Resource Management Smoothing and Levelling

Can anyone confirm my understanding of the resource management process?

My view is that if you can not increase the level of resource/extend working hours or split tasks... you should always try and smooth your programme (i.e keep your end date through using all available float) however, if resource constraints remain then you level the programme which will give you more time to complete the tasks.

I have a fiver riding on this so any help would be apprciated

Thanks in advance