The two elements to consider in budgeting and planning are your income and your expenses.

PF Ch 4 Budgeting

Flashcard
•
Business
•
11th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
True
2.
FLASHCARD QUESTION
Front
A set of goals for spending, saving, and investing the money you receive is called a budget.
Back
False
3.
FLASHCARD QUESTION
Front
Before you prepare a budget, it is a good idea to keep track of your income and expenses for a month or two.
Back
True
4.
FLASHCARD QUESTION
Front
You should always create a monthly budget—weekly or biweekly budgets tend to be inaccurate.
Back
False
5.
FLASHCARD QUESTION
Front
In the short-run, fixed costs are easier to change than variable costs.
Back
False
6.
FLASHCARD QUESTION
Front
When assets are greater than liabilities, you are said to be solvent.
Back
True
7.
FLASHCARD QUESTION
Front
A net worth statement will be useful when you apply for a loan or credit.
Back
True
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