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WorksheetsEverfi Budgeting
Total questions: 30
Worksheet time: 15mins
Which of the following is a benefit of using a budget?
helps to keep track of the money you receive
helps to prioritize your spending
helps reach short- and long-term financial goals
all of the above
Which of the following is NOT a benefit of using a budget?
A budget can help you purchase anything you want.
A budget can help you keep track of your money.
A budget can help you make plans to reach your financial goals.
A budget can help you decide the importance of your expenses.
Why is using a budget beneficial?
helps to keep track of the money you receive
helps to prioritize your spending
helps reach short- and long-term financial goals
all of the above
Which of the following should NOT be considered when setting a current budget?
your financial goals
future income
needs and wants
savings
Which of the following should you consider when setting a budget?
your financial goals
needs and wants
savings
all of the above
What should be considered when setting a budget?
needs and wants
savings
time management goals
needs, wants, and savings
_________ are good places to look to find your current expenses when building your budget.
banks and credit unions
grocery stores and concerts
bank and credit statements
online research websites
Where should you look to find your current expenses when building your budget?
ask your parents
your wallet
bank and credit statements
your bank representative
Bank statements, credit statements, and records of cash expenses help you to estimate your _________
credit score
emergency fund needs
expenses
available investments
In addition to needs, what should you plan for first when creating a budget?
possible charitable donations
shopping money
investments
recurring expenses
In your budgeting process, when should you look at recurring expenses?
before reviewing your wants
after considering entertainment expenses
before looking at your needs
after your wants but before your needs
Which of the following statements is true?
Recurring expenses don't need to be planned for because they rarely happen.
Recurring expenses are expenses that can never be stopped.
Recurring expenses should be planned for after looking at your wants.
none of the above.
Which of the following is a way to track your spending?
spreadsheet budget
envelope method
an app
all of the above
The envelope method, notebook and pencil, and online software are all methods of _________
planning for your future
understanding your current expenses
estimating your unexpected expenses
tracking your spending
Which of the following is not a good way to track your spending?
in your head
notebook and pencil
envelope method
online software or app
Which choice or choices best describe the purpose of an emergency fund?
prepares you for unexpected expenses
keeps you from borrowing money from friends and family
removes the worry about expenses not in the budget
all of the above
Which of the following is not true about emergency funds?
They are used for anything listed on the budget.
They can keep you from borrowing money from friends and family.
They help you prepare for unexpected expenses.
They help remove the worry about expenses not in the budget.
This helps you prepare for unexpected expenses.
credit cards
checking account
emergency fund
none of the above
When setting a budget, you can choose to make room for
financial goals
entertainment expenses
charitable donations
all of the above
Charitable donations, entertainment expenses, and financial goals are all examples of
activities that contribute to overspending
things that are considered needs
activities that are necessary for a healthy lifestyle
things to consider when creating a budget
When setting a budget, you should consider
financial goals, current expenses, and income
mostly income
creative ways to spend your money
mostly your goals
Unexpected expenses
can make it hard to stick to your budget
may cause you to be unable to pay necessary bills
should be planned for
all of the above
Which of the following is true regarding unexpected expenses?
They usually don't affect your budget.
They should be planned for.
They usually don't affect your ability to pay bills.
They should not be included in your budget.
What is not true about unexpected expenses?
They do not occur if you have a budget.
They could impact your budget in a negative way.
They could interfere with your ability to pay your bills.
They shoudl be planned for so that you can keep within your budget.
Which of the following expenses would be a good reason to spend money from an emergency fund?
repair your laptop that you use for homework
upgrade your phone to the latest model
buy new track shoes because they're in style
purchase concert tickets to see you favorite artist
An emergency fund should not be used for
fixing a blown tire on your car that you use to get to work
repairing your laptop that you use for homework
a last minute school trip
a sudden health issue that needs care
An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for
spending money from your "rent" envelope
emergency fund spending
tracking all of the money you spent in a month
getting an extra job so you can have money to cover that expense
What is not a good way to prevent unnecessary spending?
Cancel any unused recurring expenses like subscription boxes.
Use an app to find the cheapest gas station.
Make your own food more often.
Buy all of your wants at one time.
How can you ensure you don't go over your budget?
Round up your expense estimates to add a buffer.
Use most of your budget for entertainment expenses.
Find a friend that enjoys going shopping.
Buy all of your wants at one time.
What budgeting tip(s) would help you to stay on track financially?
Find a friend with similar goals and hold each other accountable.
Put aside fun money in your budget so you're not missing out.
Only use your closest gas station to fill up gas.
all of the above
