SYND 10 1 76 OAU SUMMIT OPENS

The video introduces the concept of budgeting, emphasizing its importance in financial planning.

What is the primary purpose of creating a budget?

• To track daily expenses

• To plan for future financial goals

• To increase monthly income

• To reduce taxes

Which of the following is a key component of a budget?

• Interest rates

• Savings account number

• Income and expenses

• Credit score

How can budgeting help in financial planning?

• By reducing monthly bills

• By increasing investment returns

• By providing a clear picture of financial status

• By eliminating all debts

What is a common mistake people make when budgeting?

• Ignoring savings

• Underestimating expenses

• All of the above

• Overestimating income

Which strategy can improve budgeting effectiveness?

• Setting unrealistic goals

• Tracking expenses regularly

• Ignoring unexpected costs

• Avoiding financial advice