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WorksheetsLiving On Your Own - Basic Skills
Total questions: 25
Worksheet time: 50mins
Rent is commonly paid monthly.
True
False
The final phase of the budgeting process is to:
set personal and financial goals
compare your budget to what you have actually spent
review financial progress
monitor current spending patterns
An example of a long-term goal would be:
an annual vacation
saving for retirement
buying a used car
completing college within the next six months
A clearly written financial goal would be:
"To save money for college for the next five years"
"To pay off credit card bills in 12 months"
"To invest in an international mutual fund for retirement"
"To establish an emergency fund of $4000 in 18 months"
An example of a fixed expense is:
clothing
auto insurance
an electric bill
educational expenses
____________ is commonly considered a flexible expense.
Rent
A mortgage payment
Home insurance
Entertainment
The budgeting process starts with monitoring current spending.
True
False
Most short-term goals are based on activities over the next two or three years.
True
False
A common long-term goal may involve saving for college for parents of a newborn child.
True
False
Rent is considered a fixed expense.
True
False
Flexible expenses stay the same each month.
True
False
When you make a budget, you should budget for emergencies, saving, phone, utilities, and what else?
(a)
For paying bills, what should you make?
(a)
