Financial Health

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1. You can adjust your buget by making small changes in your habits. True or false?

True

False

You can adjust your budget by making small changes. One less trip to the vending machine might help save some money, especially when you look at this over a year's time.

Explanation

You can adjust your budget by making small changes. One less trip to the vending machine might help save some money, especially when you look at this over a year's time.

About This Quiz

Read the two articles on Financial Health. Answer the questions, score 80% or better and receive 10 MHP points.

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2. It's never too late to start saving. True or False.

True

False

Start saving now, every little bit helps.

Explanation

Start saving now, every little bit helps.

3. Overspending can cause a stressful situation. By looking at your spending and your saving and setting goals you are on the right track to feeling more confident about your financial health. True or False.

True

False

All of this is true and can help provide peace of mind. It's important to know these numbers!

Explanation

All of this is true and can help provide peace of mind. It's important to know these numbers!

4. The best way to create a budget is to buy an expensive software package.

True

False

You Could use a paper ledger, an electronic spreadsheet, a softwear package or a free service from the Internet.

Explanation

You Could use a paper ledger, an electronic spreadsheet, a softwear package or a free service from the Internet.

5. Cash flow is the movemnet of money in and out of your household. True or False?

True

False

Cash flow refers to the movement of money in and out of a household. It represents the income and expenses that occur over a specific period of time. Therefore, the statement "Cash flow is the movement of money in and out of your household" is true.

Explanation

6. Setting goals is an important element of financial wellness. Setting goals...

Could cover the short term which is within the year

Could cover an intermediate term which is up to five years

Could cover long term which is more than five years away

Gives you an objective view of spending

All of the above

You should set financial goals as you would set any wellness goals.

Explanation

You should set financial goals as you would set any wellness goals.

7. Special purchases, such as presents and holiday gifts, need to be figured into the budget. The best way to do this is figure the total amount of the purchases and divide it by 12 months.

True

False

When you follow this advice, you will have enough to cover these items.

Explanation

When you follow this advice, you will have enough to cover these items.

8. The way to measure cash flow is to : There are two correct answers

Track all of your income and expenses

Track your spend and savings based on your pay schedule

Leave out what you put into savings

Yes, track all income and expenses including debt reduction and savings to get the best picure of cash flow.

Explanation

Yes, track all income and expenses including debt reduction and savings to get the best picure of cash flow.

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9. Once a budget is determined, it should always remain as is.

True

False

Life situations change and you might need to adjust your budget from time to time.

Explanation

Life situations change and you might need to adjust your budget from time to time.

10. If your expenses are running high you could, Check all that apply.

Look for ways to spend less.

Cut back on eating out.

Give up on tracking

If you have followed the steps, ways to help get back on track could include reduce spending on items that are not necessary.

Explanation

If you have followed the steps, ways to help get back on track could include reduce spending on items that are not necessary.

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Oct 29, 2012

Quiz Created by
Cchmcmember