Podcast
Questions and Answers
Which principle in budgeting emphasizes the need to prioritize needs over wants?
Which principle in budgeting emphasizes the need to prioritize needs over wants?
- The budget is based on general assumptions about a concept or theory.
- The budget is planned to meet needs and wants. (correct)
- The budget identifies short-term goals in relation to long-term goals.
- The budget realizes short-term goals in relation to long-term goals.
What is an example of a short-term goal in budgeting?
What is an example of a short-term goal in budgeting?
- Preparing a nutritious meal
- Finishing a student degree
- Promoting the health of family members
- Passing the final exams (correct)
What is the purpose of arranging needs and wants based on order of importance in budgeting?
What is the purpose of arranging needs and wants based on order of importance in budgeting?
- To prioritize needs over wants (correct)
- To identify short-term goals
- To prioritize wants over needs
- To ensure equal allocation of resources
Which principle in budgeting focuses on achieving short-term goals in relation to long-term goals?
Which principle in budgeting focuses on achieving short-term goals in relation to long-term goals?
What is the importance of identifying needs and wants before working on a budget?
What is the importance of identifying needs and wants before working on a budget?
Which factor determines the number of items that can be included in a budget?
Which factor determines the number of items that can be included in a budget?
What is the relationship between the amount of money available and the allocation for each item in a budget?
What is the relationship between the amount of money available and the allocation for each item in a budget?
Which of the following is considered a basic need in budgeting?
Which of the following is considered a basic need in budgeting?
What are some examples of psychological needs in budgeting?
What are some examples of psychological needs in budgeting?
What principle in budgeting emphasizes the importance of prioritizing needs over wants?
What principle in budgeting emphasizes the importance of prioritizing needs over wants?
Flashcards
Budgeting Principle: Needs vs. Wants
Budgeting Principle: Needs vs. Wants
Prioritizing essential requirements before discretionary spending in financial planning.
Short-Term Financial Goal
Short-Term Financial Goal
A desired outcome achievable within a year or less
Prioritizing Needs and Wants
Prioritizing Needs and Wants
Sorting expenses by importance ensures essential needs are covered first.
Short-Term Goals & Long-Term Goals
Short-Term Goals & Long-Term Goals
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Identifying Needs and Wants
Identifying Needs and Wants
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Budget Size: Impact of Available Money
Budget Size: Impact of Available Money
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Money Available vs. Budget Allocation
Money Available vs. Budget Allocation
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Basic Need
Basic Need
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Psychological Needs
Psychological Needs
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Survival Principle in Budgeting
Survival Principle in Budgeting
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