WorksheetsChapter 9 Compile Your Files
Total questions: 20
Worksheet time: 40mins
Only 32% of Americans would be able to cover a $5,000 emergency with cash without going into debt for it.
True
False
A person's budget can be flexible, providing that they keep an eye on their financial goals.
True
False
A special account in which to save money for unexpected costs is known as a forecast.
True
False
Knowing your budget and what you can afford will not help you stay on track.
True
False
A person should consider using their excess cash to pay down debt.
True
False
How long should a person hold on to their bank statements?
One month
Three months
Six months
One year
What is NOT considered to be an important financial record?
Bills
Tax documents
Paychecks
Report cards
The purchases you make or expenses you have are known as:
Fixed expenses
Expenditures
Deficits
Reserve fund
What is a way to stay on track with your budget?
Make a list
Record expenses
A and B
None of the above
What is an indicator that a person's budget needs to be updated?
Their expenses have changed
Their financial goals have changed
They are using credit cards more often in order to meet monthly expenses
All of the above
What are digital documents?
Copies of documents created and stored using a computer
Handwritten notes stored in a physical file
Printed documents stored in a cabinet
Photocopies of documents stored in a binder
What is a forecast?
To predict or estimate probable expenses and work them into your budget
To analyze past data without making predictions
To create a detailed report of past events
To ignore future trends and focus on current data
What is a reserve fund?
A special account in which to save money for unexpected costs
A fund used for daily expenses
An account for regular savings
A loan taken from a bank
What are expenditures?
The purchases you make or expenses you have
A type of income
A savings account
A financial investment
What is a filing system?
An organized method of storing information, such as your financial documents
A type of computer software used for editing videos
A system for managing employee schedules
A method for organizing kitchen utensils
What are the benefits of keeping financial documents organized?
Improved financial planning
Increased stress
Decreased accuracy
Higher expenses
Why is it important to forecast your budget?
To ensure financial stability and plan for future expenses
To increase spending without limits
To avoid paying taxes
To ignore financial planning
What are two ways mobile devices can help a person stick to their budget?
By providing budgeting apps and expense tracking features
By offering entertainment and social media access
By enabling online shopping and payment options
By providing navigation and location services
What do we need to know when budgeting or buying things?
How much you will be paid next week.
How much money you have
Weekend plans
When we budget or buy things what do we need to know?
How much you will get paid next week.
How much money you have
Weekend plans
