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Personal Finance Courses: Budgeting

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1.
Making a decision to purchase something based on your wants is less expensive than basing it on your needs.
Choose wisely. There is only one correct answer.
False. Wants are generally more expensive. You may need to buy a pair of jeans, and may want a $150 pair of designer jeans but you only need jeans that cost under $40.
2.
The purpose of a budget is to help you plan how to spend and save money.
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True. Budgets are valuable tools that help you stay on top of your money.
3.
Any past debts you are paying on should be grouped under your expenses in your budget, even though you did not incur them this month.
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True. Even though your debts are ghosts of past expenses, you would include them among your current expenses in your budget.
4.
Which of the following is an example of a fixed expense?
Choose wisely. There is only one correct answer.
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.
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.