Chapter 2 Budgeting Basics

Front

Although the majority of Americans think budgeting is important, about of Americans actually use a budget. Options: 75%, 50%, 23%, 35%

Back

35%

Front

Which of the following is NOT a component of a budget? Options: Credit score, Saving, Income, Giving

Back

Credit score

Front

Online budgeting apps are more effective than budgeting with pen and paper.

Back

False

Front

What are the Four Walls?

Back

Food, utilities, shelter, and transportation

Front

How many categories should you have in your budget?

Back

No limit; use as many as you need to keep your budget accurate!

Front

How often should you create a budget?

Back

Monthly

Front

If you get married, only one person is responsible for budgeting.

Back

False

Front

What does a budget show you?

Back

How much money you plan to come in and go out during the month

Front

Detailed categories on your budget will help you make better spending decisions.

Back

True

Front

A budget says what will happen with your money, while a cash-flow statement shows what already happened.

Back

True