Creating a Personal Budget Assessment

Which of the following refers to personal belongings which have value?

• Assets

• Liabilities

• Net worth

• Net profit

Match the following terms to their descriptions. Individuals who like to save money rather than spend money

• Saver

• Spender

• Investor

• Borrower

Individuals who enjoy spending money on themselves and others.

• Saver

• Risk taker

• Spender

• Money personalities

Individuals who enjoy investing money in high-risk ventures

• Money personalities

• Saver

• Spender

• Risk taker

Categories in which people can be put based on their spending and saving habits

• Risk-taker

• Spender

• Saver

• Money personalities

Which of the following is the correct order of steps for creating a monthly budget?

• Track your income and expenses

• Set financial goals

• Create a plan for your money

• Review and adjust your budget

__________ is a personal asset.

• Credit card balance

• Mortgage

• Cash

• Rent

Fill in the blanks using the word bank provided below. Common ____________ include ensuring expenses are not more than __________, separating needs from wants, remembering _________ refer to all _________ of money and creating an ____________.

• budget strategies, income, needs, expenses, outflow, emergency fund

• budget strategies, savings, wants, income, inflow, savings account

• budget strategies, income, desires, expenses, inflow, savings

• budget strategies, revenue, needs, costs, outflow, savings

Saoirse has total assets of $120,000 and total liabilities of $80,000. What is her net worth?

• $30,000

• $40,000

• $50,000

• $60,000

Which of the following are itemized summaries of the expected income and expenses for a defined period, typically one month?

• Assets

• Liabilities

• Budgets

• Finances