Financial Literacy - Budget Review

Rent is considered a fixed expense.

How you handle money coming in and money going out.

An example of a periodic expense is...

You must be able to differentiate between your needs and wants.

A mortgage payment would count on your budget as a...

The budgeting process ends with monitoring current spending.

Expenses that aren't paid every month and can be either fixed or variable.

In case you lose your job tomorrow, how much should you have in an emergency fund?

A car payment is an example of a variable expense.

A common intermediate term goal would be saving for your first born's college education.

Bills or expenses that can change over the course of time.

Most short-term goals are based on activities over the next two or three years.

When the cost of a service outweighs its benefits, it is a good purchase.

Bills or expenses that have a set dollar amount and are the same every month.

Which of the following accounts is the best place to keep money in an emergency.

Another term for budget.

A personal budget should be planned for a specific period of time.

Movement of the money you receive and the money you spend.

Which of the following is NOT a smart way to stay on budget?

The budgeting process starts with monitoring current expenses and income.

Money going out.

Flexible expenses stay about the same every month.

Flexible expenses can change every month.

You can think of PYF as a bill you owe to yourself.

Income and spending must balance each other.

A plan for managing your money during a given period of time.

Money coming in.