PFLE Unit 5 Test review

Front

What is budgeting?

Back

The process of creating a plan to manage and allocate financial resources.

Front

Why is budgeting important for personal finance?

Back

Budgeting helps individuals track their income and expenses, prioritize their spending, and save for future goals.

Front

What are the key components of a budget?

Back

income, expenses, savings, and financial goals

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses are costs that remain the same each month, while variable expenses can change from month to month.

Front

What are the benefits of saving money?

Back

Financial security, emergency fund, future investments, achieving financial goals

Front

This type of personal bankruptcy filing "forgives" most of your debt.

Back

Chapter 7

Front

Which of these debts is NOT discharged through bankruptcy filing in TX?
Child Support, Credit cards, Car loan at the bank, Your account at Home Depot

Back

Child Support

Front

If you as an individual just need to restructure (reorganize) your debts so that you can make the payments, you would most likely file which of the following types of bankruptcy?

Back

Ch 13

Front

How long can you expect a Chapter 7, ordinary bankruptcy filing, to remain on your credit report?

Back

10 years

Front

Voluntarily donating money, goods, or services to organizations or individuals in need, without any expectation of receiving something in return.

Back

Charitable Giving