Budgeting Review

What is one purpose of budgeting?

What are two things you should budget? (select all that apply)

• Your income

• Your goals

• Your spending

• Your job

Which of the following represents the 50/20/30 rule for budgeting?

• 50% Needs, 30% Wants, 20% Savings

• 30% Wants, 50% Savings, 20% Needs

• 50% Savings, 30% Needs, 20% Wants

• 20% Needs, 50% Wants, 30% Savings

Which of the following are needs?

• Food

• Video Games

• Clothing

• Air Fryer

Rent, electricity, gas, phone, groceries are examples of costs which are called what?

• Income

• Expenses

• Wants

• Taxes