Budget/Spending Plan Quiz

Question 1

Identify a need.

Accepted Answer

All Answers

Question 2

Changes to a spending plan is a continual process because finances are always changing!

Accepted Answer

True

Question 3

Identify a fixed expense.

Accepted Answer

Insurance Premiums

Question 4

Keeping track of expenses is the most important aspect of a spending plan.

Accepted Answer

True

Question 5

This expense is paid on a specific due date and the same amount each time.

Accepted Answer

Fixed

Question 6

Values are defined as:

Accepted Answer

All Answers

Question 7

What step in the Spending Plan Process should one organize?

Accepted Answer

2

Question 8

What tool assists individuals in money management?

Accepted Answer

Both Answers

Question 9

Identify a flexible expense.

Accepted Answer

Hobbies

Question 10

What type of control system keeps track of expenses based on the following picture?

Accepted Answer

Envelope

Question 11

How many steps are in the spending plan process?

Accepted Answer

6

Question 12

What step in the Spending Plan Process should one evaluate?

Accepted Answer

6

Question 13

Identify an income example.

Accepted Answer

Scholarship

Question 14

What is NOT neccessary to survive?

Accepted Answer

Wants

Question 15

What step in the Spending Plan Process should one set financial goals?

Accepted Answer

1

Question 16

An internet bill would be an example of what?

Accepted Answer

Fixed Expense

Question 17

What step in the Spending Plan Process should one control?

Accepted Answer

5

Question 18

What step in the Spending Plan Process should one decide?

Accepted Answer

3

Question 19

This expense has a different amount each month and no specific due date.

Accepted Answer

Flexible

Question 20

What is neccessary to survive?

Accepted Answer

Needs

Questions 20