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10 Questions

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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?

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

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

To plan the budget based on priorities Signup and view all the answers

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

The amount of money available 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?

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

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

Food Signup and view all the answers

What are some examples of psychological needs in budgeting?

Security and self-confidence Signup and view all the answers

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

Survival principle Signup and view all the answers