Unit 1 (Budgeting, Smart, Banks, Behavioral Economics)

Budgeting is crucial to your financial success.

• True
• False

Preparing a budget includes

• Income, Expenses, Saving
• Only listing your expenses
• Only listing your debts
• Only listing your income

what does the 50% represent?

• Resources

• Bills

• Needs

• Wants

what is an example of a Bill your parents might have?

• Restaurant

• Party Supplies

• Birthday

• Electric

What does the 20% represent?

• Bills

• Wants

• Needs

• Savings

Why is savings important?

• To enjoy freedom

• To have money for fun things

• To plan for the future

• ALL the ABOVE

Where should your savings go to protect it?

• Bank Account

• Piggy Bank

• Shoe box

• Wallet

What does the 30% represent?

• Bills

• Savings

• Wants

• Needs

Why is the savings Rule needed for most people?

• To learn to spend money without thinking?

• To learn to save money for the future?

• To learn to avoid debt

• Only save money and spend money

Which of the following is a benefit of using a budget?

• Helps sort short- and long-term financial goals.

• Helps you keep track of the money you spend.

• It does not have any benefits.