Understanding Budgeting Basics

Front

Why is it important to keep track of your spending?

Back

To make sure you don't spend more money than you have

Front

Which budgeting technique involves setting aside a specific amount of money for savings before allocating funds for other expenses?

Back

Pay-yourself-first

Front

Identify the fixed cost from the following options: Utility bills, Rent, Raw materials, Sales commissions

Back

Rent

Front

Which of the following is an example of a variable cost? Monthly subscription fee, Salaries of permanent staff, Cost of goods sold, Property taxes

Back

Cost of goods sold

Front

What is the primary goal of budgeting for savings?

Back

To allocate funds for future financial goals