Mastering Your Budgeting Skills

Front

What is a budget?

Back

A plan for how to spend and save money

Front

What is the first step in creating a budget?

Back

Identifying income

Front

Which of the following is a method for tracking expenses? Using a spreadsheet, Keeping receipts, Using a budgeting app, All of the above

Back

All of the above

Front

What is the purpose of tracking expenses?

Back

To identify spending patterns

Front

Which of the following is a savings strategy?
Options:
Spending all your income,
Saving a fixed percentage of your income,
Borrowing money,
Ignoring savings

Back

Saving a fixed percentage of your income

Front

What is an emergency fund?

Back

Money set aside for unexpected expenses

Front

How much should you ideally have in an emergency fund?

Back

Three to six months' worth of expenses

Front

What should you do if your expenses exceed your budget?

Back

Adjust your budget

Front

Which of the following is a fixed expense? Rent, Groceries, Entertainment, Dining out

Back

Rent

Front

Which of the following is a variable expense? Mortgage payment, Car payment, Insurance premium

Back

Utility bills