Practical Money Skills - For Consumers


	Real Life Consumers Students		Choices & Decisions Teacher's Guide In-class Activities


1. The budgeting process starts with monitoring current spending.
TRUE	FALSE
2. Most short-term goals are based on activities over the next two or three years.
TRUE	FALSE
3. A common long-term goal for parents may involve saving for post-secondary education.
TRUE	FALSE
4. Rent is considered a fixed expense.
TRUE	FALSE
5. Flexible expenses stay about the same each month.
TRUE	FALSE
6. The final phase of the budgeting process is to:
set personal and financial goals.	compare your budget to what you have actually spent.
review financial progress.	monitor current spending patterns.
7. An example of a long-term goal would be:
an annual vacation	saving for retirement
buying a used car	completing university within the next six months
8. A clearly written financial goal would be:
To save money for university for the next five years	To pay off credit card bills this year
To invest in an RRSP	To establish an emergency fund of $4,000 in 18 months
9. An example of a fixed expense is:
clothing	auto insurance
an electric bill	educational expenses
10. What is commonly considered a flexible expense?
rent	a mortgage payment
home insurance	entertainment