
Financial Planning
Authored by John Robinson
Social Studies
12th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a budget?
A budget is a type of fruit
A budget is a type of animal
A budget is a type of car
A budget is a financial plan that outlines expected income and expenses over a specific period.
Answer explanation
A budget is a financial plan that outlines expected income and expenses over a specific period.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Why is it important to have a budget?
It encourages overspending and living beyond one's means.
Having a budget restricts financial freedom and flexibility.
Budgets are only necessary for businesses, not individuals.
It helps track income and expenses, plan for the future, prioritize spending, avoid debt, and achieve financial goals.
Answer explanation
Having a budget helps track income and expenses, plan for the future, prioritize spending, avoid debt, and achieve financial goals.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What role does setting financial goals play in budgeting?
It discourages savings and investment
It provides a roadmap for allocating resources and making financial decisions
It has no impact on budgeting
It only benefits high-income individuals
Answer explanation
Setting financial goals plays a role in budgeting by providing a roadmap for allocating resources and making financial decisions.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is financial planning?
A process of creating a detailed plan to meet financial goals
A method of spending money without any plan
A way to avoid paying taxes
A strategy to increase expenses
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a key component of financial planning?
Ignoring debts
Setting financial goals
Spending all income
Avoiding investments
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Why is it important to have an emergency fund in financial planning?
To spend on luxury items
To cover unexpected expenses
To invest in stocks
To pay off credit card debt
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