Home > Basics > Beginner
Basics Beginner: Budgeting Made Simple

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Budgeting for a major purchase has many advantages; one of them is that _______.
Choose wisely. There is only one correct answer.
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.
2.
A budget might fail if you include expenses that aren't _______.
Choose wisely. There is only one correct answer.
Realistic. A budget might fail if you include expenses that aren't realistic.
3.
Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
Choose wisely. There is only one correct answer.
True. Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
4.
What kinds of expenses should you include in a budget?
Choose wisely. There is only one correct answer.
All of your expenses. When you create a budget, you should be as inclusive of your expenses as possible.
5.
What is one kind of financial need?
Choose wisely. There is only one correct answer.
Groceries. Groceries are one kind of financial need.