Home
>
Basics
>
Beginner
Basics Beginner:
Budgeting Made Simple
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.
A major purchase is a _______ expense.
Choose wisely. There is only one correct answer.
Fixed
Variable
Neither
Variable. It is variable because you don't normally buy it on a regular basis.
2.
Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
Choose wisely. There is only one correct answer.
True
False
True. Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
3.
When you budget, you try to match your _______.
Choose wisely. There is only one correct answer.
Income with your expenses
Income with your neighbor's income
Expenses with your future income
Income with your expenses. When you budget, you try to match your income with your expenses.
4.
A budget never changes.
Choose wisely. There is only one correct answer.
True
False
False. A budget is a living document that changes over time and needs to be adjusted as income, expenses and circumstances change.
5.
What are some options if despite good faith efforts to make a budget work, you are still getting behind on your bills?
Choose wisely. There is only one correct answer.
Put the extra expenses on a new credit card
Take on a side gig
Give up on budgeting
Take on a side gig. This is an example of a hard choice that may be unavoidable.
Submit
DONE