Personal Finance Courses: Budgeting

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Which of the following is most likely to be a variable expense?
Choose wisely. There is only one correct answer.
Your groceries. In nearly all cases, groceries are likely to vary in price and how often you buy them.
2.
If you want to get ahead financially, which of the following should be true?
Choose wisely. There is only one correct answer.
Your expenses should be lower than your income. When your expenses are lower than your income, you can use the difference for saving and investing, thus enabling you to grow your money and get ahead.
3.
Net income equals gross income minus _______.
Choose wisely. There is only one correct answer.
All payroll deductions including taxes withheld. This is the amount you have left to save and spend.
4.
In your budget's savings plan section, you will have short-term goals, intermediate-term goals, and long-term goals to save for. Which of these would a retirement plan fall under?
Choose wisely. There is only one correct answer.
Long-term goals. A retirement plan is generally more than 10 years away, so it is a long-term goal.
5.
Which type of budgeting tool is most likely to update your financial data fastest?
Choose wisely. There is only one correct answer.
An online one. As a general rule, online tools update regularly and more quickly than others.