Which statement about budgets is NOT true?

Budgets should not be revisited

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Financial Literacy Smart Shopping

15 termsStudBud Administration

Test your knowledge on budgeting, opportunity cost, and financial decision-making with this engaging quiz.

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Questions 15

Answers

1
Which expense belongs in a budget?
Charitable Giving
Taxes
Savings
All of these
2
Knowing unit prices helps you to:
Estimate item needs
Figure out discounts
Determine quality
Compare brand prices
3
What is the opportunity cost of spending?
Time spent on other things
Other items you could buy
Price of wallpaper
What was actually purchased
4
What best describes opportunity cost?
Benefit from a choice
Business sales revenue
Annual savings amount
Trade-off of choices
5
What to include in a business budget?
All income and expenses
Only fixed expenses
Only variable expenses
Only income
6
What is opportunity cost?
Business sales revenue
Benefit from a choice
Annual savings amount
Trade-off of choices
7
True or false: Opportunity cost is always monetary.
True
False
8
Which is a want, not a need?
A smartphone
A place to live
Warm winter clothes
Nutritious food
9
What is a common want for people?
Transportation to work
A place to live
Brand-name jacket
Nutritious food
10
Where should you go to find unbiased computer info?
Tech magazine ads
Salesperson at store
Independent review site
Company website
11
Which is a variable expense?
Car loan payment
Health insurance payment
Monthly eating out
Monthly rent
12
Which statement about budgets is NOT true?
Budgets can include giving
Budgets should not be revisited
Budgets include income and expenses
Budgets help plan spending
13
Where to find reliable computer info?
Salesperson in store
Popular company website
Computer magazine ads
Independent review site
14
Which is NOT a budgeting strategy?
Revisit budget regularly
Use credit cards for budgeting
Keep extra money for emergencies
Identify important needs
15
Which expense is NOT a need?
Groceries
Car insurance
Cable service
Rent payment

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