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Financial Planning & Budgeting Review Flashcards | StudBud
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Financial Planning & Budgeting Review
Financial Planning & Budgeting Review
16 terms
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For money management, test review
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Which is an example of a fixed expense?
Groceries
Entertainment
Rent
Health/Beauty Aides
2
What does a budget include?
Assets & Liabilities
Income & Expenses
Income & Assets
Net worth
3
What is the best thing to do to reduce a budget?
Decrease variable expenses
Decrease disposable income
Decrease fixed expenses
Decrease income
4
Which one is
not
a part of SMART goals?
Measurable
Specific
Time
Attachable
5
Next year we plan to go to Disney. What should I do to help meet this goal?
Increase variable expenses
Increase my credit card limit
Eliminate unnecessary spending
Eliminate my cell phone
6
What is missing from this goal? I will save $1200 for a trip to Mexico in 4 months.
Measurable
Attainable
Specific
Time
7
When income is less than expenses.
Net Loss
Net Gain
8
Income used to pay for whatever one desires after necessary deductions are taken.
Discretionary Income
Interest Income
Net Income
Disposable Income
9
How do you calculate a person's net worth?
Liabilities minus assets
Revenue minus expenses
Expenses minus revenue
Assets minus liabilities
10
When you take an amount of money and save it to be spend on long-term goals.
Goal
Pay Yourself First
Savings
Investment
11
Which is an example of a short-term goal?
Going on a trip in August
Buying a boat in 5 years
Buying a house in 4 years
Paying for college in 2 years
12
A plan for managing your money during a period of time.
Long-Term Goal
Budget
Short-Term Goal
Pay Yourself First
13
What factor (s) can influence a person's decision?
All of the above
Age
Family
Values
14
Expenses that change from month to month.
Variable
Fixed
15
What should a person do to make sure their budget is realistic?
Don't go out at all during the month to save money
Record actual expenses/income for a month
See how much they have left at the end of the month
Research a budget on the internet
16
Which is an example of a variable expense?
Rent
Cell Phone Bill
Car Payment
Entertainment
