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Budgeting and Money Management Flashcards | StudBud
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Budgeting and Money Management
Budgeting and Money Management
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Quiz
Flashcards
15 cards
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Questions
15
Answers
1
When paying yourself, how much money should you set aside each month?
20%
15%
10%
5%
2
A short term goal usually occurs with this time frame.
1-12 months
1-3 months
2-5 years
3-6 months
3
What is missing in the formula: Assets - ? = Net Worth
Savings
Allowances
Expenditures
Liabilities
4
When creating a budget, which part do you begin with?
Expenditures
Allowances
Savings
Discretionary items
5
This is a want: shelter
False
True
6
Budgets are based off of monthly net pay.
False
True
7
This is a basic need: North Face winter coat.
True
False
8
When given gross pay, what needs to be removed before you can determine your monthly net pay?
taxes & deductions
monthly savings
allowances
expenditures
9
Which is a medium range goal?
changing careers
car repairs
college education
retirement
10
Discretionary funds are funds needed to pay your expenses.
True
False
11
A plan for spending and saving is
allowance
expenditures
budget
money management
12
Money budgeted for both saving and individual expenditures.
Allowances
Fixed expenditures
Variable expenditures
Assets
13
Which of these is a liquid asset?
checking account
stocks
retirement investments
gaming system
14
A liquid asset is an asset that can be turned into cash quickly.
False
True
15
Which of these is a variable expense?
car insurance
phone bill
medical bills
rent
