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

• Income

• Expenses

• Savings

• Credit Score

What is the first step in creating a personal budget?

• Tracking expenses

• Setting savings goals

• Identifying income sources

• Creating an emergency fund

Which of the following is an example of a fixed expense?

• Groceries

• Rent

• Entertainment

• Utilities

How often should you review and adjust your budget?

• Monthly

• Quarterly

• Annually

• Only when there is a major financial change

Which of the following is a short-term savings goal?

• Saving for retirement

• Saving for a vacation

• Saving for a child's education

• Saving for a down payment on a house

What is the purpose of tracking your income and expenses?

• To identify areas where you can cut costs

• To increase your income

• To prepare for tax season

• To impress your bank

What is a long-term budgeting strategy?

• Planning for monthly grocery expenses

• Saving for a new phone

• Investing in a retirement fund

• Budgeting for a weekend trip

Why is it important to have an emergency fund?

• To cover unexpected expenses without going into debt

• To use for planned vacations

• To invest in the stock market

• To lend money to friends

Which of the following is a type of bank account?

• Savings Account

• Checking Account

• Certificate of Deposit (CD)

• All of the above

What is the primary purpose of a checking account?

• To earn interest

• To save money for long-term goals

• To manage daily transactions

• To invest in stocks