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Basics Beginner: Budgeting Made Simple

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1.
Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
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True. Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
2.
What kinds of expenses should you include in a budget?
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All of your expenses. When you create a budget, you should be as inclusive of your expenses as possible.
3.
A budget might fail if you include expenses that aren't _______.
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Realistic. A budget might fail if you include expenses that aren't realistic.
4.
Budgeting for a major purchase has many advantages; one of them is that _______.
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You may be able to avoid the use of debt. Avoiding debt can save you a lot of money, as well as give you time to think over the purchase.
5.
A budget never changes.
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False. A budget is a living document that changes over time and needs to be adjusted as income, expenses and circumstances change.