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

• Needs and wants

• Savings

• Future income

Tags

CCSS.7.NS.A.1

CCSS.7.RP.A.3

___________ 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

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

• emergency fund needs

• credit score

• 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

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

Tags

CCSS.7.EE.B.3

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

• Envelop method

• Spreadsheet budget

• 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 of app

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.

When setting a budget, you can choose to make room for: (choose all that apply)

• Financial goals

• Entertainment expenses

• Tithing

• Charitable Donations

Tags

CCSS.7.EE.B.4