Budgeting pretest

Which of the following is NOT a component of a budget?

• Giving

• Income

• Saving

• Credit score

How many categories should you have in your budget

• 15 or more

• no more than 10

• At least 3

• No limit

How often should you create a budget

• Daily

• Weekly

• Monthly

• Biannually

If you get married, only one person is responsible for budgeting

• True

• False

What does a budget show you?

• How much money you plan to come in and go out during the month

• How much you need to save

• How much money you need to earn

• How much money you spent last month

How many months does it usually take for your budget to start working as a budget should

• One

• Four

• Five

• Three

Why is tracking your expenses throughout the month important?

• It really isn't that important in the long run

• It helps you pull money from your savings to spend in other categories

• It gives you insight into whether you're sticking to the budget you set.

• It allows you to delete categories you don't like

The first priority in your budget should be

• investing

• saving

• spending

• giving

When is the right time to start creating and living by a budget

• Right now- it's never too early!

• Once you have a job with an income

• When you decide it's time to buy a car

• When you start researching colleges and the costs that come along with it.

The best way to budget is...

• On paper

• The way that works best for you

• Creating a spreadsheet

• By using a digital app