WorksheetsWISE Budget Questions Munn
Total questions: 45
Worksheet time: 23mins
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.
Which type of bank account is best if you want some growth on your money?
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
Which of the following is NOT true about emergency funds?
They can keep you from borrowing money from friends and family.
They help you prepare for unexpected expenses.
They are used for anything listed on the budget.
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
Which choice or choices best describes the purpose of an emergency fund?
An emergency fund prepares you for unexpected expenses.
An emergency fund keeps you from borrowing money from friends and family.
An emergency fund removes the worry about expenses not in the budget.
All of the above are good reasons to have an emergency fund.
What is the impact of unexpected expenses on your financial planning?
They can make it hard to stick to your budget.
They may cause you to be unable to pay necessary bills.
They 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 have no impact on financial stability.
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 should 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 your favorite artist.
An emergency fund should NOT be used for...
fixing a blown tire on your car that you use to get to work.
covering unexpected medical expenses.
paying for a sudden home repair.
buying a new outfit for a job interview.
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
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.
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.
Which of the following is NOT a common feature of a financial institution?
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
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 describes the purpose of an emergency fund?
An emergency fund prepares you for unexpected expenses.
An emergency fund keeps you from borrowing money from friends and family.
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
Luxury items
Unnecessary expenses
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 because they:
are always planned for.
do not impact your financial planning.
may cause you to be unable to pay necessary bills.
are reimbursed by insurance.
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 are always small amounts that don't affect finances.
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 your 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.
spending money from your "food" envelope.
spending money from your "entertainment" envelope.
spending money from your "savings" envelope.
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
