Budget Making Process

What is the first step in making a budget according to the article?

• Subtract Expenses From Income

• List Your Income

• List Your Expenses

• Review Your Spending Habits

How does the article suggest approaching the process of making a budget?

• By taking it one step at a time

• By consulting a financial advisor

• By using a budgeting app

• By estimating future income

According to the article, how many steps are there to make a budget?

• Three

• Five

• Seven

• Ten

What is a budget?

• A detailed financial report

• A plan for what you'll do with your money

• A summary of past expenses

• A government financial statement

According to the text, what should you do before starting to make a budget?

• Write out everything on a sheet of paper

• Open up your online bank account or grab your bank statements

• Download a budgeting app

• List all your expenses

What is the first step in making a budget as described in the text?

• Track your expenses

• List your income

• Set financial goals

• Review your bank statements

What does 'income' refer to in the context of making a budget?

• The total amount of money earned before taxes

• The amount of money left after paying all the bills

• Any money you plan to get during that month

• Only the money from your primary job

What does 'net income' mean according to the text?

• Your income before taxes

• The income from investments only

• What you bring in after taxes or anything else that's taken out of your paycheck

• The total income from all sources combined

What is the total income listed in the example provided?

• $5,500

• $6,000

• $6,500

• $7,000

If you have an irregular income, what should you list as this month's planned income budget line?

• The average amount of the last few months

• The highest amount made in the last few months

• The lowest amount made in the last few months

• The most recent amount made