You should consider setting short-term mid-term, and long-term financial goals. Roughly what length of time is a mid-term goal?
A.
5-6 week period
B.
2-3 week period
C.
1-2 year period
D.
2-12 month period
2.
What is the first step in creating a budget?
A.
Setting financial and personal goals.
B.
Monitoring spending patterns.
C.
Finding out what income you have coming in and what expenses you have going out.
D.
Reviewing and revising.
3.
An expense that can change month-to-month (like groceries, utility bills, entertainment costs) is considered a ______________ expense.
A.
Changing
B.
Variable
C.
Shifting
D.
Flexible
4.
Which is not considered a form of income?
A.
Alimony
B.
Dividends
C.
Salary
D.
Overdraft Fee
5.
Which is the correct order of the six steps needed to build a budget?
A.
Monitor your current spending patterns , find out what income you have coming in and what expenses are going out, set financial and personal goals, create a budget for all expenses, compare trends in your budget, review and revise.
B.
Find out what income you have coming in and what expenses are going out, set financial and personal goals, monitor your current spending patterns, compare trends in your budget, review and revise, create a budget for all expenses.
C.
Find out what income you have coming in and what expenses are going out, set financial and personal goals, create a budget for all expenses, monitor your current spending patterns, compare trends in your budget, review and revise.
D.
Create a budget for all expenses, find out what income you have coming in and what expenses are going out, set financial and personal goals, monitor your current spending patterns, compare trends in your budget, review and revise.
It looks like you still have a bit to learn about budgeting. That's okay! We're here to help. Check out our Budgeting Basics to learn more and try again.
You got a few answers correct, but it looks like you still have a bit to learn about budgeting. That's okay! We're here to help. Check out our Budgeting Basics to learn more and try again.
3.
You Know the Basics!
You only missed one question! Looks like you were paying attention to the information in our Budgeting Basics course. Keep it up!
Wow! You know you're stuff when it comes to budgeting. Now, make sure you apply what you've learned and revisit your budget on a regular basis. Need to freshen up? Check out our Budgeting Basics.