Budgeting

Which budget type includes all sources of income and all types of expenses?

• Traditional Budget
• 50/30/20 Budget
• Envelope Budget
• Pay Yourself First Budget

What percentage of income is allocated to savings and debt repayment in the 50/30/20 Budget?

• 20%
• 30%
• 50%
• It varies depending on the individual's preference

Which budgeting method involves allocating cash to different spending categories using physical envelopes?

• Traditional Budget
• 50/30/20 Budget
• Envelope Budget
• Pay Yourself First Budget

In which budgeting approach is savings prioritized by allocating a portion of income to savings before other expenses?

• Traditional Budget
• 50/30/20 Budget
• Envelope Budget
• Pay Yourself First Budget

What is the goal of a zero-sum budget?

• To assign all income to different budget categories
• To have zero dollars left in savings
• To allocate all income to wants rather than needs
• To have zero expenses

Which type of budget is based on the frequency of income received?

• Traditional Budget
• 50/30/20 Budget
• Bi-Weekly or Monthly Budget
• Zero-Sum Budget

Which budget type considers fluctuating income and expenses throughout the year?

• Traditional Budget
• 50/30/20 Budget
• Seasonal Budget
• Pay Yourself First Budget

What is the focus of an emergency fund budget?

• Allocating a portion of income to savings and investments
• Balancing spending and savings goals
• Building and maintaining an emergency fund
• Allocating cash for different spending categories

Which resource provides expense tracking goal setting and budget categories?

• Budgeting Apps
• Spreadsheet Templates
• Personal Finance Websites
• Financial Planning Books

Which resource offers pre-made budget templates that can be customized?

• Budgeting Apps
• Spreadsheet Templates
• Personal Finance Websites
• Financial Planning Books