All about budgets
Online budgeting apps are more effective than budgeting with pen and paper?
True or False?
False
A _____ expense stays the same from month to month.
Fixed Expense
The three priorities in your budget after listing your income is ____
Giving, saving, and spending
To budget with an ____ income, prioritizes expenses from most to least important so your most important expenses are covered first.
irregular income
Your monthly rent payment is an example of a variable expense?
True or False
False
How often should you create a budget
A. Daily
B. Weekly
C. Monthly
D. Biannually
B. Monthly
An ______ expense occurs a couple times a year and tend to be in larger amounts
Intermittent Expense
The envelope system is especially helpful for expenses like __________ (list two)
Taxes and withholdings impact your ______________ which is the amount of money you take home on your paycheck.
Net Income
Why is tracking your expenses throughout the month important?
A. It allows you to delete categories you don't like.
B. It gives you insight into whether you're sticking to the budget you set.
C. It helps you pull money from savings to spend in other categories.
D. It really isn't that important in the long run.
B. It gives you insight into whether you're sticking to the budget you set.
What of the following is NOT a component of a budget?
A. Credit Score
B. Saving
C. Income
D. Giving
A. Credit Score
A ____ expense needs to be evaluated in light of your other expenses for the month.
Discretionary Expense
The key components to budgeting are
Creating the budget, tracking the spending, adjusting the budget based on spending, and sticking to the budget.
Commision is when you make money based on the percentage of ____.
The best way to budget is
A. By using a digital app
B. Creating a spreadsheet
C. The way that works best for you
D. on Paper
C. The way that works best for you
What does a budget show you?
A. How much you need to save
B. How much money you plan to come in and go out during the month
C. How much money you spent last month
D. How much money you need to earn
B. How much money you plan to come in and go out during the month.
The cost of groceries and gas is considered a _______ expense
Variable Expense
A budget doesn't tell you not to send. A budget actually _______________.
Freedom to spend.
Going to the movies is an example of what kind of Expense
How many months does it usually take for your budget to start working as a budget should?
A. 3
B. 5
C. 4
D. 1
A. 3
How many categories should you have in your budget?
A. 15 or more
B. No limit
C. No more than 10
D. At least 3
B. No limit
A _______ should account for intermittent, fixed, variable, or discretionary expenses
Zero-Based Budget
Specific categories are important to consider when creating a budget so you can _______
Break down your income and your spending.
What are the four walls?
Food, Utilities, Shelter, and transportation
Although the majority of Americans think budgeting is important, about ___ actually use a budget.
A. 75%
B. 50%
C. 23%
D. 35%
D. 35%