WorksheetsCreating a budget Quiz
Total questions: 13
Worksheet time: 7mins
When choosing your financial plan , set _________ or the amount above which should not spend if you are to meet your financial goals
risk limits
finance limits
spending limits
investment limits
Which of the following is an advantage of understanding personal finance:
it will make you wealthy
it will help you become a financial advisor
it will help you make a good financial
all of the above
Which of the following terms means access to funds to cover a short-term cash need:
budget
liquidity
financing
assets
When setting an intermediate financial plan , it should cover the following time frame :
0-1 years
1-5 years
5-10 years
10 + years
Which question should you ask yourself when establishing your financial goals?
what income level should you be making?
what is your standard of living?
what do you want money for?
how important is money to you?
Which of the following provides a safer method to achieve your goals?
savings account
mutual fund
stocks
bonds
How often should you revise your financial plan?
monthly
quarterly
yearly
after major life changes
Which of the following is income and should be considered part of your budget?
money received from selling your car
money received as a graduation gift
money from your part-time job
all of the above
Which of the following is an expense?
cell phone bill
mp3 purchases
lunch
all of the above
Why is a personal financial plan important ?
Can make the difference between doing the things you want to do and feeling that you'll never reach your goals
Cannot make a difference between doing the things you do not want to do and not feeling that you'll reach your goals
Can make a difference between doing the things you want to do and feeling that you will not reach your goals.
All of the above
What are the 6 areas for decision making when creating a personal financial plan?
Managing your budget, Managing your liquidity,Financing your large purchases,protecting your assets , investing for the future , investing for retirement
Protecting your assets , investing for the future , investing for retirement Managing your budget, Managing your liquidity, Financing your large purchases
Managing your budget, , investing for retirement Managing your liquidity, Financing your large purchases, protecting your assets , investing for the future
What are the 6 STEPS for developing a personal financial plan?
select the best plan to achieve your goals , evaluate your plan , revise your plan, establish your financial goals, consider your current financial position, identify and evaluate alternatives to achieve your goals ,
establish your financial goals, consider your current financial position, identify and evaluate alternatives to achieve your goals ,evaluate your plan , revise your plan, select the best plan to achieve your goals
identify and evaluate alternatives to achieve your goals , establish your financial goals, consider your current financial position, select the best plan to achieve your goals , evaluate your plan , revise your plan
establish your financial goals, consider your current financial position, identify and evaluate alternatives to achieve your goals , select the best plan to achieve your goals , evaluate your plan , revise your plan
What is a budget , and why is it important?
A budget is a budget. it allows you to make crazy financial choices
A budget is a summary of money. it allows you to make safe choices
a budget is a detailed summary of expected income and expenses during a specific time period. It allows you to make informed financial choices
a budget is a detailed summary of unexpected income and expenses during a specific time period. It allows you to make uninformed financial choices
