RC Chapter 2

What percentage of Americans budget?

• 75%

• 10%

• 35%

• 20%

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

• Saving

• Giving

• Income

• Credit Score

Online budgeting apps are more effective than budgeting with pen and paper

• True

• False

What are the Four Walls?

• Cell phone bill, car insurance, shelter, and money for the movies

• Food, utilities, shelter, and transportation

• Food, utilities, transportation, and college fund

• Utilities, college fund, restaurants, and car insurance

How many categories should you have in your budget?

• 1

• 2

• 5

• As many as you want

How often should you create a budget?

• Weekly

• bi-weekly

• monthly

• annually

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

• True

• False

What does a budget show you?

• How much you need to save

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

• How much money you need to earn

• How much money you spent last month

Detailed categories on your budget will help you make better spending decisions.

• False

• True

A budget says what will happen with your money, while a cash-flow statement shows what already happened.

• True

• False