Budgeting Strategies

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Education
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University
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Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
What is the main principle behind zero-based budgeting?
Back
Allocating resources based on needs and costs rather than historical budgets.
2.
FLASHCARD QUESTION
Front
How does the envelope system help in budgeting?
Back
The envelope system helps in budgeting by allocating specific amounts of cash to different categories or expenses, ensuring that spending stays within predefined limits.
3.
FLASHCARD QUESTION
Front
What does the 50/30/20 rule suggest in terms of budget allocation?
Back
Allocate 50% to needs, 30% to wants, and 20% to savings or debt repayment.
4.
FLASHCARD QUESTION
Front
Explain the concept of 'pay yourself first' in budgeting.
Back
Prioritize saving a portion of your income before spending on other expenses.
5.
FLASHCARD QUESTION
Front
What are the advantages of using a cash-only budgeting system?
Back
The advantages of using a cash-only budgeting system include better control over spending, prevention of debt accumulation, and improved financial discipline.
6.
FLASHCARD QUESTION
Front
In zero-based budgeting, what should the total income minus total expenses equal to?
Back
Zero
7.
FLASHCARD QUESTION
Front
How can the envelope system prevent overspending in certain categories?
Back
By physically separating cash into different envelopes for specific categories, individuals can visually track and limit their spending in each category, preventing overspending.
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