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1. What is a budget?

• a) A plan for spending and saving money

• b) A record of past expenses only

• c) A loan from a bank

• d) An investment account

2. Which of the following is considered a fixed expense?

• a) Grocery bills

• b) Utility bills

• c) Rent or mortgage payment

• d) Entertainment expenses

3. What is the purpose of an emergency fund?

• a) To pay for vacations

• b) To cover unexpected expenses

• c) To invest in stocks

• d) To fund retirement plans

4. What does 'interest rate' refer to?

• a) The amount of money you owe on a loan

• b) The percentage charged for borrowing money

• c) The amount of your monthly expenses

• d) The balance of your savings account

5. Which of the following is a benefit of having a good credit score?

• a) Lower interest rates on loans

• b) Higher taxes

• c) Increased utility bills

• d) Easier access to cash advances

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