Understanding Budgeting and Financial Management

What is one of the primary reasons to start budgeting?

• To learn a new language

• To improve cooking skills

• To track spending and manage money

• To enhance social status

Which of the following is considered a source of income for teens?

• Homework assignments

• Video games

• School grades

• Birthday or graduation gifts

What should you do if you're unsure about your monthly expenses?

• Ignore the expenses

• Ask a friend

• Check detailed bank transactions

• Guess the amounts

What percentage of income is suggested to be saved according to the video?

• 30%

• 20%

• 50%

• 10%

Why is it beneficial to record purchases for a month?

• To impress friends

• To understand spending patterns

• To create a shopping list

• To prepare for exams

What can parents show their children to help them understand budgeting?

• Their childhood books

• Their favorite movies

• Their personal budgets

• Photos from vacations

Which tool can be used to create and manage a budget?

• A cooking app

• A mobile budgeting app

• A music streaming service

• A fitness tracker

What is the long-term benefit of making budgeting a habit?

• Building wealth

• Winning a lottery

• Becoming a celebrity

• Learning a new sport