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PF Unit 02 - Budgeting Flashcards | StudBud
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PF Unit 02 - Budgeting
PF Unit 02 - Budgeting
21 terms
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Budgeting Savings Spending Plan
Flashcards
21 cards
F
Practice quiz
P
Host live
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Questions
21
Answers
1
Which category: added $50 to retirement fund
food
housing
loans
savings/investments
2
It is important to evaluate your budget once every couple of years
True
Maybe
I don't know
False
3
Which category: paid Visa credit card
entertainment
personal care
savings/investing
loans
4
Variable expenses are difficult to estimate at the beginning of the month
I don't know
False
Maybe
True
5
Which category: donated $100 to a hospital
personal care
gifts/donations
housing
loans
6
A deficit occurs when:
actual spending < estimated spending
actual spending > estimated spending
actual spending = estimated spending
actual spending ~ estimated spending
7
Which category: health insurance
loans
entertainment
personal care
insurance
8
Which of these is NOT a characteristic of a successful budget?
Evaluated regularly
Kept a secret
Flexible
Realistic
9
Fixed or Variable: Electric utility bill
Sure
I don't know
Variable
Fixed
10
A budget is a:
boring document
plan to help you save and spend wisely
personal balance sheet
fun-ruiner
11
Fixed or Variable: fuel for car
I don't know
Sure
Variable
Fixed
12
If a family wants to really see where every penny goes, they should create a simple budget
True
False
I don't know
Maybe
13
A budget variance is found by:
actual budget - estimated budget
estimated budget - actual budget
estimated budget + actual budget
actual budget + estimated budget
14
Which category: buying movie tickets
household
entertainment
personal care
gifts/donations
15
Fixed or Variable: Sporting Event
Sure
Fixed
I don't know
Variable
16
A surplus occurs when:
actual spending > estimated spending
actual spending ~ estimated spending
actual spending = estimated spending
actual spending < estimated spending
17
Which category: mortgage payment
housing
savings/investing
insurance
entertainment
18
Fixed or Variable: Dry cleaning
I don't know
Variable
Sure
Fixed
19
A budget surplus occurs when actual spending is greater than planned
False
I don't know
Maybe
True
20
Which one of these is one of the main purposes of a budget?
Good money management skills
Avoid credit problems
Achieve financial goals
Live within income
21
Fixed or Variable: Gym membership
Fixed
I don't know
Sure
Variable
