Golden Skills Quiz - 2. Budgeting and personal finance management

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1. People create and keep a personal budget to help them _________________.

2 points

a) buy anything they want

b) apply for a loan

c) set and reach financial goals

d) earn promotions at work

2. The first step in creating a budget is _________________.
*

2 points

a) know your income

b) determine fixed expenses

c) determine variable expenses

d) review periodically

3. Because income is _________________, a household needs to have a plan on how to spend the income.
*

2 points

a) unlimited

b) limited

4. Expenses that stay the same every month are _________________ expenses. Rent would be an example.
*

2 points

a) fixed

b) flexible

c) variable

d) not necessary

5. Which of the following is not a basic need?
*

2 points

a) food

b) utilities

c) vacation

d) housing

6. What percent of income should be saved each month?

2 points

a) 5%

b) 10%

c) 15%

d) 20%

7. This occurs when money is withdrawn from a bank account and the available balance goes below zero.

2 points

a) reconcile

b) overdraft

c) budgeting

d) balance

8. Anna wants to buy a new bike that costs 500 €. She has already saved 100 €. She earns 1,200 € a month and her total monthly expenses come to 1,000 €. Anna is going to put all of her extra money each month into her savings account for the bike. Assuming her expenses stay the same, how long will it take Anna to save enough money for the bike?

2 points

a) 1 month

b) 2 month

c) 3 month

d) 5 month

9. How much cash was deposited on April 16th?

2 points

a) $681.60

b) $38.00

c) $1,315.20

d) $48.00

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