Budgeting Quiz

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

• 50%

• 23%

• 35%

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

• True

• False

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

• Giving

• Income

• Credit score

How often should you create a budget?

• Weekly

• Monthly

• Biannually

Your money personality can affect your _____.

• Ability to budget

• Personal values

• Attitude toward budgeting

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

• Four

• Five

• Three

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

Why is tracking your expenses throughout the month important?

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

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

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

• Right now - it's never too early!

• When you decide it's time to buy a car

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

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 system that involves writing your entire budget on an envelope.