HUD Exam - Financial Management 2023 All of the following would help a counselor develop a realistic household budget,
except:
- Payment information for a paid-off car
- Amount spent on groceries
- Rent payment information
D. Monthly cable bill - Correct Answer Answer: A
Since the car is paid off, the expense does not need to be included in the new budget.All of the following are reasons why it is important for a client to track income and
expenses before finalizing a budget, except:
- It helps show clients that they spend less on some expenses than they think.
- It helps identify spending habits
- It helps show clients that their spending and expenses are out of control.
- It helps define realistic and attainable goals and timelines. - Correct Answer Answer:
- Health care premium
- Car insurance
- Gym Membership
C.Clients may find that their spending and expenses are out of control. However, the purpose of tracking is to inform realistic budget preparation, not to condone or condemn a client's judgement.Which of the following is a "want" and not a "need"
D. Rent - Correct Answer Answer: C. Gym Membership.
What information is used in determining a budget (give 4) - Correct Answer Pay Stub, Bank Statements, Utility Bills, and Social Security Award Letter.Ray's commute on the bus takes over an hour, so he wants to buy a car as soon as possible, but he has poor credit and cannot obtain a loan right now. He thinks he can find a reliable car for about $2,000 and has about 20% of the total in the bank from his tax refund. if Ray's goal is to buy a car within 8 months, what is the minimum amount he needs to save each month? - Correct Answer Ray has 20% of $2,000 saved, or $400, so he needs at lease $1,600 more to reach his goal. If he saves for 8 months, he will need to save $200 each month.Which section of a credit report will contain employer details? - Correct Answer Personal Information Which section of a credit report will contain information about a student loan - Correct Answer Account Information Which section of a credit report will contain court information such as bankruptcy? - Correct Answer Public Records
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