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Introduction to Money management - Budgeting Flashcards | StudBud
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Introduction to Money management - Budgeting
Introduction to Money management - Budgeting
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Questions
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Answers
1
Whichof these costs would be the MOST difficult to adjust if looking toreduce your expenses?
loanpayment on a new car
Your electricity bill
Expenses for new clothes
Diningout at local restaurants
2
What is budgeting?
a systematic plan for spending your money
A savings account
Having investments and a retirement plan
assets - liabilities = net worth
3
money left over after paying for essentials such as rent, utilities, clothing,transportation
Gross Income
Net income
Discretionary Income
4
What protects consumers from unexpected expenses (like a car accident)?
Savings
Investments
Credit cards
Insurance
5
You are looking to buy a new laptop that costs $500 - how much would you have to save a month
$101
$41.67
$75.57
$25.50
6
In 2011, the average US family spent ______per month on cable TVwith premium channels
$50
$153
$75
$86
7
What percent of your overall budget should be your housing (Rent/mortgage)?
20%
50%
30%
60%
8
What percent of americans actually create a detailed budget for each month?
50%
80%
75%
30%
9
Experts say in order to prepare for the unexpected you should __ months of expenses in savings
1 Month
9 Months
2 Month
6 Months
10
Owned items of value are considered your _________________?
Net worth
Owners Equity
Liabilities
Assets
11
Most of families expenses are?
Unexpected
Fixed
Variable
12
Which of the following is considered a fixed expense?
Electricity bill
Rent
Food expense
Utility Bill