Money Management Assessment

A budget helps track spending and saving.

• True

• False

Income refers to money received, especially on a regular basis, for work or through investments.

• True

• False

Fixed expenses are costs that can change from month to month.

• True

• False

Discretionary expenses are essential and cannot be adjusted based on financial goals.

• True

• False

Savings refer to money set aside for future use, typically in a savings account or other low-risk investment.

• True

• False

Which of the following is an example of a variable expense?

• Rent

• Mortgage

• Utilities

• Insurance

What is the cost of borrowing money, usually expressed as a percentage of the amount borrowed?

• Savings

• Interest

• Income

• Debt

Which type of expense can be adjusted based on financial goals?

• Fixed Expenses

• Variable Expenses

• Discretionary Expenses

• Debt

What term refers to specific objectives to be achieved through financial planning and management?

• Budget

• Financial Goals

• Investing

• Expenses

Which of the following is an example of a fixed expense?

• Groceries

• Rent

• Entertainment

• Transportation