W!se Review - 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 is NOT a benefit of using a budget?

• A budget can help you purchase anything you want.

• 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 decide the importance of your expenses.

Why is using a budget beneficial?

• 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

• Future income

• Needs and wants

• Savings

Which of the following should you consider when setting a budget?

• Your financial goals

• Needs and wants

• Savings

• All of the above

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

Where should you look to find your current expenses when building your budget?

• ask your parents

• your wallet

• bank and credit statements

• your bank representative

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