Personal Financial Literacy Test Review

The budgeting process starts with monitoring current spending

• true
• false

Most short-term goals are based on activities over the next 2 or 3 years

• true
• false

A common long-term goal may involve saving for college for parents of a newborn child

• true
• false

Rent is considered a fixed expense

• true
• false

Flexible expenses stay about the same each month

• true
• false

An electric bill is commonly considered a fixed living expense

• true
• false

a security deposit covers the rent for the first month when moving into an apartment

• true
• false

A roommate may reduce the financial burded of renting an apartment

• true
• false

Saving money for a down payment to buy a house is usually considered a short-term goal

• true
• false

A lease is designed to protect the rights of both a tenant and landlord.

• true
• false