Master the Principles of Budgeting
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Questions and Answers

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?

  • 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?

  • 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?

    <p>The budget realizes short-term goals in relation to long-term goals.</p> Signup and view all the answers

    What is the importance of identifying needs and wants before working on a budget?

    <p>To plan the budget based on priorities</p> Signup and view all the answers

    Which factor determines the number of items that can be included in a budget?

    <p>The amount of money available</p> Signup and view all the answers

    What is the relationship between the amount of money available and the allocation for each item in a budget?

    <p>The more money available, the greater the amount allocated for each item</p> Signup and view all the answers

    Which of the following is considered a basic need in budgeting?

    <p>Food</p> Signup and view all the answers

    What are some examples of psychological needs in budgeting?

    <p>Security and self-confidence</p> Signup and view all the answers

    What principle in budgeting emphasizes the importance of prioritizing needs over wants?

    <p>Survival principle</p> Signup and view all the answers

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