Why is tracking your expenses throughout the month important?

It gives you insight into whether you're sticking to the budget you set.

It allows you to delete categories you don't like.

It helps you pull money from your savings to spend in other categories.

It really isn't that important in the long run.

What kind of money counts as income?

All money that you receive, including money from your job and gifts like birthday money

Only the money you make at your job

Only money deposited into your bank account

What is a way to stay accountable to reaching your financial goals?

Finding a person you trust to help keep you on track with your money goals

Hiring a financial advisor to make your decisions about money for you

Looking at the budget you set at the end of the month

Creating specific categories in your budget

A common misconception is that budgeting will keep you from having fun, when in reality a budget . . .

Means there are no rules—you are free to use your money however you want

When is the right time to start creating and living by a budget?

Right now - it's never too early!

When you start researching colleges and the costs that come along with it

Once you have a job with an income

When you decide it's time to buy a car

What should you do if you overspend in one category of your budget?

Adjust your budget by removing money from other spending categories.

Just leave it. It will probably work out fine.

Take money from the Giving category. You're giving to yourself!

Ask a friend for the money you overspent.

What is a good way to make sure you're creating a budget that's realistic?

Check your calendar so you can plan for upcoming monthly expenses.

Make sure you create a budget every single day.

Make sure your budget is perfect before starting. If it isn't just right, don't use it.

Make sure you have enough money in your savings account to pull from if you overspend.

The best way to budget is...

The way that works best for you

What is the envelope system?

It's a method of budgeting that uses envelopes labeled with specific budget categories for your cash.

It's a systematic approach to budgeting with a digital app that organizes categories based on qualitative amounts.

It's a way to budget that involves putting a credit card in each envelope to use for that category.

It's a system that involves writing your entire budget on an envelope.

Why is budgeting so important?

It gives you control of your money and sets you up for financial success in the future.

It's a good way to make sure all your money is spent by the end of the month.

It helps you figure out the best way to justify purchases that maybe aren't necessary.

It helps you brush up on your math skills.

You'll have less freedom with your money if you . . .

Are paying for things in your past

Once you have a $500 emergency fund, you should . . .

Save it until you have an emergency

Invest it in the stock market to grow your money

Use the money to pay for health insurance

The first step you should take when you want to make a large purchase is . . .

Decide how much you'll need to save and the time frame you want to save it in

Ask your parents to loan you the money with low interest

Sell something and use the proceeds

The best way to build wealth is to start investing early. You should start investing money . . .

Once you're out of college, living debt-free, and have 3–6 months of living expenses saved

Once you have a fully funded emergency fund

When the stock market is performing really well

Why do some accounts, like savings accounts at your local bank, earn interest?

Because the bank pays you to use your money

Because you deposit money, adding to your principal each month

Because those accounts always have great interest rates

The only place you should keep your emergency fund money is…

A savings account or money market account.

Which two habits are the most important for building wealth and becoming a millionaire?

Consistently investing money and patience to give it time to grow

Working a high-paying job and relying on a trust fund

Always paying off your credit card on time and putting extra money into a retirement account

Investing into the right stocks and using a private CPA

The interest rate on a savings account determines . . .

How quickly your money will grow over time

How much money you need to have to open the account

How much you will pay the bank to manage the account

The amount of time your money will be in the account

The purpose of an emergency fund is to . . .

Be able to cover an unexpected expense with cash and protect you from having to pile up debt when something goes wrong.

Teach you how to invest in growth stock mutual funds.

Have some extra money in a checking account in case you need to transfer some to your spending categories.

Teach you discipline—saving is purely a good exercise in self-control.

Why do stores rarely advertise the full price of big purchases like smartphones?

By showing you only the monthly payment, they make the product seem affordable.

They are trying to keep their prices competitive.

Hiding the full price allows stores to change their pricing as the market fluctuates.

What is the goal of an emergency fund?

To have cash on hand for unexpected events

To save for your children's college expenses

The main reasons for saving your hard-earned money are . . .

Emergencies, large purchases, and wealth building

Paying for your dream home, buying your dream car, and going on your dream vacation

Buying gifts, donating to charities, and building up a college fund for your kids

Investing, indulging, and influencing

Once you're out of school, have started your career, and have zero debt, your emergency fund should have ________.

3–6 months of living expenses

Which of these would count as a legitimate reason to use your emergency fund?

You forgot to budget for your mom’s birthday gift

The smartphone you’ve wanted just went on sale

You have a fancy event coming up but you already spent all of your Clothing budget category

Dave Ramsey Personal Finance - Chapter 2 and 3 Exam

12th Grade

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Practice Problem

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CCSS

RL.8.1, RL.11-12.2, RI.11-12.5

+31

Standards-aligned

Misty Rhoden

Used 9+ times

FREE Resource

44 questions

Show all answers

MULTIPLE CHOICE QUESTION

True

False

What does a budget show you?

How much you need to save

How much money you plan to come in and go out during the month

How much money you need to earn

How much money you spent last month

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Dave Ramsey Personal Finance - Chapter 2 and 3 Exam

44 questions

Although the majority of Americans think budgeting is important, about _______ of Americans actually use a budget.

Which of the following is NOT a component of a budget?

What are the Four Walls?

How many categories should you have in your budget?

How often should you create a budget?

If you get married, only one person is responsible for budgeting.

What does a budget show you?

How many months does it usually take for your budget to start working as a budget should?

Your money personality can affect your ______.

Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of ______ they have.

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