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Basics Beginner:
Budgeting Made Simple
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Choose wisely. There is only one correct answer to each question.
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1.
A budget helps you match your _______.
Choose wisely. There is only one correct answer.
Debts and assets
Income and expenses
Taxes and paycheck
Income and expenses. A budget helps you match your income and expenses.
2.
Wealthy people don't need budgets.
Choose wisely. There is only one correct answer.
True
False
False. Wealthy people can overspend just as easily as people in other income groups, so they can benefit just as much from a budget.
3.
What is one way to gather accurate information about your income to include in a budget?
Choose wisely. There is only one correct answer.
Looking at your paystub
Estimating what you might make next year
Adding in a bonus you hope you'll get later in the year
Looking at your paystub. Looking at your paystub is one way to gather accurate information about your income to include in a budget.
4.
A budget might fail if you include expenses that aren't _______.
Choose wisely. There is only one correct answer.
High enough
Realistic
Sensible
Realistic. A budget might fail if you include expenses that aren't realistic.
5.
The first step in financing a major purchase is to ________.
Choose wisely. There is only one correct answer.
Look for any credit card offers with low, ''teaser rates'' that you may be eligible for
Establish a household budget
Decide on a price range for the purchase
None of the above
Establish a household budget. That way, you can see how and where the planned purchase can be fit into your overall financial picture.
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