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Personal Finance Courses: Budgeting

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1.
Reasons why groceries are considered a variable expense include which of the following?
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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.
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?
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Long-term goals. A retirement plan is generally more than 10 years away, so it is a long-term goal.
3.
When constructing a budget, where can you find information about your expenses?
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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.
4.
A budget surplus means you have spent too much of your income.
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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.
5.
If you are using an online budgeting tool that is linked to your financial accounts, reviewing how your information is securely maintained is important.
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True. Ensuring you are dealing with a known company that describes how they keep your information secure and private is critical. Make sure the URL starts with 'https' instead of 'http' and look for the site to have a green address bar and lock icon.