Budgeting Quiz

What do budgets express in numerical terms?

• Artistic skills

• Anticipated results for a specific time period

• Historical events

• Personal opinions

Budgets are specific plans for what?

• How you spend and save money

• How you travel the world

• How you learn new languages

• How you build houses

Which of the following is a characteristic of a budget?

• It is a fictional story

• It is a numerical record

• It is a musical composition

• It is a painting

In what way are budgets similar to blueprints?

• They are both used in construction

• They both involve artistic design

• They both provide a plan for execution

• They both are written in code

Which of the following is NOT a reason for budgeting?

• Provides financial stability.

• Generates a map of financial practices.

• Increases financial instability.

• Guides efficient business decisions.

What is a key outcome of establishing a budget?

• Increased liabilities.

• Established profit or projected goal.

• Decreased financial clarity.

• Increased expenses.

Budgeting helps in monitoring savings and what else?

• Debts

• Expenditures

• Loans

• Taxes

What aspect of financial management does budgeting help with?

• Ignoring growth

• Monitoring profit and growth

• Reducing assets

• Increasing liabilities

Budgeting helps monitor which of the following?

• Only liabilities

• Assets and liabilities

• Only savings

• Only growth

Which of the following is NOT a benefit of budgeting?

• Improves credit scores

• Lowers fees or interest rates

• Increases financial instability

• Provides financial stability