Budgeting

What is a Budget?

(a)  

• A budget is one of the factors of production

• A budget is a form of financial transaction

• A budget is a type investment

• A budget is a financial plan that outlines expecte

Which expenses needs? (all that apply)

• Cell Phone Plan

• Rent

• Car Insurance

• Electric Bill

Which expenses are wants? (all that apply)

(a)   (b)   (c)  

• Movie Tickets
• Fast Food
• Gas For Car

• Internet Service

When tracking a budget certain tools can help. What is the Notebook & pencil method of recording a budget?

• budget but done on a computer.

• you create and track your budget on your device

• you take all of the money and put it in envelopes designated for each budget item or category. Once the envelope is empty you are done spending for that month.

• you write out your income and expenses in a notebook.

When tracking a budget certain tools can help. What is the Envelope method of recording a budget?

• Dividing budget into categories and putting cash into separate envelopes
• Investing all the money in stocks
• Keeping all the money in one account
• Using a spreadsheet to track expenses

When tracking a budget certain tools can help. What is the Online App method of recording a budget?

(a)  

• Using a calculator to manually add up expenses
• Asking a friend to keep track for you
• Writing it down on paper
• Using budgeting apps or software available on the

When tracking a budget certain tools can help. What is the Spreadsheet method of recording a budget?

• Using software like Microsoft Excel or Google Sheets to record and track income, expenses, and savings
• Using a calculator to manually add up income and expenses
• Recording budget information in a word processing document
• Using a pen and paper to write down income and expenses

Why do you need to regularly look at your budget and review your spending?

• To never make any adjustments and hope for the best
• To forget about financial planning and live in the moment
• To track financial progress and make necessary adjustments
• To ignore financial progress and keep spending recklessly

Budgeting Tips can help you stick to your budget. How can an automatic savings plan help your budget?

(a)  

• By relying on credit cards for unexpected expenses
• By not having any money left for emergencies
• If the money is deducted from your account right a
• By spending all your money on unnecessary items

Budgeting Tips can help you stick to your budget. How can a Savings Buddy help you stick to your budget?

• By constantly reminding you to overspend
• By pressuring you to splurge on unnecessary items
• By discouraging you from saving and sticking to your budget
• By providing support, encouragement, and accountability