Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is a budget?
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?
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?
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?
What is the first step in good budgeting?
Signup and view all the answers
What is the purpose of tracking every single cent in budgeting?
What is the purpose of tracking every single cent in budgeting?
Signup and view all the answers
