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WorksheetsSpending Plans Review
Total questions: 30
Worksheet time: 18mins
What kind of expenses are not required and the amount is different every time
Variable
Frequent
Fixed
Periodic
If your income is higher than you expenses, you should adjust your spending plan by
Increasing your expenses
Spending more on variable expenses
Reducing debt
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non contractual expenses. Which of his expenses best fit that category?
Cell phone bill, gasoline, and car payment.
Internet bill, entertainment, and clothing
Motorcycle payment, food, and cell phone bill
Gas, food, and entertainment.
Shelly has just graduated college, rented an apartment, and got a full-time job. She created a spending plan to help her manage her money. She noticed she had a net gain after allocating money into her categories. What would be the best option for Shelly to do with that net gain money?
Add more money to the entertainment category.
Add more money to the clothing category.
Add more money to the emergency savings category.
Add more money to the transportation category.
A spending plan is also known as a?
Tax form
Paper trail
Well-being domain
Budget
Which step of the spending plan requires you to create categories specifically or you?
Track current income and expenses
Personalize the plan
Allocate money to each category
Implement and control
Evaluate and make adjustments
Which step of the spending plan requires you to stick to the budget you've created?
Track current income and expenses
Personalize the plan
Allocate money to each category
Implement and control
Evaluate and make adjustments
Which step of the spending plan has you divide money into each category of expenses?
Track current income and expenses
Personalize the plan
Allocate money to each category
Implement and control
Evaluate and make adjustments
Which step of the spending plan makes you identify your income and expenses?
Track current income and expenses
Personalize the plan
Allocate money to each category
Implement and control
Evaluate and make adjustments
Which step of the spending plan is where you ask "how well did my plan work?"
Track current income and expenses
Personalize the plan
Allocate money to each category
Implement and control
Evaluate and make adjustments
Which is NOT a way to develop a spending plan?
Paper/Pencil
Spreadsheet
Apps
In your head
Transportation should account for no more than what percentage of your income?
10%
20%
30%
40%
Housing should cost no more than what percentage of your income?
30%
40%
50%
60%
Food should cost no more than what percentage of your budget?
15%
25%
35%
45%
The "Other" category should cost no more than what percent of your income?
18%
22%
45%
63%
It is suggested that you save what percentage of your income?
10%
50%
30%
20%
The housing category includes all of the following EXCEPT
Mortgage/ rent
Water bill/ cable bill/ Internet
Property or Home taxes
Car payment
The transportation category includes all of the following EXCEPT:
Car payment
gas
insurance
cell phone
Technically, saving is an ________.
Expense
Requirement
Pain to do
Income
Which of the following is NOT a part of the "Other" category?
Entertainment
Clothing
Personal Care
Car Payment
The dollar amount goal for a spending plan is:
Anything above $100
A net gain
$0
A net loss
A control system:
Helps you keep track of your spending and will help you stay on budget (envelope system; apps)
Is by your bank and blocks any purchases your not supposed to make.
Is not needed as long as you've written down your budget
Controls the percentage of income spent in each category
