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Personal Finance Budget Test Flashcards | StudBud
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Personal Finance Budget Test
Personal Finance Budget Test
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Review for budget test
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Your expenses can exceed your net pay as long as they don't exceed your gross pay.
False
True
2
You take home all of your net pay
False
True
3
Which of the following is a plan for using money?
income
net pay
budget
gross pay
4
If actual spending is greater than planned speeding, it is referred to as a
varience
surplus
surfeit
liability
5
Take home pay is
the amount you will receive when you cash your check
money available to spend, result of working + other income
cash inflow, minus cash outflows
amount of paycheck before taxes and other payroll deductions
6
allowances, wages, tips, and interest
savings
net pay
expeditures
income
7
Putting together a good budget us a very time consuming process?
False
True
8
8 - 2 x 10 =
60
-12
28
48
9
A road map for using money
budget varience
gross pay
budget
savings
10
If you have a budget, you should
all of the above
learn how to plan for financial emergencies
be able to buy anything you want
never buy anything on credit
11
What is the largest river in the World?
Amazon
Mississippi
Yangtze
Nile
12
earnings after deductions
net pay
withholding
gross pay
income
13
spending more than you earn
don't do it too often
variable expense
budget varience
budget
14
earnings before deductions
gross pay
withholding
net pay
income
15
expenses that fluctuate
variable expense
expenditures
fixed expense
budget varience
16
expenses
expenditures
net pay
fixed expenses
variable expenses
17
You need this in your budget for long range goals like buying a car or taking a vacation
budget varience
withholding
variable expenses
plan for savings
18
Money management refers to trying to spend the least amount of money possible.
False
True
19
Which of the following correctly shows the budgeting process?
set goals,estimate income & expenses, plan savings, evaluate
maintain records, plan budget categories,evaluate, set goals
set goals, maintain records, plan budget categories,evaluate
plan budget categories, set goals,maintain records, evaluate
20
A successful budget
should reflect current and future income
should not need to be re-evaluated once it is in place
should be flexible
should never show any variences
21
One of the first things you should do as part of financial planning process is to
purchase life insurance
develop financial goals
create a balance sheet and cash flow statement
begin searching for a better-paying job
22
Money management involves
getting the most for your money
living well below your means
rarely spending money
find a way to satisfy all of your needs and wants
23
What is income,take home pay is $2,800,earned $25 interest,spent $250 for rent, $100 groceries.
$2,825
$2,475
$2,800
$2,450
24
deductions from earnings (taxes)
expenditures
expenses
withholding
net pay
25
regularly occurring expenses
fixed expense
withholding
variable expense
expenditures
26
A plane is traveling from NY to CA,it crashed between IL & IN.Where do they bury the survivors
Indiana
No Place
NY
Illinois
27
Financial planning generally reduces an individual's financial uncertainties?
True
False
28
protect you against unexpected expenses
savings
budget
budget varience
withholding
29
Which of the following is a variable expense?
insurance premium
groceries
mortgage payment
rent
