Budgeting and Banking

What is an example of an important record to keep? Select all that apply

• Tax Return

• All Mail

• Credit Card Offers

• Bank Documents

The BEST way secure secure documents would be in a secure, fireproof, safe or lockbox of some kind.

• True

• False

A person has had a car break down. They are currently already in debt on the car, and working on Baby Step Number 2. What is the BEST option for this person.

• Activate their emergency fund and pay for repairs.

• Look into buying a brand new car to avoid the repairs.

• Keep driving the car even though it's broke and cause more damage.

• Stop making care payments and let the bank take it.

What is the purpose of a bank? Select all that apply.

• To keep your money safe.

• To give out loans.

• To make consumers rich.

• To manage your money for you.

You are wanting to buy a brand new set of headphones. They cost about $200. What is the BEST way to get them?

• If you can't afford them go ahead and charge them to a credit card.

• You can't afford $200, besides they are a waste of money anyways.

• Go ahead and get them cause $200 isn't even that much.

• Budget for them after other needs are paid for.

People should only use budgets if they are broke.

• True

• False

The only way to fix a budget that is out of balance is to make more money.

• True

• False

Using a budget is required in order to do the 7 Baby Steps.

• True

• False

Banking is divided into commercial banking or credit unions. Both have advantages and disadvantages.

• True

• False

Groceries is a fixed expense.

• True

• False