Mastering Financial Management

Mastering Financial Management

University

20 Qs

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Mastering Financial Management

Mastering Financial Management

Assessment

Quiz

Other

University

Hard

Created by

Unnikrishnan v

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a budget?

To track only income without expenses.

To increase spending without limits.

To avoid financial planning altogether.

The purpose of a budget is to manage finances effectively.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name one popular budgeting technique.

Envelope budgeting

Cash flow forecasting

Zero-based budgeting

50/30/20 rule

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is zero-based budgeting?

A system that requires a fixed percentage of income to be saved each month.

Zero-based budgeting is a budgeting method that allocates every dollar of income to expenses, savings, or investments, ensuring total income minus total expenses equals zero.

A budgeting approach that focuses solely on long-term investments.

A method that only tracks expenses without considering income.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the 50/30/20 rule work?

The 50/30/20 rule allocates 50% to savings, 30% to needs, and 20% to wants.

The 50/30/20 rule divides income into 50% needs, 30% wants, and 20% savings/debt.

The 50/30/20 rule divides income into 50% savings, 30% for emergencies, and 20% for discretionary spending.

The 50/30/20 rule suggests spending 50% on entertainment, 30% on bills, and 20% on investments.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between fixed and variable expenses?

Variable expenses are predictable and fixed over time.

Fixed expenses are always higher than variable expenses.

Fixed expenses fluctuate based on income levels.

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an emergency fund and why is it important?

A checking account for daily expenses.

A retirement fund for long-term savings.

An emergency fund is a savings account for unexpected expenses, and it is important for financial security and avoiding debt.

A loan to cover unexpected costs.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of investing?

To avoid financial risks altogether.

To save money for emergencies.

To speculate on short-term market trends.

To grow wealth over time.

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