Test your knowledge

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

Keep studying!

Review your answers below to learn more.

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.

Budgeting for a major purchase has many advantages; one of them is that _______.

Choose wisely. There is only one correct answer.

You may be able to avoid the use of debt

You will always get a lower price by budgeting

Both of the above

You may be able to avoid the use of debt. Avoiding debt can save you a lot of money, as well as give you time to think over the purchase.

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.

When creating a budget, you should gather information associated with _______ of your expenses.

Choose wisely. There is only one correct answer.

All

Some

Certain types

All. When creating a budget, its important to gather information associated with all of your expenses.

If you have irregular income, sticking to a budget is impossible.

Choose wisely. There is only one correct answer.

True

False

False. If you have irregular income, it is very possible to stick to a budget

© Copyright 2024 Precision Information, publisher of the Financial Fitness Group family of products. The trade name Financial Fitness Group and the trademarks Financial Fitness CENTER™, Financial Fitness CHECKUP™ and Financial Fitness ACADEMY™ are exclusive marks of Precision Information, LLC. All rights reserved.