Learning to Budget

A budget should show your

• variable expenses

• fixed expenses

• net income

• all other answers

What is the main reason people overspend and go into debt?

• addicted to clothes

• don't have a budget

• don't earn enough money

• none of the other options

What is an expense?

• income

• saving

• spending

• all other options

A key priority of a budget is to

• spend more

• look for ways to cut expenses

• save less

• all other options

A spending plan for your money so that you don't spend more than you make

• variable expenses

• net income

• financial means

• budget

• impulse buying

Which is an example of variable expenses

• entertainment and groceries

• rent

• car payment

• all other options

When budgeting, what is the minimum amount you should place in savings?

• 1% of net income

• 5% of net income

• 20% of net income

• 100% of net income

When a person buys on emotion and does not think of the financial consequences

• variable expenses

• net income

• financial means

• fixed expense

• impulse buying

What is an example of a fixed expense

• entertainment

• rent and utilities

• clothes

• all other options

The benefit of having budget is that it will

• show wasteful spending and help control over spending

• help buiod good financial habits

• helps reduce stress

• all other options