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Money Management Flashcards | StudBud
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Money Management
Money Management
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Questions
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Answers
1
Which of the following is a variable / flexible expense?
Food
Insurance
Utilities
Rent
2
A budget will not help you unless you follow it.
False
True
3
What should you do to adjust to personal changes?
Spend your money where you want
Practice financial planning
Anticipate changes and adapt
Prepare and follow your budget
4
How can a recession affect you?
Lose job
Makes no difference
Make more money
Make less money
5
As you get older, your financial responsibility decreases.
True
False
6
What should you do to keep good records?
Use your credit card
Keep all records of income and expenses
Record daily purchases
Organize and file records
7
When preparing a budget, the first thing you do is:
Create your budget
Prioritize your items
Define your needs and goals
Estimate income and expenses
8
A budget generally covers one month.
False
True
9
When the economy is in a recession, unemployment
decreases
increases
doesn't matter
stays the same
10
Organizing and maintaining records of your income and spending is:
Budgeting
Responsible records
Financial keeping
Record keeping
11
All of the following are tips for staying on budget EXCEPT:
Use the envelope system
Pay with credit card
Pay with cash
Shop smart for discounts and sales
12
A general increase in prices so that dollars buy less is called:
Recession
Budgeting
Inflation
Deflation
13
If your income < expenses, you should:
Not worry
Spend more
Save more
Cut down your expenses
14
Your income that you can actually spend is:
flexible income
income before taxes
income after expenses
income after expenses
15
Which of the following is a fixed expense?
Insurance
Rent
Food
Utilities
16
What is a personal change that could affect your financial situation?
College
Kids
Wedding
Recession
17
You can get financial help from banks, professionals, and published materials.
True
False
