Budgeting Flashcard

Front

True or False: A budget should be made once per year.

Back

False

Front

How often should you create a budget?

Back

Before each month begins, one time per month.

Front

True or False: Every dollar should be budgeted and "spent" on paper in your budget if you follow the 0 Based Budgeting rule.

Back

True

Front

Which of the following is not a key for successful budgeting? Options: Make a budget every month., Track every expense., Track only expenses you spend cash on., Budget to $0.

Back

Track only expenses you spend cash on.

Front

What is the goal amount of money to have saved up by May? Options: 1,000, 500, 10,000, 5,000

Back

1,000

Front

True or false: Your gross income is the amount of money you earn before deductions. Net income is the amount of money after deductions that is deposited into your account. You use your net income to budget.

Back

True

Front

True or False: Your "4 Walls" should be the last items you budget for, and if you don't have enough money then you don't need to budget for them.

Back

False

Front

It costs $20 for 5 rolls of paper towels. What is the cost per unit per roll of paper towels?

Back

$4

Front

Why is it important to have a miscellaneous category in your budget?

Back

It is a buffer in case an extra expense pops up, or one of your categories is slightly more than you budgeted.

Front

You have 10 years to save up for a new house. Your goal is to have 10,000 saved in 10 years. How much do you need to save per month?

Back

$83.33 per month