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- 1. Multiple Choice
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
- 2. Multiple Choice
Which of the following should NOT be considered when setting a current budget?
Your financial goals
Future income
Needs and wants
Savings
- 3. Multiple Choice
What should be considered when setting a budget?
Needs and wants
Savings
Time management goals
Needs, wants, and savings
- 4. Multiple Choice
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
- 5. Multiple Choice
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
- 6. Multiple Choice
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 you needs
- 7. Multiple Choice
Which of the following is a way to track your spending?
Spreadsheet budget
Envelope method
An app
All of the above
- 8. Multiple Choice
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
- 9. Multiple Choice
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.
- 10. Multiple Choice
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.
- 11. Multiple Choice
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
- 12. Multiple Choice
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.
- 13. Multiple Choice
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.
- 14. Multiple Choice
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.
- 15. Multiple Choice
What is NOT a good way to prevent unnecessary spending?
Cancel any unused recurring expenses like subscription boxes
Use and app to find the cheapest gas station
Make your own food more often
Buy all of your wants at one time.
- 16. Multiple Choice
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.
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