Basic Budgeting

The first step to make a budget is to ______.

• set a savings goal.

• keep a record of your expenses.

• identify the wants within your expenses.

• stick to your budget.

You should save at least ​ (a)  

• 20% of your income.
• 100% of your income.
• 50% of your income.
• 70% of your income.
• none of your income.

Groceries, housing and transportation are al ​ (a)  

• needs.
• dreams.
• desires.
• wants.

Once you have a budget and you follow it, keep track of your expenses again to ​ (a)  

• know if you have been following your budget or not
• know in which category you can spend more
• know how much money you will save
• make a new budget from scratch

Some questions you should ask before buying something are: ​ (a)  

• Do I need it? Will it last? Can I afford it?
• Will it match my clothes? Is it my style?
• Can I find a cheaper one?
• Is it better than the other I wanted?

Budgeting is crucial to your financial success.

• True

• False

The amount of money you take home is called your

• Net Pay

• Total Pay

• Gross Pay

• Available Pay

The amount of money you make is called:

• Taxes

• Gross Pay

• Net Pay

• Available Pay

Preparing a budget includes

• Income, Expenses, and Saving

• Only listing your debts

• Only listing your expenses

• Only listing your income

David has an income of $15.50 and spends $10 a week at the game shop and $3.50 a week on art supplies. Is he within budget?

• Yes

• No