04.10 QUIZZIZ: Saving and Budgeting

Begin by listing all your fixed expenses. Next list all your variable expenses. Tip: Record your daily spending with anything that’s handy—a pen and paper, an app or your smartphone. This is an example of which step in Creating a Budget?

• Step 1: Note your net income

• Step 2: Track your spending

• Step 3: Set your goals

• Step 4: Make a plan

• Step 5: Adjust your habits if necessary

Use the variable and fixed expenses you compiled to help you get a sense of what you’ll spend in the coming months. This is an example of which step in Creating a Budget?

• Step 1: Note your net income

• Step 2: Track your spending

• Step 3: Set your goals

• Step 4: Make a plan

• Step 5: Adjust your habits if necessary

Identify the amount of money you have coming in.This is an example of which step in Creating a Budget?

• Step 1: Note your net income

• Step 2: Track your spending

• Step 3: Set your goals

• Step 4: Make a plan

• Step 5: Adjust your habits if necessary

Make a list of all the financial goals you want to accomplish in the short- and long-term. This is an example of which step in Creating a Budget?

• Step 1: Note your net income

• Step 2: Track your spending

• Step 3: Set your goals

• Step 4: Make a plan

• Step 5: Adjust your habits if necessary

Having documented your income and spending, you can start to see where you have money left over or where you can cut back so that you have money to put toward your goals. This is an example of which step in Creating a Budget?

• Step 1: Note your net income

• Step 2: Track your spending

• Step 3: Set your goals

• Step 4: Make a plan

• Step 5: Adjust your habits if necessary

You should build an emergency savings fund that can cover expenses for how long?

• 3-6 Weeks

• 6-9 Weeks

• 6-9 Months

• 1 Year

Which of these should NOT be planned in your emergency savings?

• Food

• Housing expenses

• Entertainment

• Debt repayment

• Food

A type of savings account that collects more interest than a regular savings account, but still allows easy access to your money.

• Regular savings account

• Money market account

Costs related to household supplies, haircuts, clothes and toiletries are all considered what type of Emergency Savings category?

• Housing Expenses

• Food

• Transportation

• Personal Expenses

• Debt Repayment

Plan for payments on credit cards and other debt in order to protect your credit score are all considered what type of Emergency Savings category?

• Housing Expenses

• Food

• Transportation

• Personal Expenses

• Debt Repayment