Budgeting with Spreadsheets

What is the 21st-century method of envelope budgeting discussed in the video?

• Using a budgeting app

• Using spreadsheets

• Using a piggy bank

• Using physical envelopes

What replaces envelopes in digital envelope budgeting?

• Digital wallets

• Rows on a spreadsheet

• Bank accounts

• Budgeting software

What are the three columns labeled in the spreadsheet for envelope budgeting?

• Budget, Spent, Remaining

• Needs, Wants, Savings

• Income, Expenses, Savings

• Deposits, Withdrawals, Balance

How is the remaining amount in each envelope calculated?

• By multiplying the budgeted amount with the spent amount

• By subtracting the spent amount from the budgeted amount

• By dividing the budgeted amount by the spent amount

• By adding the budgeted and spent amounts

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What rule suggests putting 20% of your income into savings?

• The 80-20 rule

• The 60-40 rule

• The 50-30-20 rule

• The 70-20-10 rule

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What is the purpose of overestimating for variable needs?

• To have money for unexpected expenses

• To save more money

• To spend more on wants

• To lend money to others

How can you copy a formula across multiple cells in a spreadsheet?

• By using a special formula copying tool

• By typing the formula into each cell individually

• By dragging the corner of the cell across other cells

• By using the copy and paste function

What happens when you have nothing remaining in an envelope for a variable want?

• You automatically transfer money from savings

• You can ignore the limit

• You must stop spending on that expense for the month

• You can borrow from another envelope

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How is the total savings amount calculated including unused budget amounts?

• By subtracting expenses from income

• By adding the original savings amount with all remaining amounts

• By multiplying the savings by the number of envelopes

• By dividing the total budget by the number of envelopes

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What is the main goal of envelope budgeting?

• To eliminate all spending

• To invest in the stock market

• To prepare for retirement

• To track spending, savings, and set spending limits