Budgeting

From the following, which should you cut out of your budget first?

• entertainment

• groceries

• rent

• car payment

Which is NOT a regular category in your budget?

• Saving

• Spending

• Giving

• Taxes

Specific categories are important when creating your budget so you can:

• Be organized

• Break down income and spending

• Be able to do your taxes

• Break down your situation vs others

Which do you NOT gain from budgeting?

• Freedom

• Self-control

• Peace

• Plan

What is NOT important in sticking with a budget?

• Being realistic

• Using calendars

• Emotional maturity

• High income

95% of Americans say budgeting is important: ______ actually do it.

• 25%

• 35%

• 45%

• 55%

A budget that prioritizes expenses is required for someone with __________ income.

• Regular

• Irregular

• Discretionary

• Intermittent

Which of the following is a primary benefit of creating a personal budget?

• A) Increased spending

• B) Financial stability

• C) Higher taxes

• D) More debt

What is the first step in creating a budget?

• A) Estimating future expenses

• B) Tracking current income and expenses

• C) Cutting all non-essential spending

• D) Investing in stocks

Which of the following is a fixed expense in a typical household budget?

• A) Groceries

• B) Rent or mortgage

• C) Entertainment

• D) Dining out