Test your knowledge

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When you budget, you try to match your _______.

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Income with your expenses

Income with your neighbor's income

Expenses with your future income

Income with your expenses. When you budget, you try to match your income with your expenses.

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

You will always get a lower price by budgeting

Both of the above

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.

A budget helps you match your _______.

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Debts and assets

Income and expenses

Taxes and paycheck

Income and expenses. A budget helps you match your income and expenses.

A budget might fail if you include expenses that aren't _______.

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High enough

Realistic

Sensible

Realistic. A budget might fail if you include expenses that aren't realistic.

When creating a budget, you should gather information associated with _______ of your expenses.

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All

Some

Certain types

All. When creating a budget, its important to gather information associated with all of your expenses.

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