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.
Reasons why groceries are considered a variable expense include which of the following?
Choose wisely. There is only one correct answer.
You can choose what and how much you need to buy. You have many choices of different types of meats, vegetables, cereals, etc. For example, you don't need to eat steak once a week. You can make chicken or pork at a fraction of the price.
2.
A budget surplus means you have spent too much of your income.
Choose wisely. There is only one correct answer.
False. A surplus occurs when you are spending and saving less than your net income. This is a good thing. You have more money to allocate to your financial goals.
3.
If you decide to use an online budgeting tool, it is safer to use one whose URL starts with _______.
Choose wisely. There is only one correct answer.
Https. The 's' in 'https' stands for 'secure.' It means that the Website secures your data.
4.
When constructing a budget, where can you find information about your expenses?
Choose wisely. There is only one correct answer.
Bank statements, online banking, and credit card statement. Bank statements, online banking transactions, and credit cards all detail your spending transactions. Use these tools to create a written record of your expenses.
5.
If your expenses exceed your income in your budget, you may need to revise what you spend your money on, and how much you spend.
Choose wisely. There is only one correct answer.
True. You could also earn more money, but it may be easier to change your spending habits.