Budgeting Corrections

Which of the following is a common reason for creating a budget?

• To spend money impulsively.

• To track income and expenses.

• To forget financial goals.

• To never review financial progress.

What is a budget?

• The sound that a cash register makes.

• Something that will NEVER help you reach your financial goals.

• A plan for spending and saving money

• A plan for spending money with no regard for saving money.

How many credits are required to graduate High School with a career endorsement?

• 160

• 16

• 27

Why is it important to create a budget?

• To never think about money.

• To spend money randomly without a record.

• To track all income and expenses, typically monthly.

• To buy everything you want without worrying if you have the money for it.

Which IS NOT a commonly used budget expense category?

• Entertainment

• Groceries

• 4th child's college tuition

• Gas

How often should you review your created budget?

• Once every decade (10 years)

• Once a year

• Monthly

• Once every four (4) years

An expense can be defined as...

• Money you want to save

• Money you pay out

• Money coming in or being paid to you

It is required that all students take a PE or Athletics class every year of high school.

• True

• False

What is the recommended percentage of money you should budget to save each time you receive money?

• 5-10%

• 1-4%

• None

• 20%

When making a budget and looking at expenses, what is a "need"?

• Only the most popular item.

• An item that you really, really want.

• An item that you really want.

• An item that you can't remove from your expenses or life would greatly change.