Overview of a Budget (Personal Financial Literacy)

(Question 3) A budget is a _____. O net worth statement O plan for saving and spending your money O table that lists your goals for saving and investing O list of what you spent last month

O plan for saving and spending your money

(Question 8) In two to three sentences, describe how you would organize your financial information.

Parts of a financial plan include net worth statements, financial goals, a budget, a saving and investing plan, and an insurance plan. It is important to keep receipts and other forms of statements like bills.

(Question 1) Match the terms to their definition. 1. costs that change in amount 2. costs that remain the same amount 3. a plan for how you will spend and save your money

1. costs that change in amount => variable expenses 2. costs that remain the same amount => fixed expenses 3. a plan for how you will spend and save your money => budget

(Question 2) Net worth is the amount you have, plus the amount you owe. O True O False

O False

(Question 5) A saving and investing plan is part of a good financial plan. O True O False

O True

(Question 7) A variable expense is a _____. O cost listed in a budget O cost that stays the same from month to month O cost for completing a budget O cost that changes

O cost that changes

(Question 4) All the following are benefits of having a budget except _____. O knowing what you can afford O knowing how much you owe in taxes O avoiding financial problems O being a better steward of God's resources O reducing stress O making your money grow

O knowing how much you owe in taxes

(Question 6) Choose all that apply. Select all the parts of a financial plan. [] budget [] savings account [] insurance plan [] checkbook register [] financial goals [] net worth statement [] savings and investing plan

[] budget [] insurance plan [] financial goals [] net worth statement [] savings and investing plan