CHAPTER 2

Why is maintaining proper financial records important?

• To impress financial advisors.

• To avoid paying taxes.

• To gain clarity, control, and confidence over your finances.

• To track other people's spending habits.

What is the primary focus of money management?

• Maximizing your earnings.

• Tracking, budgeting, investing, and managing your money wisely.

• Accumulating as much wealth as possible.

• Minimizing your expenses at all costs.

What is the main purpose of creating and following a budget?

• To track where your money went after it's spent.

• To tell your money where to go instead of wondering where it went.

• To ensure you spend all your income each month.

• To avoid saving money.

What is the combined total monthly income of Alif and Bella?

• RM 8,550

• RM 6,960

• RM 15,510

• RM 14,510

Are you enjoying the video lesson?

• Yes

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Which type of expenses are considered "wants" or "non-essentials" and are the first to be reduced during a financial shortfall?

• Fixed expenses

• Variable expenses

• Discretionary expenses

• Essential expenses