Everfi Module 3 - Budgeting

Which of the following is a benefit of using a budget?

• Helps to keep track of the money you receive

• Helps to prioritize your spending

• Helps reach short- and long-term financial goals

• All of the above

Which of the following should NOT be considered when setting a current budget?

• Your financial goals

• Future income

• Needs and wants

• Savings

What should be considered when setting a budget?

• Needs and wants

• Savings

• Time management goals

• Needs, wants, and savings

Where should you look to find your current expenses when building your budget?

• ask your parents

• your wallet

• bank and credit statements

• your bank representative

In addition to needs, what should you plan for first when creating a budget?

• Possible charitable donations

• Shopping money

• Investments

• Recurring expenses

In your budgeting process, when should you look at recurring expenses?

• Before reviewing your wants

• After considering entertainment expenses

• Before looking at your needs

• After your wants but before you needs

Which of the following is a way to track your spending?

• Spreadsheet budget

• Envelope method

• An app

• All of the above

Which of the following is NOT a good way to track your spending?

• In your head

• Notebook and pencil

• Envelope method

• Online software or app

Which choice or choices best describes the purpose of an emergency fund?

• An emergency fund prepares you for unexpected expenses.

• An emergency fund keeps you from borrowing money from friends and family.

• An emergency fund removes the worry about expenses not in the budget.

• All of the above are good reasons to have an emergency fund.

Charitable donations, entertainment expenses, and financial goals are all examples of...

• activities that contribute to overspending.

• things that are considered needs.

• activities that are necessary for a healthy lifestyle.

• things to consider when creating a budget.