Basics Beginner: Budgeting Made Simple

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1.
Wealthy people don't need budgets.
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False. Wealthy people can overspend just as easily as people in other income groups, so they can benefit just as much from a budget.
2.
A budget helps you match your _______.
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Income and expenses. A budget helps you match your income and expenses.
3.
The first step in financing a major purchase is to ________.
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Establish a household budget. That way, you can see how and where the planned purchase can be fit into your overall financial picture.
4.
If you have irregular income, sticking to a budget is impossible.
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False. If you have irregular income, it is very possible to stick to a budget
5.
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.