Budgeting Mastery Quiz
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Questions and Answers

What is a budget?

  • A report of past revenue and expenses
  • A plan for estimating future revenue and expenses (correct)
  • A projection of revenue only
  • A summary of current revenue and expenses
  • What is the process of budgeting?

  • Setting unrealistic goals
  • Tracking past expenses
  • Creating a plan to spend money (correct)
  • Projecting future income
  • Why is it important to separate needs from wants in budgeting?

  • To make smart spending choices (correct)
  • To track every cent spent
  • To prioritize income over expenses
  • To increase future revenue
  • What is the first step in good budgeting?

    <p>Set realistic goals</p> Signup and view all the answers

    What is the purpose of tracking every single cent in budgeting?

    <p>To know where all the money goes</p> Signup and view all the answers

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