What is the primary purpose of a budget?

Mastering Financial Literacy

Quiz
•
Financial Education
•
11th Grade
•
Hard
Dionis Catanoi
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To focus solely on personal savings without any planning.
The primary purpose of a budget is to plan and control financial resources.
To eliminate all financial records and reports.
To increase overall spending without limits.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which investment is considered the least risky?
Corporate bonds from high-risk companies
Stocks in emerging markets
Real estate investment trusts (REITs)
U.S. Treasury bonds
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main goal of personal finance management?
To avoid all forms of debt completely.
To achieve financial stability and meet personal financial goals.
To invest in high-risk stocks only.
To save as much money as possible without a plan.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common strategy for paying off debt?
Paying only the minimum balance
Ignoring the debt
Taking out a new loan to cover old debt
Debt snowball method
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much should you ideally save for an emergency fund?
3 to 6 months of living expenses
Only what is left after monthly expenses
1 to 2 months of living expenses
12 months of living expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a zero-based budget?
A zero-based budget is a method where expenses exceed income.
A zero-based budget is a plan that allows for unlimited spending.
A zero-based budget is a system that tracks only fixed expenses.
A zero-based budget is a budgeting method where income minus expenses equals zero.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the benefit of diversifying investments?
Diversifying investments helps reduce risk and improve potential returns.
Diversifying investments eliminates all financial risks.
Diversifying investments guarantees higher profits.
Diversifying investments is only beneficial for large portfolios.
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