Practice Money Management (8) - Resource Management

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9 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define budgeting in one sentence.
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Think about how you manage your finances.
Question 2.
List an example of a need and a want.
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Consider what is essential vs. what is desired.
3Question 3.
What is budgeting?
- A plan for savings
- A plan for spending
- A plan for investing
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Consider the overall purpose of a budget.
4Question 4.
True or False: Needs and wants are the same.
- True
- False
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Think about basic survival requirements.
Question 5.
You have a monthly income of $3,000. Your fixed expenses are $1,500 for rent, $300 for utilities, and $400 for food. How much can you allocate for savings and discretionary spending after fixed expenses?
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First calculate total fixed expenses before subtracting from income.
Question 6.
If your budget shows you are frequently overspending on restaurants, what steps can you take to adjust your budget?
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Think about alternative spending or how to reduce expenses.

5 more questions in this section. Enroll free to practise them all.