What is the purpose of a budget?
Ramsey Personal Finance Final

Quiz
•
Life Skills
•
12th Grade
•
Easy
David Cohen
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of a budget is to complicate financial management and increase stress.
The purpose of a budget is to restrict spending and limit financial freedom.
The purpose of a budget is to allocate income and resources to meet financial goals and manage expenses.
The purpose of a budget is to randomly allocate income and resources without any goals or planning.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some common budgeting methods?
50/30/20 method, envelope system, zero-based budgeting, balanced money formula
random allocation method
spending spree method
80/20 method
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to have an emergency fund?
To provide a financial safety net for unexpected expenses or emergencies.
To have more money for vacations and luxury items.
To rely on credit cards for emergencies.
To waste money on unnecessary expenses.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some different types of savings accounts?
credit card accounts
student loan accounts
checking accounts
regular savings accounts, high-yield savings accounts, money market accounts, certificate of deposit (CD) accounts, and individual retirement accounts (IRAs)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between stocks and bonds?
Stocks represent debt owed by a company, while bonds represent ownership in a company.
Stocks and bonds are the same thing.
Stocks and bonds have no difference, they both represent ownership in a company.
Stocks represent ownership in a company, while bonds represent debt owed by a company or government.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some factors to consider when choosing an investment?
risk tolerance, investment goals, time horizon, diversification, and market conditions
favorite color, astrology sign, lucky number
interest rates, current events, personal preferences
weather conditions, political climate, social media trends
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a credit card and a debit card?
A credit card and a debit card can only be used for online purchases.
A credit card and a debit card are the same thing.
A credit card allows you to borrow money from the bank to make purchases, while a debit card allows you to spend money directly from your bank account.
A credit card allows you to spend money directly from your bank account, while a debit card allows you to borrow money from the bank.
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