WorksheetsAll Budgeting Questions — Worksheet Extraction
Total questions: 12
Worksheet time: 6mins
In order to live on a monthly budget, a person should
Invest in the stock market
Use the Rule 72
Be a risk taker and be charitable
Be responsible and use restraint
A budget should include a person's:
gross income and assets
investment portfolio
net income and expenses
credit score
What does the phrase, "pay yourself first," mean?
spend all the money you can
save all the money you can
set aside money for savings each month BEFORE paying any other bills
give away all the money you can
A woman is offered two jobs; one with a salary of 27,000plusbenefitsandtheotherat 30,000 with no benefits. It would be a wise financial decision for her to take the:
$27,000 job, because her taxes will be lower
27,000job,ifthebenefitspackageisworthmorethanthe 3,000 difference in salary
$30,000 job, since she has no need for medical benefits because she is healthy
$30,000 job, because if she is making a higher salary, she is guaranteed quarterly sales increases
If you and your spouse have another baby, how can you increase your net pay?
update your W-2
increase the exemptions on your W-4
hope for a raise
updated your 1099-I
How can individuals be prepared for losing their job or having a large medical expense?
maintain a checking account with sufficient funds
pay credit card bills on time
prepare a budget
save at least three months of income
What action should a person take who must make a tuition payment at the end of August each year?
decide how much money will be needed and then place 1/12th of that amount in a separate account each month
divide the total amount of money that will be needed into 12 equal parts and invest that amount in stocks
obtain a short-term collateralized loan for the needed amount of money
plan to open a new credit card account that will be used to charge the needed amount of money
A man budgeted 200amonthforclothing.Thismonththemanspent 150 on clothing therefore that budget item is considered to have
a budget deficit
an overflow deficit
an income overage
a budget variance
What does a well designed, successful financial plan include?
Bank statements
Wants and needs
Retirement planning
Unexpected income
Which of the following will help you the least in managing your money?
get advice from your friends
pay your rent/mortgage payment and utility bills on time
set goals and keep a budget for your net income
plan ahead for large expenses, shop with a list, and resist impulse buying
Financial planning helps individuals to:
have strategies for saving and investing
guarantee future income
achieve all goals by set target dates
eliminate risk on investments
In creating her budget, Ann realizes that her expenses exceed her income. Ann should immediately try to:
apply for a loan
open an IRA account
reduce or eliminate some expenses
ignore her budget until she has more income
