NEW
Font size
WorksheetsCRM Chapter 2
Total questions: 29
Worksheet time: 15mins
Although the majority of Americans think budgeting is important, about _____ of Americans actually use a budget.
75%
50%
23%
35%
Which of the following is NOT a component of a budget?
credit score
income
giving
saving
Online budgeting apps are more effective than budgeting with pen and paper.
True
False
What are the Four Walls?
utilities, college fund, restaurants, and car insurance
cell phone bill, car insurance, shelter, and money for the movies
food, utilities, transportation, and college fund
food, utilities, shelter, and transportation
How many categories should you have in your budget?
15 or more
no limit
no more than 10
at least 3
How often should you create a budget?
daily
weekly
monthly
biannually
If you get married, only one person is responsible for budgeting.
True
False
What does a budget show you?
how much you need to save
how much money you need to earn
how much money you plan to come in and go out during the month
how much money you spent last month
Detailed categories on your budget will help you make better spending decisions.
True
False
How many months does it usually take for your budget to start working as a budget should?
3
4
5
1
Your money personality can affect your _____.
attitude toward budgeting
choice of bank
personal values
ability to budget
Research shows that nearly half of Americans feel stress and anxiety about the amount of _____ they have.
money
debit cards
categories in their budget
personal debt
Going to the movies is an example of what types of expenses?
intermittent and variable
discretionary and fixed
discretionary and variable
intermittent and fixed
Net Income is the amount you get paid before taxes.
True
False
Why is tracking your expenses throughout the month important?
it allows you to delete categories you don't like
it gives you insight into whether you're sticking to the budget you set
it helps you pull money from your savings to spend in other categories
it really isn't that important in the long run
What kind of money counts as income?
only the money you make at your job
all money that you receive, including money from your job and gifts like birthday money
money in your savings account
only money deposited into your bank account
What is a way to stay accountable to reaching your financial goals?
finding a person you trust to help keep you on track with your money goals
hiring a financial advisor to make your money decisions for you
looking at the budget you set at the end of the month
creating specific categories in your budget
A common misconception is that budgeting will keep you from having fun, when in reality a budget. . .
adds more stress to your life
means there are no rules--you are free to use your money however you want
restricts your fun completely
gives you permission to spend
The first priority in your budget should be . . .
giving
spending
saving
investing
When is the right time to start creating and living by a budget?
right now--it's never too early!
when you start researching colleges and the costs that come along with it
once you have a job with an income
when you decide it's time to buy a car
What should you do if you overspend in one category of your budget?
adjust your budget by removing money from other spending categories
just leave it. It will probably work out fine.
take money from the Giving category.
ask a friend for the money you overspent
Commission is when you make money based on the percentage of _____.
total sales
investments
budgets
items sold
What is a good way to make sure you're creating a budget that's realistic?
make a budget for every single day
make sure your budget is perfect before starting. If it isn't just right, don't use it.
check your calendar to plan for upcoming monthly expenses
make sure you have enough money in your savings account to pull from if you overspend
The primary reason people don't budget is because they lack the behavior to stick to a budget.
True
False
Your monthly rent payment is an example of a variable expense.
True
False
The best way to budget is . . .
by using a digital app
creating a spreadsheet
the way that works best for you
on paper
What is the envelope system?
method of budgeting that uses envelopes labeled with budget categories
a systematic approach to budgeting with a digital app
a way to budget that involves putting a credit card in each envelope to use for that category
a system that involves writing your entire budget on an envelope
If you have an irregular income, budgeting won't work for you.
True
False
Why is budgeting so important?
It's a good way to make sure all your money is spent by the end of the month.
It helps you figure out the best way to justify purchases that aren't necessary.
It gives you control of your money and sets you up for financial success.
It helps you brush up on your math skills.
