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If your expenses are less than your income, the resulting difference can be called your savings.

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True

False

True. The money left over is savings, which you can use to help you reach your future financial goals.

In your budget's savings plan section, you will have short-term goals, intermediate-term goals, and long-term goals to save for. Which of these would an eight-year-long goal fall under?

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Short-term goals

Intermediate-term goals

Long-term goals

Intermediate-term goals. Intermediate-term goals are those that are 5-10 years away.

Reasons why groceries are considered a variable expense include which of the following?

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You can buy them when you want.

You could order takeout instead.

You can choose what and how much you need to buy.

All of the above

You can choose what and how much you need to buy. You have many choices of different types of meats, vegetables, cereals, etc. For example, you don't need to eat steak once a week. You can make chicken or pork at a fraction of the price.

Your financial institutions may already offer some budgeting tools.

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True

False

True. Many financial institutions provide budgeting software that is accessible when you log in to your account online.

When it comes to using a budget, what does it mean to 'pay yourself first'?

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Set aside money from your income to spend now

Set aside money from your income into a savings plan

Go into business for yourself

Set aside money from your income into a savings plan. Paying yourself first ensures that you are prepared to deal with future financial issues.

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