Understanding Budgeting Basics

Understanding Budgeting Basics

University

5 Qs

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Understanding Budgeting Basics

Understanding Budgeting Basics

Assessment

Quiz

Others

University

Practice Problem

Hard

Created by

Mayda Nicolas

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a budget and why is it important?

A budget is a type of investment strategy.

A budget is a document for tax purposes only.

A budget is a list of all possible expenses without limits.

A budget is a financial plan that is important for managing resources, controlling spending, and achieving financial objectives.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main components of a budget?

Revenue, liabilities, profits, losses

Sales, overhead, cash flow, dividends

Income, expenses, savings, investments

Assets, equity, depreciation, taxes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can tracking expenses help in budgeting?

Budgeting is solely based on income, not expenses.

Tracking expenses helps in budgeting by providing insights into spending habits and enabling better financial planning.

Tracking expenses is only useful for tax purposes.

Tracking expenses complicates financial planning.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between fixed and variable expenses?

Fixed expenses remain constant, while variable expenses change with activity levels.

Fixed expenses fluctuate based on income levels.

Variable expenses are predictable and fixed over time.

Fixed expenses are always higher than variable expenses.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What strategies can be used to stick to a budget?

Ignore all expenses

Track expenses, set realistic goals, prioritize needs, use budgeting tools, review regularly, avoid impulse purchases.

Spend freely without limits

Avoid tracking any purchases

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