Budgeting Quiz

Select all of the items that are part of the "4 Walls"

• Food (Groceries)
• Housing
• Transportation
• Utilities
• Car Payment

True or False: A budget should be made once per year.

• True
• False

How often should you create a budget?

• Before each month begins, one time per month.
• In the middle of each month, two times per month.
• Before the year begins, 3 times per year.
• In January of each year, for the entire year.

True or False: Every dollar should be budgeted and "spent" on paper in your budget if you follow the 0 Based Budgeting rule.

• True
• False

Which of the following is not a key for successful budgeting?

• Make a budget every month.
• Track every expense.
• Track only expenses you spend cash on.
• Budget to $0.

What is the goal amount of money to have saved up by May?

• 1,000
• 500
• 10,000
• 5,000

True or false: Your gross income is the amount of money you earn before deductions. Net income is the amount of money after deductions that is deposited into your account. You use your net income to budget.

• True
• False

True or False: Your "4 Walls" should be the last items you budget for, and if you don't have enough money then you don't need to budget for them.

• True
• False

It costs $20 for 5 rolls of paper towels. What is the cost per unit per roll of paper towels?

• $5
• $4
• $10
• $100

Why is it important to have a miscellaneous category in your budget?

• It allows you to have extra money to spend on your wants.
• It is a buffer in case an extra expense pops up, or one of your categories is slightly more than you budgeted.
• It allows you to save more money and pay your credit card off.
• It decreases your overall expenses.