Which of the following is NOT a good way to track your spending?
- In your head
- Notebook and pencil
- Envelope method
- Online software or app - -In your head
-What should be considered when setting a budget? -
...
Which of the following is NOT a good way to track your spending?
- In your head
- Notebook and pencil
- Envelope method
- Online software or app - -In your head
-What should be considered when setting a budget? - -Needs, wants, and savings
-Which choice or choices best describes the purpose of an emergency fund?
- An emergency fund prepares you for unexpected expenses.
- An emergency fund keeps you from borrowing money from friends and family.
- An emergency fund removes the worry about expenses not in the budget.
- All of the above are good reasons to have an emergency fund. - -All of the above are good reasons to have an emergency fund.
-Which of the following statements is TRUE?
- Recurring expenses don't need to be planned for because they rarely happen.
- Recurring expenses are expenses that occur every month.
- Recurring expenses should be planned for after looking at your wants.
- None of the above - -Recurring expenses are expenses that occur every month.
-Which of the following expenses would be a good reason to spend money from an emergency fund?
- Repair your laptop that you use for homework.
- Upgrade your phone to the latest model.
- Buy new track shoes because they're in style.
- Purchase concert tickets to see your favorite artist. - -Repair your laptop that you use for homework.
-Which of the following should NOT be considered when setting a current budget?
- Your financial goals
- Future income
- Needs and wants
- Savings - -Future income
-Which of the following is a benefit of using a budget?
1. Helps to keep track of the money you receive
2. Helps to prioritize your spending
3. Helps reach short- and long-term financial goals
4. All of the above - -4. All of the above
-When setting a budget, you should consider... - -financial goals, current expenses, and income.
-An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for... - -emergency fund spending.
-How can you ensure you don't go over your budget? - -Round up your expense estimates to add a buffer
-An emergency fund should NOT be used for... - -Going to the movies.
-Where should you look to find your current expenses when building your budget? - -bank and credit statements
-What is NOT true about unexpected expenses? - -They do not occur if you have a budget.
-When setting a budget, you can choose to make room for:
a. Financial goals
b. Entertainment expenses
c. Charitable donations
d. All of the above - -d. All of the above
-The envelope method, notebook and pencil, and online software are all methods of . - -tracking your spending
-In addition to needs, what should you plan for first when creating a budget? - -Recurring expenses
-What budgeting tip(s) would help you to stay on track financially? - -Find a friend with similar goals and hold each other accountable
-What is NOT a good way to prevent unnecessary spending? - -Buy all of your wants at one time.
-Which of the following is NOT a benefit of using a budget?
- A budget can help you purchase anything you want.
- A budget can help you keep track of your money.
- A budget can help you make plans to reach your financial goals.
- A budget can help you decide the importance of your expenses. - -A budget can help you purchase anything you want.
-Which of the following is TRUE regarding unexpected expenses?
- They usually don't affect your budget.
- They should be planned for.
- They usually don't affect your ability to pay bills.
- They should not be included in your budget. - -They should be planned for.
-
[Show More]
