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Questions and Answers
Which one of the following is a popular budgeting method mentioned in the text?
Which one of the following is a popular budgeting method mentioned in the text?
- Allocate 50% of income to living expenses, 20% to savings and debt, and 30% for wants (correct)
- Allocate 40% of income to living expenses, 30% to savings and debt, and 30% for wants
- Allocate 20% of income to living expenses, 30% to savings and debt, and 50% for wants
- Allocate 30% of income to living expenses, 20% to savings and debt, and 50% for wants
What are the two most vital things to prioritize in a budget, according to the text?
What are the two most vital things to prioritize in a budget, according to the text?
- Building an emergency savings fund and saving for retirement (correct)
- Tracking spending and evaluating income allocation
- Paying off debt and investing
- Setting up a direct deposit and cutting back on electricity use
What is the analogy used to describe the importance of finding a budget that works for you?
What is the analogy used to describe the importance of finding a budget that works for you?
- Budgets are like diets: the more complex, the better
- Budgets are like diets: the best one is the one you can stick to (correct)
- Budgets are like diets: the stricter, the better
- Budgets are like diets: the one that requires the most sacrifices is the best
