Test your knowledge

Choose wisely. There is only one correct answer to each question.
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1.
If you have money in your budget left over, what might be the best use for it?
Choose wisely. There is only one correct answer.
Put it toward important short and long-term goals. Having money left over (in other words, having savings) means you can put the money toward important goals in life.
2.
Your financial institutions may already offer some budgeting tools.
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True. Many financial institutions provide budgeting software that is accessible when you log in to your account online.
3.
Which of the following is an example of a fixed expense?
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Your cable bill. Your cable bill is likely to be the same amount each month, and it occurs over and over again regularly. Therefore, it is fixed.
4.
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.
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True. You could also earn more money, but it may be easier to change your spending habits.
5.
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.