KM Budgeting and Saving

Question 1

Flexible expenses refer to:

Accepted Answer

Expenses that can change

Question 2

A good example of a flexible expense is:

Accepted Answer

Grocery bill

Question 3

Why is it harder to estimate expenses than to estimate income?

Accepted Answer

Expenses often change more from month to month

Question 4

A budget can help you reach a financial goal by:

Accepted Answer

Allowing you to see where you can cut back on spending

Question 5

What are some typical expenses for a person just starting out in a rental apartment?

Accepted Answer

Rent, renters insurance, transportation costs

Question 6

Which is NOT a money management skill discussed in the reading material?

Accepted Answer

Managing your time in a healthy manner

Question 7

Once you have created your budget plan, you are set until you change jobs or change income.

Accepted Answer

False

Question 8

How do you create a budget?

Accepted Answer

All of the above

Question 9

Money in your emergency fund could be wisely used:

Accepted Answer

To pay for an unforeseen health expense

Question 10

To get the best outcome, estimate the cost and how long it will take to accomplish that goal.

Accepted Answer

True

Question 11

Looking at below, why are the dollar figures under the "Budgeted" larger than the "Actual" column for FLEXIBLE EXPENSES?

Accepted Answer

flexible expenses can vary, it's important to overestimate their cost

Question 12

What area of expenses is best to target when looking for possible ways to cut back on spending?

Accepted Answer

Flexible

Question 13

Preparing a budget is:

Accepted Answer

An ongoing process

Question 14

Generally, budgets are created for:

Accepted Answer

One month

Question 15

When estimating income, it is better to be:

Accepted Answer

A little low

Question 16

Which is NOT something you should look for in a savings account?

Accepted Answer

Rewards for using your debit card

Question 17

A surplus can be best defined as:

Accepted Answer

Having money left over after meeting your expenses

Question 18

Which of the following is an example of irregular income?

Accepted Answer

A graduation gift

Question 19

How much money should you save each month?

Accepted Answer

You must decide what you can afford

Question 20

Why is it better to underestimate your income instead of overestimating when creating a budget?

Accepted Answer

All of these

Questions 20