Math Models Unit 4 Budget assessment

Check ALL that are a consequence of overdrawing your checking account

• Your bank will give you a free gift
  

• Stress from bad money management

• Overdraft fee from the bank

Doing a budget.....

• does not show if you are overspending in an area

• Makes overspending more likely

• Tells your money exactly where you want it to go!

what expenses should your budget include?

• Fixed Expenses

• extreme expenses

• Variable Expenses

• Discretionary expenses

Which of the following statements is FALSE

• A budget is the summary of what has already been spent

• A budget can be changed with needs and income of the month

• A budget is a written plan for saving and spending

Which of the following is something a typical millionaire would do?

• By a Lamborghini

• Replace things that are not broken

• Spend less money than they make and save the extra

What category of expense is RENT?

• Fixed expense

• Variable expense

• discretionary expense

Eating out is what kind of expense? Pick the best category

• Fixed expense

• Variable expense

• Discretionary expense

Car repairs are which kind of expense?

• Intermittent (occasional) expense

• Fixed expense

• Variable expense

Groceries are what kind of expense? Choose the best option

• Fixed Expense

• Variable expense

• Discretionary expense

Which is NOT a guideline for budgeting with an irregular (changing) income?

• Make a list of all of your expenses for the month coming up

• Prioritize the list in order of importance

• It's no different than budgeting with a regular income