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Creating a Personal Budget
By Marla McCauley
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Last updated over 2 years ago
22 questions
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Question 9
9.
What is an example of income that is received more frequently?
Weekly paychecks
Annual bonus
Monthly salary
Quarterly bonus
Question 10
10.
How should semiannual expenses be converted for budget purposes?
Divided by three
Added together
Divided by six
Multiplied by four
Question 11
11.
What is the purpose of tracking small purchases in a personal budget?
To prioritize small purchases
To increase spending on small purchases
To ensure accuracy of expenses
To eliminate small purchases
Question 12
12.
What does it mean if the 'out' column is larger than the 'in' column in a budget?
Budget is in balance
More money is flowing in than out
Family's reserves are being replenished
Budget is out of balance
Question 13
13.
What is the purpose of evaluating spending categories in a budget?
To determine reasonable proportion of spendable income
To eliminate spending in each category
To create additional spending categories
To increase spending in each category
Question 14
14.
How can percentages be calculated for each spending category in a budget?
Multiply each category amount by the number of categories
Divide each category amount by the total
Subtract each category amount from the total
Multiply each category amount by the total
Question 15
15.
What proportion of their total expenses are spent on car payments, gas, and insurance?
35 percent
15 percent
75 percent
50 percent
Question 16
16.
What can families do to reduce their spending at restaurants?
Spend the same amount of money
Cook more of their own meals
Eat out more often
Order more expensive menu items
Question 17
17.
What is the purpose of setting goals in budgeting?
To bring the budget into balance
To increase overall spending
To have no spending limits
To spend as much as possible
Question 18
18.
When should budget goals be reevaluated?
Every week
Every day
Every year
At the end of the month
Question 19
19.
A budget is a valuable tool to help with:
taking control of personal finances
finding the latest fashion trends
tracking social media activity
planning a vacation
Question 20
20.
According to W. Edwards Deming, what must you measure to create change?
the weather forecast
what you want to change
how many hours you sleep
your favorite color
Question 21
21.
What does a three-column budget help measure?
saving and spending habits
artistic ability
cooking skills
exercise intensity
Question 22
22.
A budget is an effective way to:
change one's future
make someone else happy
predict the lottery numbers
travel back in time
Question 1
1.
What is the purpose of a personal budget?
To track daily expenses
To measure and predict financial needs
To save money for emergencies
To invest in the stock market
Question 2
2.
What does a personal budget help people assess?
Their credit card debt
Their income sources
Their spending habits
Their retirement savings
Question 3
3.
How does a personal budget function as an annual checkup?
It provides a snapshot of current income and expenses
It calculates future investment returns
It summarizes monthly savings and investments
It evaluates financial health and identifies necessary changes
Question 4
4.
What are the two main purposes of a personal budget?
Assessing credit card debt and managing savings accounts
Tracking daily expenses and setting financial goals
Investing in the stock market and saving for retirement
Measuring and forecasting financial aspects
Question 5
5.
What is the first step to making a budget?
Listing all expenses
Filling the 'in' column
Calculating monthly income
Dividing quarterly income by three
Question 6
6.
How should quarterly income be converted for budget purposes?
Added to weekly income
Multiplied by four
Divided by six
Divided by three
Question 7
7.
What items should be listed in the 'out' column of a budget?
Entertainment expenses
Expenses
Monthly bills
Sources of income
Question 8
8.
How should weekly income be converted for budget purposes?
Divided by three
Divided by six
Added to monthly income
Multiplied by four