most short-term goals are

based on activities during the next week

A clearly written financial goal would be

"To establish an emergency fund of $4,000.00 for 18 months."

The budget process starts with

Assess your personal and financial situation

Effective money management starts with

a step by step plan for saving and spending

Identify personal resources you need to achieve your goals?

all of these answers are resources

studbud

L3 The Art of Budgeting

23 termsStudBud Administration1,314 plays

Test your knowledge of creating a personal budget.

Flashcards23 cardsFPractice quizPHost liveL

Questions 23

Answers

1
What phase is, Monitor current spending (saving, investing) patterns. phase
Phase 5
Phase 1
Phase 3
Phase 4
2
Which is considered a flexible expense?
rent
mortgage payment
home insurance
entertainment
3
Which answer is NOT a source of income?
a job
investments
education
parents / child support
4
What personal resources do you need to achieve your goals?
time
education
abilities/skills
all of the above
5
What person or business do you always pay first?
Lawn maintenance
Rent/mortgage company
The utility company
Yourself
6
The 1st phase of the budgeting process, Access your personal & financial situation including
all of the above
values
needs
life situations
7
What person or business do you always pay first?
Cable company
Yourself
Car insurance
The water company
8
An example of a long-term goal is
completing college within the next six months
an annual vacation
buying a used car
saving for retirement
9
Reasons to budget are
Learn to live on less than your available income
Learn to create a savings plan
to eliminate flexible spending
Determine how to spend money in the future
10
The final phase of the budgeting process
set personal and financial goals
monitor current spending patterns
review financial progress
compare your budget to what you have actually spent
11
A personal budget is a financial plan that allocates future income for
all of the aove
savings
debit repayment
for expenses
12
most short-term goals are
based on activities during the next week
based on activities during the next three years
none of the above
based on activities during the next year
13
What phase is Create a budget for fixed and variable expenses based on projected income. phase.
Phase 2
Phase 1
Phase 4
Phase 3
14
What Phase is, Set personal and financial goals.
Phase 2
Phase 3
Phase 4
Phase 1
15
What external resources do you need
tools
all of the above
car
money
16
A clearly written financial goal would be
"To establish an emergency fund of $4,000.00 for 18 months."
"To invest in an international mutual fund for retirement."
"To save money for college for the next five years."
"To pay off credit card bills in 12 months."
17
Identify external resources used to achieve your goals
cars
tools
money
all of the above
18
an example of a fixed expense
auto insurance
an electric bill
educational expense
clothing
19
The budget process starts with
monitoring current spending
Assess your personal and financial situation
create a budget for fixed and variable expenses.
set personal and financial goals
20
Effective money management starts with
monitoring spending habits
considering individual needs and wants
discussing being financially dependent
a step by step plan for saving and spending
21
Reasons to budget are
learn to stay out of financial trouble
all of the above
determine how you want to spend your money
determine how much money you have to spend
22
Identify personal resources you need to achieve your goals?
time and education
skills
abilities
all of these answers are resources
23
Creating a budget for fixed and variable expenses is what Phase in the budgeting process?
Phase 3
Phase 1
Phase 4
Phase 2

L3 The Art of Budgeting Flashcards | StudBud