T1 Eco Efi Mod BB,T&E, Budgeting

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

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

• banks and credit unions

• grocery stores and concerts

• bank and credit statements

• online research websites

Bank statements, credit statements, and records of cash expenses help you to estimate your _________

• credit score

• emergency fund needs

• expenses

• available investments

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

• possible charitable donations

• shopping money

• investments

• recurring expenses

Which of the following statements is true?

• Recurring expenses don't need to be planned for because they rarely happen.

• Recurring expenses are expenses that can never be stopped.

• Recurring expenses should be planned for after looking at your wants.

• none of the above.

The envelope method, notebook and pencil, and online software are all methods of _________

• planning for your future

• understanding your current expenses

• estimating your unexpected expenses

• tracking your spending

Which of the following is not true about emergency funds?

• They are used for anything listed on the budget.

• They can keep you from borrowing money from friends and family.

• They help you prepare for unexpected expenses.

• They help remove the worry about expenses not in the budget.

This helps you prepare for unexpected expenses.

• credit cards

• checking account

• emergency fund

• none of the above

When setting a budget, you should consider

• financial goals, current expenses, and income

• mostly income

• creative ways to spend your money

• mostly your goals