)

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A budget variance is the difference between net income and net expenses. What is the ideal variance?

income is more than expenses

income is less than expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

  1. I want to save money to travel to Tahiti in TWO YEARS. What type of goal is this?

Short Term Goals
Long Term Goals
Medium (intermediate) Term Goals
Durable Goals

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