Everfi - Module 3/4 - Budgeting/Consumer Skills

Which is NOT a benefit of using a budget?

• A budget can help you keep track of your money

• A budget can help you make plans to reach your financial goals

• A budget can help you purchase anything you want

• A budget can help you decide the importance of your expenses

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

• Your financial goals

• Future income

• Needs & wants

• Savings

_____ are good places to look to find your current expenses when building your budget.

• Credit unions

• Online research websites

• Bank & credit statements

• Your wallet

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

• Possible charitable donations

• Shopping money

• Investments

• Recurring expenses

Bank statements, credit statements, and records of cash expenses help you estimate your _____.

• Credit score

• Emergency fund needs

• Expenses

• Available investments

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

• prepares you for unexpected expenses

• keeps you from borrowing money

• removes the worry about expenses not in your budget

• To pay for fun trips or concerts

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

How can you ensure you don't go over your budget?

• Round up your expense estimates to add a buffer

• Use most of your budget for entertainment expenses

• Find a friend that enjoys going shopping

• Buy all of your wants at one time

Which housing option gives you more freedom and more responsibility?

• Leasing a house.

• Borrowing a house.

• Buying a house.

• Housesitting

Which fact supports the idea that renting is a good option for living in a place for a short period of time?

• Renting requires a large down payment

• Leases are generally for a month or a year.

• Landlords take care of most maintenance

• Mortgages are usually for 15 or 30 years.