What is the purpose of creating a budget?
Personal Finance Quiz

Quiz
•
Business
•
12th Grade
•
Easy
Caitlin Gnann
Used 4+ times
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To have a strict limit on spending and never deviate from it
To make it difficult to keep track of expenses and financial goals
To buy unnecessary items and waste money
To track and manage expenses, prioritize spending, and achieve financial goals.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between fixed and variable expenses in a budget.
Fixed expenses are related to leisure activities, while variable expenses are related to basic needs.
Fixed expenses are regular, predictable costs that remain constant each month, while variable expenses are costs that can fluctuate from month to month.
Fixed expenses are optional costs, while variable expenses are necessary for survival.
Fixed expenses are costs that change every month, while variable expenses remain constant.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different types of investment options available for individuals?
Cryptocurrency, precious metals, collectibles
Savings accounts, credit cards, personal loans
Lottery tickets, gambling, payday loans
Stocks, bonds, mutual funds, real estate, retirement accounts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of diversification in investing?
Investing in only one company to avoid confusion
Spreading investments across different assets to reduce risk
Putting all investments in one type of asset to maximize returns
Spending all money on a single high-risk investment
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a credit score impact an individual's financial health?
It has no impact on their financial health
It only affects their ability to buy a house
It only affects their ability to get a job
It affects their ability to access credit, the interest rates they receive, and their overall financial stability.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of compound interest in the context of savings and retirement planning.
Compound interest refers to the interest calculated on the initial principal and also on the accumulated interest of previous periods, which can significantly impact savings and retirement planning.
Compound interest has no impact on savings and retirement planning
Compound interest is only calculated on the initial principal and not on the accumulated interest
Compound interest is the same as simple interest
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key factors to consider when planning for retirement?
Consider factors such as winning the lottery and not needing to plan
Consider factors such as spending all savings before retirement
Consider factors such as relying solely on social security for retirement income
Consider factors such as desired retirement lifestyle, current and future expenses, healthcare costs, inflation, and investment strategies.
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