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Duplicate of Intro Spending Plans Flashcards | StudBud
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Duplicate of Intro Spending Plans
Duplicate of Intro Spending Plans
20 terms
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StudBud Administration
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270 plays
Introduce Spending Plans 101
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
What term describes MORE INCOME than expenses?
Net Loss
Net Gain
Net Down
Net Up
2
Choose an example that describes expenses.
Clothes
Buying a Lamborghini
Running
Rent
3
What is the goal of a spending plan?
To enjoy vacation 3 times a year
Have a zero spending balance
To not overspend
To reach financial goals
4
When there are MORE EXPENSES than income.
Net gain
Net loss
Fish Net
5
What phrase best describes what a spending plan is?
A financial statement used to assist with money management.
A statement that is used to help do tax returns.
A document that helps to keep track of only expenses.
6
Choose a step that describes the process of developing a spending plan.
Evaluate and make adjustments
Allocate money to each category
Personalize your spending plan
Track current income and expenses
7
Choose a step that describes the process of maintaining a spending plan.
Evaluate and make adjustments
Implement and control
Allocate money to each category
Track current income and expenses
8
The management tool:
Income and Expense Statement
is in which time frame?
Past
Future
Today
9
The management tool:
Spending Plan
is in which time frame?
Future
Past
Today
10
Choose an example that describes Income.
Paycheck
Winning the lottery
Winning a chair auction
Birthday money
11
Spending plan includes:
Time frame
Income
Net loss
Expenses
12
Which step in the Spending Plan process should you
examine past records and receipts
?
Tracking
Keep Track
Money in Categories
Personalize
13
What best explains the benefits of creating a spending plan?
Tracking income and expenses
Understand where their money is going.
Helps to meet financial goals & live within their income
14
What term best describes "MONEY EARNED"?
Income
A check from your job
Christmas gift
20 Dollar bills
15
Jack's net income is $400.00. His expenses total $395.00. He has a.....
Net gain
Broke
Net loss
16
What step do you examine to see if you have Net gain or Net loss?
Step 5: Evaluate and make adjustments
Step 4: Implement and control
Step 3: Allocate money to each category
Step 1: Track current income and expenses
17
The management tool:
Statement of Financial Position
is in which time frame?
Future
Past
Today
18
Which step in the Spending Plan process should you
put money into anticipated categories
?
Personalize
Money in Categories
Keep Track
Evaluate and Adjust
19
What term best describes money SPENT?
Income
Debt
Expenses
Rent
20
What is a financial statement individuals can use to assist with money management?
Spending Plan
Income Plans
Income and expenses spreadsheet