Budgeting Quiz

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

• 75%

• 50%

• 23%

• 35%

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

• Credit score

• Saving

• Income

• Giving

Online budgeting apps are more effective than budgeting with pen and paper.

• True

• False

What are the Four Walls?

• Utilities, college fund, restaurants, and car insurance

• Cell phone bill, car insurance, shelter, and money for the movies

• Food, utilities, transportation, and college fund

• Food, utilities, shelter, and transportation

How many categories should you have in your budget?

• 15 or more

• No limit; use as many as you need to keep your budget accurate!

• No more than 10

• At least 3

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

• 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

Net income is the amount you get paid before taxes.

• True

• False

Why is tracking your expenses throughout the month important?

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

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

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

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

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