JR-2/22

What is the first step in creating a personal budget?

• Estimate your monthly expenses

• Determine your monthly income

Why is it important to categorize your expenses when creating a budget?

• It helps in identifying areas where you can save money

• It is required by law

Which of the following is a benefit of using a budget?

• It eliminates the need to pay taxes

• It helps you prepare for emergencies

What should you do if your expenses exceed your income?

• Increase your debt

• Try to increase your income or decrease your expenses

How often should you review and adjust your budget?

• Only when you get a raise

• Every month