WorksheetsRamsey CH 2: Budgeting Basics
Total questions: 26
Worksheet time: 13mins
What do taxes and withholdings impact ? [HINT: It's the amount of money you take home on your paycheck.]
Net income
Gross income
Irregular income
Commission
What type of expense is the cost of groceries and gas is considered to be?
Fixed expense
variable expense
net income
discrestionary expense
FILL IN THE BLANK: To budget with a(n) _____________ , prioritize expenses from most to least important so your most important expenses are covered first.
zero-based budget
net income
irregular income
variable expense
What type of expense needs to be evaluated based on your other expenses for the month?
discretionary expense
fixed expense
variable expense
Income
What type of expense stays the same every month?
intermittent expense
discretionary expense
fixed expense
variable expense
What type of budget shoud account for fixed, variable, intermittent, and discretionary expenses based on income?
Budget
zero-based budget
cash-flow statement
Commission
A budget doesn't tell you not to spend. A budget actually......
restricts all spending.
gives you the freedome to spend.
What is the system that is especially helpful for expenses like food, gas, entertainment, and shopping?
Investment strategy system
Savings account system
Credit card rewards system
Envelope system
The three priorities in your budget, after listing your income, are:
[Choose all three]
giving
saving
spending
commissionary
Why are specific categories important to consider when creating a budget?
Specific categories are important so you can break down your income and spending.
What is it called when you make money on the percentage of the total sales you make?
Irregular income
Gross income
Overtime
Commission
Which of the following is not a type of discretionary expense?
Fixed
Variable
Intermittent
Depreciation
What‘s your biggest wealth-building tool?
Income
Investments
Savings account
Inheritance
When you’re creating your monthly budget, what’s the first priority under ”Expenses“?
Saving
Giving
Spending
Entertainment
If you approach money with a generous spirit, you‘ll be:
able to save
less content/happy
more grateful
free of stress
What will tracking expenses help you do?
stick to a budget
make adjustments
catch errors
all of these
Although the majority of Americans think budgeting is important, about______ of Americans actually use a budget.
75%
50%
23%
35%
Online budgeting apps are more effective than budgeting with pen and paper.
TRUE
FALSE
Which of the following is NOT a component of a budget?
credit score
giving
income
saving
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 trasportation
How often should you create a budget?
Daily
Weekly
Monthly
Biannually
What does a budget show you?
How much money you plan to come in and go out during the month.
How much you need to save.
How much money you need to earn.
How much money you spent last month.
The first priority in your budget should be _____.
Investing
Saving
Spending
Giving
The primary reason people don't budget is because they lack the behavior to stick to a budget.
TRUE
FALSE
A budget says what will happen with your money, while a cash-flow statement shows what already happened.
TRUE
FALSE
What kind of money counts as income?
Only the money you make at your job
Money in your savings account
All money that you receive, including money from your job and gifts like birthday money
Only money deposited into your bank account
