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Personal Finance Courses: Budgeting

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1.
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.
2.
Which of the following is most likely to be a variable expense?
Choose wisely. There is only one correct answer.
Your groceries. In nearly all cases, groceries are likely to vary in price and how often you buy them.
3.
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.
4.
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 an eight-year-long goal fall under?
Choose wisely. There is only one correct answer.
Intermediate-term goals. Intermediate-term goals are those that are 5-10 years away.
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.
Choose wisely. There is only one correct answer.
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.