A plan of expected income and expected expenditure

If you have to prioritize your spending, this means .......

You rank your spending according to what is most important

When you draw up your budget you should be conservative about your income. What does this mean?

You must understate your income rather than overstate it

Fixed, variable, mixed! Fixed means ......

the receipts/payments stay basically the same each period

A balanced budget means ......

A budget that has neither a surplus not a deficit

Disposable income is ......

Your net income, Income after taxes and deductions

Every goal should be a SMART goal meaning ....

Specific, Measurable, Achievable, Realistic, Time bound

A balanced budget is ......

One where your payments equal your receipts

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28087 - Goal setting and budgeting

22 termsStudBud Administration77 plays

Background terminology and concepts for US28087

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Questions 22

Answers

1
How would you convert an annual (yearly) expense to a weekly expense?
Divide by 52
Multiply by 52
Divide by 12
Multi;y by 12
2
A budget is ......
Exactly what money you have received and spent
A plan of expected income and expected expenditure
Money you are owed
All of the above
3
How many moths are there in a calendar year?
10
365
None listed here
12
4
Receipts ......
Is sometimes called income
All of the above
Refers to all the money you receive
A document you receive once you have paid for something
5
If you have to prioritize your spending, this means .......
You have a party
You rank your spending according to what is most important
You have to list everything you need
You have to list everything you want
6
The word annual means ......
a week
a term
a year
a month
7
To monitor means ........
to ensure all "is good"
All of these
to check
to go back to something and make sure it is correct
8
How many weeks are there in a year?
48
52
54
50
9
When you draw up your budget you should be conservative about your income. What does this mean?
You must overstate your income to make your budget work
None of these
You must understate your income rather than overstate it
You MUST use EXACT figures for everything
10
What is an asset?
Something that belongs to you
Something that you have stolen
A type of chemical
I have no idea
11
Examples of budgeting services available to you include ........
Budgetline
All of these
NZ Federation of Family Budgeting Services
www.sorted.org.nz
12
How many weeks are there in a fortnight?
3
1
4
2
13
Debt means ........
Spending more money than you have
Buying something now but not paying for it until later
Owing someone some money
All of these
14
Needs are the things you cannot do without. Wants you would like, but do not have to have.
True
Call a friend - like your teacher
Who knows
False
15
When receipts of payments are a combination of fixed and variable, they are referred to as ....
Mixed
None of these
Variable
Fixed
16
Fixed, variable, mixed! Fixed means ......
the receipts or payments differ each time period
the receipts/payments stay basically the same each period
the receipts or payments change from month to month
17
Savings in a budget can be made from the surplus of your budget.
Don't know
Phone a friend and find out
True
False
18
A balanced budget means ......
A budget that has a deficit
A budget that has neither a surplus not a deficit
A budget that has a surplus
Any one of these
19
Disposable income is ......
A gift
Your net income
Income after taxes and deductions
Your gross income
20
Every goal should be a SMART goal meaning ....
Specific, Achievable, Time bound
None of these
Specific, Measurable, Achievable, Realistic, Time bound
Savvy, Meaningful, Artistic, Realistic, Time bound
21
Knowledge is power when you draw up a budget because ........
All of these
You know exactly how much money you receive
It helps you make financial decisions
You know how you are spending that money
22
A balanced budget is ......
One that does not weight too much
One that has a large surplus
One where your payments equal your receipts
I don't know

28087 - Goal setting and budgeting Flashcards | StudBud